How would you sell a cache?

treasuretopsites said:
I have been an historical researcher for almost 30 years.

I stumbled on some information that I have NOT been able to discount. It is thousands of dollars in gold coins from the late 1800's buried on a farm in the midwest. Through painstaking research all the facts have been proven true, Including who, what, why, where, and the fact that no relatives could ever find it.

There is no doubt about it's exsistence, and the probably that it was found is very, very slim.

What I have read here is that it would be illegal for me to poccess it or try to sell the coins. I sure wouldn't want to melt down a bunch of American Gold Eagles in order to sell them! And I wouldn't want them sold in another country.

I am now going to have to check the laws thoughly because I have my doubts that it would be illegal for me to sell. You can buy and sell on eBay right now. Naturally Coin collecctors buy and sell. They are also sold regularly at auctions.

How could this be illegal?

I would be more than happy to pay the taxes leagally and live happily ever after.

I have to believe that it is perfectly legal to sell collector gold coins?

Selling off those coins might take awhile, but it can be done. First, recover the treasure and rebury it if it is a physically large amount. Take out enough coinage to fill about 3 or 4 large ringbinders worth of coin holder pages. These binders and pages can be bought at coin shops. Also, get a bag full of those cardboard coin holders. What you will do is create an instant coin collection of select coinage. Don't buy all of these collector materials at the same shop. The shop owner may get curious, at the worse; or remember you later at the least. Buy a few plastic pages here and a few there. Spread out your purchases among several coin shops and by mail order. ( eBay is one excellent spot for these items ). Once you have your "collection" assembled, start on the coin show circuit, selling the coins from your collection a few at a time. Either as a dealer, or better yet, a private collector attending the show to sell "just a few pieces" to the dealers displaying at the show. Don't carry a whole binder with you. Put 3 to 5 coins, in their cardboard holders in your pocket. Don't forget to write the coin info on each cardboard holder. After all, you are a numismatist. You've been collecting these coins FOR YEARS and yes, you found one or two with you metal detector; but no more than two. Everyone is aware that very few detectorists find even ONE gold coin; much less 5 or 6. Feed to THEIR knowledge base. At tax time, claim the money you made for that tax year from coin sales as "Other Income' and pay the taxes. Keep a low profile. Do not bring undue attention to yourself by getting over anxious and flooding the market with a bucket full of coins. When the first 3 or 4 binders are emptied, recover enough of the remaining cache to refill them and start again. Dispose of the cache in dibbles and drabs and good luck. If you want some excellent examples of how to SENSIBLY dispose of your finds, get and read Karl Von Mueller's' two books, Treasure Hunters Manual #6 and Treasure Hunters Manual #7. In these 2 volumes, he not only gives examples of how to liquidate your finds, but also how NOT to. One of my favorite stories is the one where, to prove a point, KVM let it be known to a neighborhood gossip that he'd stumbled across a trunk full of money--about $10,000 or more. He DID NOT mention that the bills were all Confederate bills. Before the day was out, he got visits from the Sheriff, Mayor, a banker, and others trying to "help" him with his find. The Sheriff offered to put it into protective custody for his, KVM's, safety. He was even threatened with jail; a lawsuit; etc. Well, after he'd had enough crap, he opened the trunk in front of the salivating "officials" and showed them the Confederate money. THEY stomped off all mad and putout that he had tricked them. THEY felt put out and put upon by KVM. He did this thing to prove his point that, when it comes to "found" money ( treasure ), you cannot trust anyone--especally lawyers, bankers, and politicians. Read those 2 books and use them for you blueprint. Good Luck.
 

Excellent post SS!

If anyone pays any attention to the news, crime shows, papers etc. They'll know that one of the main ways to pop up the red flags is to spend way over your supposed income. How many times have you read where a thief or crook was busted because he had just bought a new 65' yacht a Lincoln, and paid cash for a summer house in..... Yet he worked at Kmart or McDonalds?!?!

If you do as SS says and spend only as you need & keep it real and maintain a source of income - job / retirement it'll work ;D ;D
 

I have a guy that rents from me and he buys gold and silver bars, coins and jewelry. I would say I found enough to pay off my properties and taxes and rebury the rest for the worst recession that is getting to ever hit this country. Mary ann
 

after reading this.....i hope i never find treasure lol
 

wirelessworldinc said:
I have a guy that rents from me and he buys gold and silver bars, coins and jewelry. I would say I found enough to pay off my properties and taxes and rebury the rest for the worst recession that is getting to ever hit this country. Mary ann


Wow how did you know back in July 2008 it would be this bad LOL
 

There are ways I think because I have heard nothing in the news about Colorado Jim being caught selling the gold he got out of the NEGRO ED cache he took out last spring.
The one I had posted in the New Mexico forum here
Blackfoot
 

keep your mouth shut and sell it a little at a time... :thumbsup:
Big brother is watching...Believe me...
 

I use to not like Big Brother.
Now, I despise him. From now own, they will only get what they force out of me against my will.
Yes, I know they are watching any possible Conservative, Christen, Veteran or Tea Party Participant's posts.
Just still too proud to be scared of them. :icon_scratch:
 

Hello everyone. This is a problem we would all like to have I'm sure. I think the larger the cache the more likely you will have to take your lumps and pay the tax on it, I know there is a big difference in tax based upon your status as an amatuer vrs. a professional, if this is your first big find and you have a regular job then your going to keep alot more of this first one. But if this is going to be a profession then you might as well get legaly established. I know where I live the old law of "Treasure Trove" is still on the books. It simply states that " Finder acquires all rites, owner acquires no rights based upon his ownership of the soil". Now of course this is overuled frequently when legal permission was not given to search on private property in the first place. But I agree that the government cannot just seize these treasures, there are statute of limitations that govern who has the legal rights of ownership, if its been buried 75 years then according to the legal councel that I've talked to, know one has any rights that would superceed those of the finder/property owner. Anyone who gets to that stage is going to need legal and tax professionals on the payroll. One thing that I have heard my council say more than once is to never enter into a partnership or develope any trust for the federal govt. Expect to get the worse end of the deal if you do.
 

Everyone should know by now that governments have elastic laws that favor
the guy with the highest paid attorney. The prominent law firms stretch the
limits of any goverance to it's own agenda. Government prosecutors can make
life unbearable for anyone as long as the political wind is in their favor.
What to do with sudden wealth should be left to the ingenuity of the finder and
taming the human tongue.
Some posters on this forum have done their homework and resist the urge to
encourage inspection.

lastleg
 

lastleg said:
Everyone should know by now that governments have elastic laws that favor
the guy with the highest paid attorney. The prominent law firms stretch the
limits of any goverance to it's own agenda. Government prosecutors can make
life unbearable for anyone as long as the political wind is in their favor.
What to do with sudden wealth should be left to the ingenuity of the finder and
taming the human tongue.
Some posters on this forum have done their homework and resist the urge to
encourage inspection.

lastleg
That was EXTREMLY well stated . :thumbsup:
 

If the cache is large enough with individual items like silver dollars, gold coins, Jewelry, and a host of other small items, then you could sell it like a yard sale. Not necessarily at a yard sale but a coin or two at a coin shop, jewelry the same at a jewelry shop, and so on.

Toys, small furniture, and depression glass the same way. Antique bottles are starting to become valuable also.

I prospect and the tax man does not know how much gold a prospector finds. If he wants to refine and assay my black sand to find out...well... you can see where this is going.

Did I find some wheaties yesterday or a coffee can of silver dollars. I wish.

Researching the values before selling helps you get the most out of you items.
 

Don't forget:

7:Document
8:Record

We would have all lost-out if Mel Fisher did not record his historic recoveries, and if he would have sold his finds on the blackmarket.
[/quote]
I totally agree with SWR. Document & Record. When Mel found the Atocha the tax laws read that Treasure was taxable only when it was sold or accepted in liew of wages. This may or may not still be true.

Despite what the anti-government types put out, if you keep it open, upfront and legal (in other words, jump through their hoops) you will be fine. On the other hand. if you decide to play pirate, then you will also need to be willing to accept the consequences should you be caught.

Which way you decide to go of course is each persons own choice. What personally irritates me is when a pirate does go down, they immediately start whining about how they were forced to be a pirate because of the laws. This is pure bull!!!! If you find a Treasure, very cool. If you decide to Pirate it, that's cool too!!!! Should you get caught, show some class for Christs sake. Your decision was made out of greed people. It's just that simple (and there's nothing wrong with that either), so don't blame it on anyone else.

Deepsix
 

deepsix47 said:
Don't forget:

7:Document
8:Record

We would have all lost-out if Mel Fisher did not record his historic recoveries, and if he would have sold his finds on the blackmarket.
I totally agree with SWR. Document & Record. When Mel found the Atocha the tax laws read that Treasure was taxable only when it was sold or accepted in liew of wages. This may or may not still be true.

Despite what the anti-government types put out, if you keep it open, upfront and legal (in other words, jump through their hoops) you will be fine. On the other hand. if you decide to play pirate, then you will also need to be willing to accept the consequences should you be caught.

Which way you decide to go of course is each persons own choice. What personally irritates me is when a pirate does go down, they immediately start whining about how they were forced to be a pirate because of the laws. This is pure bull!!!! If you find a Treasure, very cool. If you decide to Pirate it, that's cool too!!!! Should you get caught, show some class for Christs sake. Your decision was made out of greed people. It's just that simple (and there's nothing wrong with that either), so don't blame it on anyone else.

Deepsix




[/quote] Well said Deepsix :thumbsup: :thumbsup: :thumbsup:
 

The cache that I find is like an investment to me. The more I find, the more it piles up and then I can sell it like I would eat that elk in my freezer. A little bit at a time.

My investment will be looking good in a few more years. Gold, silver, marbles, relics and a slew of other things.
 

HIO of course if you are a high gov't official , or about to become one, it apparently is perfectly legal to have forgotten to pay your taxes until you are caught, then merely apologize., pay (?) and all is forgiven with no jail , penalties. etc. See ? honesty is always the best policy. My gov't sets an excellent example for me. snicker

Don Jose de La Mancha
 

Top Member Reactions

Users who are viewing this thread

Back
Top