Inheriting 2 gold shipwreck coins - never claimed

[Blur1221]

My grandfather passed a few months ago and he was a HUGE collector and treasure hunter. Im talking he had a small warehouse space rented for all his stuff.

His greatest metal detecting find was 2 gold coins on a Florida beach, both stamped with a spanish emblem and he kept those in his safety deposit box as his prized possessions and took them out often to show me. He told me a long time ago that he can't ever sell them because being he found them on the beach the gov would take them so he always just kept them. So they have never been reported etc.

Well he left them to me along with a rediculous amount of other collectibles. I don't think I would sell them, I mean who has real treasure pretty awsome but i am concerned about ownership or if i ever did need to sell them.

Any advise or form/sites that might give me some research to read up on. Tried combing through google but just got a million links to the gold eagle coins.

Thanks - sorry no pics at the moment, my father in fl has them in a safe place till i go down on vacation to get them.

 

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[Tom_in_CA]

Who said you/he can't/couldn't sell the gold coins? If it was a case of their "provenance", (where found), well ........ fine then: You can just sell them as loose coins, with no reference to their provenance.

A quick look at ebay, and you'll see all sorts of coins where there is no history given on the origin (if it was dug), or who owned it previously, blah blah blah. So the location your grandfather found them at can be a mute point, if you needed to sell them.

 

[doc-d]

Who is to say they were found in Florida, or perhaps off shore out of US jurisdiction........or melt them.......

 

[Blur1221]

Thanks guys,
i thought so but always remembered back to him saying that and got concerned. Good stuff

 

[huntsman53]

I agree with the other comments! Who is to say that they were found in Florida or could prove it??!! Since your Grandfather is now gone (sorry for your loss), therefore anything he told you about the coins is just hearsay. Keep the coins as a legacy to your Grandfather but sell them if you have to but either way, there should be nothing to worry about and especially so, as long as you do not mention Florida in the equation.


Frank

 

[Diver_Down]

Your grandfather grew up at a time when FDR signed Executive Order 6102 - Forbidding the hoarding of gold. Small amounts were allowed to be possessed (up to $100). It also exempted "gold coins having recognized special value to collectors of rare and unusual coins." Penalty was a fine up to $10k, 10 years in prison, or both. This had a lasting effect on those that experienced it. Your grandfather was likely a bit unsure of the status of the coins and consequently the myth persisted. There is nothing that forbids you from selling the coins. And there is nothing to register. The only requirement is to report the gains to the IRS when they are sold.

 

[VERDE]

Hey Diver Down!! Your comment is quite informative, but I really enjoyed that last sentence!! Yea!! He He!! GOOD HUNTING!! VERDE!!

 

[Tom_in_CA]

reply

Your grandfather grew up at a time when FDR signed Executive Order 6102 - Forbidding the hoarding of gold. Small amounts were allowed to be possessed (up to $100). It also exempted "gold coins having recognized special value to collectors of rare and unusual coins." Penalty was a fine up to $10k, 10 years in prison, or both. This had a lasting effect on those that experienced it. Your grandfather was likely a bit unsure of the status of the coins and consequently the myth persisted. There is nothing that forbids you from selling the coins. And there is nothing to register. The only requirement is to report the gains to the IRS when they are sold.

diver_down, yes, very informative. thanx.

You say:

"Your grandfather was likely a bit unsure of the status of the coins and consequently the myth persisted"

Ok, I'll bite,: why was it a "myth", it if had been an actual law? When was it repealled?

thanx!

 

[Diver_Down]

diver_down, yes, very informative. thanx.

You say:

"Your grandfather was likely a bit unsure of the status of the coins and consequently the myth persisted"

Ok, I'll bite,: why was it a "myth", it if had been an actual law? When was it repealled?

thanx!

The "myth" started by not understanding the initial executive order. Many citizens didn't know what to consider as "coins having recognized special value to collectors of rare and unusual coins." If you collected gold coins a mint state St. Guadens double eagle would be considered special to a collector, but would it be considered such to the government? Should the citizen ask if their coin that is 5 years old be excluded in the executive order? Or should they be a good American and turn their gold in for $20? Or should they take their chance and not tell anyone and keep it sequestered in their sock drawer?

Many citizens out of fear of prosecution turned their gold over not sure of which coins were special and which coins weren't. Gold ownership by the citizenry was not allowed until President Gerald Ford signed a bill in December 1974. 40 some years later when the myth was started and it festered.

 

[Blur1221]

Thanks for all the info guys! So as a follow up then, I plan on keeping them and having two boys, pass 1 each to them. However should I ever need to sell them, should I get them formally appraised first and anything to watch out for there?

 

[Mackaydon]

Suggestion:
Have your father take the pics (both sides) and Email them to you; then you post them for us to see and comment.
Don.........