Hey, and for those of you who don't think this applies to old coins, think again! If you think you can "go by the face value of the coin", I think you would loose in a court of law. Ie.: a 1901 s Barber quarter may have a face value of .25c, right? But a collectors value of potentially thousands of $$, right?
Here's a TRUE story: There is a certain elementary school in the central coast area of CA. It was built in the late 1930s, so it's not particularly old. One day, many years ago, a guy was detecting it (for what he thought would be just angling for common silver, modern jewelry, or whatever). Imagine his surprise when he popped up a beautiful seated half in the sandbox! Then moving along, a little while later, he pulls up an awesome bust quarter! He figures "gee, there must have been some sort of old house or building or activity here
BEFORE the school was built, since obviously these are much older than the date of the school". He tells a friend or two, and before long, a few of them are trying their luck in the grass, sand box, etc... They also find crisp early bust coins, seateds, silver dollars, etc... By the time it was over, between 3 or 4 guys, they had pulled about 15 such beautiful coins from this relatively modern school. They all ventured wild guesses about how there might have been a stage stop there before the school, etc..
Then one day, one of the guys is out there md'ing away, and a janitor comes out to talk to him. The janitor tells him to "be on the lookout for old coins". The md'r ....... without divulging any info, asks the janitor "really? what's going on?". The janitor proceeded to tell the md'r that earlier that year, a 2nd or 3rd grader, who was a loner kid, had brought his dad's coin collection to school for show-&-tell. Since the kid was sort of a loner outcast, he had passed out the coins during recess to other kids in school, to "make friends". Naturally the other kids, not recognizing old halves, dollars, busts, etc... had simply treated them like play money, and gone about their recesses just playing with the coins. A few days later, when the father of the kid got wind of what had happened, immediately went to the school. The entire class was gathered together, and all the kids were told to return their coins, etc... But of course, by then, very few of the coins were retrieved. Most had been taken home, lost in the school yard, etc...
This is a true story! I don't know whether the md'r told the janitor of how he had found some of the coins or not, as I don't know that side of the story.
The reason I tell this true story, do you think that if the father got wind of the fact that his coins had ended up in the hands of a few md'rs (probably well within their rights to md that school yard), that you could simply tell the dad "sorry charlie, this coin has a face value of .50c or $1.00, therefore it falls below the mandatory lost & found laws"? On the contrary, I think that a judge is going to say that those coins are going to be based on the numismatic value, and they are by no means "finders keepers"
Just something to think about
