Johnnie Walker, finding a gold coin is sort of the "holy grail" of our hobby. It's like a "hole in one" to a golfer, etc.... It happens, but it's very rare. In some parts of the United States, the odds go up, as they seemed to circulate more in certain geographic locales (as tuberale alludes to).
They did circulate as legal tender, but gave way to paper money, and paper bank-check writing. So unlike pennies, dimes, quarters, etc... gold coin amounts ($1, $5, $20, etc...) had "competition", and could be carried via other means. So gold coins tended to be carried, and "brought out" for larger purchases. Unlike pennies, dimes, nickels, etc... which you might have a few of in your pocket, gold coins tended to be used when getting ready for a bigger purchase. For example: down payment on a house, buying a horse, etc..... This is why, sometimes when you read property deeds from the 1800s, you'll see humorous notations like: "$300 downpayment paid for in gold coins" I mean, think of it: $5 was pay for an entire week for a laborer! So comparing that to today, it would be like if you lost $500, or whatever. Might you carry $500 in cash? Sure. But odds are, you are not, and would only carry smaller change and bills, and use paper check writing for larger things (or in our day and age, credit cards). So yes it's possible that they had a gold coin and lost it back then, but very rare, as they just didn't circulate in the same way, and for the same reasons, as other coins did.
Not sure why they circulated more (or were lost more anyhow) out west. I've got 12 gold coins so far. And I know of guys here who have 1, 2 or 3, 6, etc.... Contrast that to the east coast, where there's HARDCORE hunters there, who've found scores of large cents, busts, colonial coppers, reales, etc... yet NEVER found a gold coin. Wierd. (I guess we west coast guys are just much more skilled hunters than you guys, eh? haha)
(Notice I'm in my gang colors in my avatar)
