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Thread: Hoard Found

  1. #1

    Default Hoard Found

    This just in...

    iron-age-coins-found-london
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  2. #2

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    Quote Originally Posted by vertical1 View Post
    This story kind of reminds me of the couple in California who found the large cache of U.S. gold coins on their own property in 2014. Of course the government would want to classify it as "treasure", if only so they can tax it and/or claim it for whatever reason. Per Wikipedia regarding the Saddle Ridge gold coin hoard: "The discovery raises interesting questions about its finders' tax liability, due to the Treasury Department regulation which states that “Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.”

    First mistake is always telling someone or anyone for that matter, that you've found something potentially worth a lot of money. 2nd and 3rd mistakes are also telling someone. But assuming you did let it slip or had to for whatever reason, if the government tried to come after them for "gross income" for that year, then fine. The government can tax it at the face value of the coins at the time they were issued, which was $27,980 since that's what they were "worth" when they were stashed away. The fact that the entire hoard is really worth somewhere in the neighborhood of $10 million is irrelevant and shouldn't be taken into account. Obviously the former owner created his own bank since financial institutions especially back then weren't to be trusted and failed often. Hmm. Sounds kind of familiar.

  3. #3

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    Quote Originally Posted by vertical1 View Post
    Nice. Stories on found treasure always fascinate me. The closest I've come is finding a 1857 Flying Eagle Cent in my backyard, which was cool, but it was so worn and corroded that you could barely make out the design.
    "It's the lure of easy money - It's got a very strong appeal." - Glenn Frey (The Smuggler's Blues)

    "A wise and frugal government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned." - Thomas Jefferson

  4. #4
    Join Date
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    Cool. Thanks for the link. I'd like me a mitten full of POTIN's.
    ...be your own Health Care System... grow your own and eat well

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