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Collectors Universe Inc. Message Board

  • dbtunr dbtunr Feb 25, 2014 3:17 PM Flag

    Large coin hoard found by couple and graded by PCGS, worth $10M

    this will add some nice revenue to the company, possibly as much as $100K:

    A Northern California couple out walking their dog on their Gold Country property stumbled across a modern-day bonanza: $10 million in rare, mint-condition gold coins buried in the shadow of an old tree.

    Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition, said David Hall, co-founder of Professional Coin Grading Service of Santa Ana, which recently authenticated them. Although the face value of the gold pieces only adds up to about $27,000, some of them are so rare that coin experts say they could fetch nearly $1 million apiece.

    "I don't like to say once-in-a-lifetime for anything, but you don't get an opportunity to handle this kind of material, a treasure like this, ever," said veteran numismatist Don Kagin, who is representing the finders. "It's like they found the pot of gold at the end of the rainbow."

    Kagin, whose family has been in the rare-coin business for 81 years, would say little about the couple other than that they are husband and wife, are middle-aged and have lived for several years on the rural property where the coins were found. They have no idea who put them there, he said.

    The pair are choosing to remain anonymous, Kagin said, in part to avoid a renewed gold rush to their property by modern-day prospectors armed with metal detectors.

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    • one of the posters on the PCGS US coin forum posted this. The stolen coin almost exactly matches the coins found. He probably spent a few in his day and buried the rest. Would explain their uncirculated condition

      Could it be that Chief Clerk Walter Dimmick had betrayed the trust placed in him? It certainly seemed that way when the San Francisco Mint discovered that six bags of gold coins were missing from one of the vaults, together worth $30,000!

      Only someone who could open the vault and had free access to the building could have removed that many heavy coins without being detected.

      The Chief Clerk, Walter Dimmick, was able to get into the vault at the time the money was stolen. He was also the last one to count the bags of coins every night before the vaults were closed. Yet he denied knowing where the money might be.

      Since he had already been caught learning to sign the Superintendent's name (forgery), taking money from the pay envelopes of other Mint employees (theft), and stealing other government funds in his care, a jury eventually found him guilty of stealing the $30,000 in gold double eagles and of two other charges.

      At 46 years old, Walter Dimmick began to serve his time (almost seven years of hard labor) at the San Quentin prison in California. The 1,500 gold coins were never found.

    • dbtunr; I had a question related to this article. Why would they sell these coins on Amazon instead of auctioning them off on ebay? I thought Amazon is only fixed price and doesn't have auctions. TO me it makes no sense to do fixed price when the hype surrounding these could drive some auction prices sky high

      • 1 Reply to contentsmatters
      • Maybe Amazon is doing a promotion and wants to break into this area and is doing it for free. Maybe Amazon wants a site that competes with Ebay for coins. No one knows and everyone is scratching their heads on this choice.

        I also think the better coins have already been bought by members of PCGS, hence their stock sales and rumors of buying coins.

    • why didn't they put out a PR on this?

      PR at company sux

      • 2 Replies to dbtunr
      • Should be part of the company's news. Very limp pr team

      • PR out

        PCGS Certifies $10+ Million Gold Coins Treasure For Kagin's Inc.

        - February 25, 2014
        Professional Coin Grading Service has authenticated, graded and certified 1,411 U.S. 19th century gold coins that were found in eight, decaying metal canisters buried on private property in California's gold country.

        The coins are dated from 1847 to 1894, and the majority of them are $20 denomination Liberty Double Eagles struck at the San Francisco Mint between 1855 and 1894. Some of this amazing treasure will make its public debut at the upcoming ANA National Money Show in Atlanta, courtesy of Kagin's, Inc. of Tiburon, California, the PCGS Authorized Dealer that recently submitted the treasure trove for certification.
        Kagin's estimates the current market value at more than $10 million.

        Described as the "Saddle Ridge Hoard," the gold coins have a combined face value of about $27,000. It is believed to be one of the greatest buried treasures ever unearthed in the United States.

        More than a dozen of the discovered coins now are either currently the finest known or tied for the finest known examples in the PCGS Population Report.

        "One of the great things about being involved with PCGS is the occasional 'discovery coins' we get to grade. This is one of those fantastic discoveries!" said David Hall, PCGS Co-Founder and Collectors Universe, Inc.

        "The Saddle Ridge Hoard discovery is not only one of the most amazing numismatic stories I've heard, it also is an incredible human interest story! This is one of the best stories in the history of our hobby," stated PCGS President Don Willis.

    • so insiders were selling CLCT stock last quarter and were rumored to be buying coins. Maybe these are the coins they bought. They are once in a lifetime type coins that are the finest known for some of the dates. If you are a coin junky, you would want these coins.

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