Saddle Ridge Gold Coin Hoard

There are many coins sold privately without the community knowing about it. That's why pedigrees aren't traceable back through every owner. It's not uncommon to have a coin show up in the market with just sketchy history, or educated guesses as to previous owners.

 

Log in or Sign up to hide this ad.

I have heard that advice from coin dealers in the last week, but would it work? Only if these were cash only transactions without paper trails. What do you suppose you would get for the most valuable coins, and what would they get? A great deal more!

Could you have run the 66s no motto piece through conservation without alarm bells going off as it is the most valuable with stunning luster and eye appeal? How about a series of the high grade pieces and the account under which it was submitted? No questions asked just pay them the four or five percent of fair market value?

If you had solicited offers from various dealers before the coins were conserved how much do you suppose they would have offered cash, no taxes? One tenth at best? They could always say they were problem coins, they weren't sure if they were real, they will give you bullion value, how would that grab you? You get the idea? You would have been royally ripped off.

Plus PCGS charges one percent of their retail pricing when they grade high value coins.

 

If you sell them over in Europe you will find big money waiting for you. I don't condone this, but where do you think all the high value missing art work goes? And for big bucks. You only have to do better than 50% of value and your ahead of the government's take already. Plus, you let the buyer supply his experts. Then you can leave it in a foreign bank and draw down as needed. For $10 million, many people would give up their citizenship and live there. These people who found the coins seem to live within the law and like where they live. There are many others that would care less.

 

This thread's going to get closed too. I’d like to talk about the hoard, but some are talking about illegal and unpatriotic activities, like tax evasion and leaving the country, giving up citizenship for a buck.

 

I find a butt-ton of gold on my property. Unless my IQ is below zero, I must assume it's worth a lot. I go on to this thingy called the 'INTERNET'. Wow - these are rare. Even an idiot can Google a very basic value based upon reading "$20" and a date. A few more minutes brings up images of coins to give a rough grade.

These people were IMHO complete and utter morons. Submit a few dozen at a time for grading, and sell at a major auction house.

If you suddenly gain anything of value people come out of the wood work to scam or steal from you. Including the government.

 

Tax evasion my ass. Have you ever found a $5 on the ground? Did you claim it as income? Same thing only a much larger scale.

And in response to a previous post, has ANYONE here even been questioned by a TPG as to how they came across a coin solely because it was so valuable and/or rare? I doubt it. If so, I'd say my grandmother gave it to me.

 

That my friend is the line one crosses, the much larger scale.

 

So what exactly is the dollar value, in your mind, where one is bound to report such a find?

Their land, their find, their gold.

Their mistake is advertising it.

 

You're bound to report any amount. But whether or not the IRS will go after you, changes depending on their resources and priorities - this hoard would be enough. But, that’s all I can or should say about this in this thread. The last thing I’d do is discuss how I'd violate the law in a public thread. Rest assured, the IRS, the NSA, and maybe a few others, including the ASPCA are pulling the personal information for some that post on the internet. We’ve been warned not to discuss this. So, let’s talk about how great this hoard is and how lucky the couple is.

 

Coincidentally I watched "Treaure of the Sierra Madre" with Bogart a couple of weeks ago, great film.

I would like to see a thorough inventory of the hoard with grades, though some images are up on the PCGS site, no one to my knowledge has provided a complete list of all coins.

 

The part about reporting and taxation makes sense to me - otherwise it would just be too easy to keep money from shady transactions ("just bury it in the ground, find it a little later, and you can have it all"). And I agree, if we focus on the coins here, and when and where we get to see them, that would be better and more interesting.

Christian

 

is the tax owed based on the estimated value upon evaluation or upon sale? Because technically it's not income until it is sold.

what if they just keep some and never sell them? Are taxes due on them? I know that there would be inheritance tax for the heirs, but as far as the discoverers are concerned, no taxes need be paid until a sale is made, correct?

for instance, I live in a mining town. In addition to big mines, there are small quarries, etc. Land owners of all types dig up these big boulders. I'm talking like 5-6 ft diameter or bigger. No precious metals, just a big rock. (land owners do not own mineral rights here; the mines do. But they care little about these rocks).
Some of the more well off folks out there seem to like these giant rocks as lawn ornaments, and they are willing to pay BIG money for them to be delivered for landscaping. These things weigh many tons each and are transported nationwide.

now, if I have these boulders for sale in my front yard as I dig them up, would I be expected to pay tax on them as I dig them, or as I sell them?

 

Having never dealt with this issue, I'd have to research it. Let's see, at $250/hr and 1.5hrs that would be ....... just kidding, no tax questions in this thread.

 

I was going to multi-quote you, as most of your numerous posts in this thread are entirely about the very thing you told me I cannot speak of.

even though my questions are sincere, and your various posts were exhibiting the back-and-forth that was discouraged......

Then I thought: "It's late, I'm tired, and someone else may or may not answer me. It's not worth my time."








I'll Go with that.

 

Oh, you can. You may even discuss the US federal debt - just make sure you picked the right website for such discussions.

Christian

 

I am waiting diligently for a complete list of the coins, seeing if there are any that I or any of my clients would be interested in. The whole thing has a neat-o gold/American history vibe that I personally love.

 

They won't be available for purchase until May according to Kagin. You can get on their email update list by contacting them.

 

Owle,

I thought I saw a list published already. It was in someone's link.

 

Has anybody mentioned the couple that found the gold might not get to keep/sell the coins?

Saw this today on Yahoo!

http://gma.yahoo.com/10m-gold-coin-...41317823--abc-news-personal-finance.html?vp=1

 

Well yeah, but I've been warned to stay on topic. And, like I said, it would take time to research, since it's not an issue I've dealt with. Your issue is different than the found gold coins.