Do coin finds have to be reported?

Have you ever heard "Loose Lips Sink Ships" talk about it and someone might decide that the coin you find is there's. SILENCE IS GOLDEN!!
Semper Fi

 

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Great article that apparently points out that ownership of the land is paramount. Although the U.S. does not have "treasure hoard" laws, numerous laws concerning ownership of any materials do exist. Smartest thing to do is definitely different from the right thing to do. Treasury laws are the trickiest, while property laws are the most clear cut IMHO. With the advent of the internet, any coin hoard found will garner immediate attention and all the unwanted attention and interest from countless "legal experts". It's almost like I would not like to be the one to discover the next "treasure hoard". At my age, I'd never see the end of the legal battles. But then again, the thrill of finding any valuable and/or rare coins would almost tempt me to experience the initial feelings of awe and amazement.

 

If those boys back then...or CRH today...would have unearthed 50c or maybe $5...likely no one would have said/say so much as boo! But if it was/is several thousand or maybe even 50 BILLION dollars...different story altogether...! Even a penny might be reportable/illegal, but really could depend on the amount somewhere in the fine print of some law/ordinance as to who cares enough to matter.

 

Absolutely this!

 

I would say only if you sell them. The tax man always wants a slice of the pie.

Here's a real coin find Cinderella story if there ever was one.

https://en.wikipedia.org/wiki/Saddle_Ridge_Hoard

 

That's why "I'll never tell"

 

What would happen in this scenario?
I go to the store, buy bread and receive change. When I get home, I discover a 1943 copper cent in the change I received. Obviously, I want it graded and slabbed, but before that happens, the questions begin. Where did you get it, etc?

 

No one has to know . " Finders keepers losers weepers" !

 

I'd say nothing would happen, except if you sell it you'd then have to report the money received if $600 or more when doing your taxes. Sure lot's of individuals don't report such things, but.....

 

I have several relics that Historical Museums would love to have . I'm just saying ,

 

If you "donated" the relics to the historical museums that wouldn't trigger a taxable event. But if you sell them, that's where it gets technical.

 

I called about several of them and the wanted me to donate the items. I declined .

 

About the copper 1943 penny, it's been in so many hands, you could never find the original owner.
One question. When I was a scout, I was living in Missouri and we would go camping and visit caves. That was in 1959. Their were rampant rumors that the James gang hid a lot of their silver dollar in glass jars. I think that as 13 years old, you believe anything an adult might tell you, especially our Scoutmaster.
Is there any truth to that rumor?

 

i was taught to be honest so yeah i'd tell the proper officials and let them deal with the legal issues cause you never know what legal issues are attached to a large find

 

Laws regarding public lands vary from state to state and property to property. Detecting in a city park or at the beach is often OK. Detecting at a state or national historic site is another matter. Violators can and do go to jail. I recommend due diligence.

 

But what I mean is what if I am detecting somewhere and it’s legal to do so but I come across something that could be an unknown historical find.

At what point does “finders keepers” become “I have to report this.”

For example in Britain there was a case of a metal detectorist who came across a couple silver Roman denari coins.

Amazing find but legally no big deal. Until he kept going and found a giant horde of Roman gold & silver ornaments and rings and brooches and all kinds of stuff.

Obviously this kind of a find isn’t a case of “finders keepers” because of the huge importance the find plays in changing the knowledge of history.

Frankly anyone who found a huge hoard like that and didn’t come forward would be a scumbag by depriving the world of historical knowledge.

That’s why I like the British policy of paying fair market value for treasure finds. If a museum or university thinks it’s worthy of study they’ll bid on it.

It encourages people to report treasure finds immediately for study without that internal struggle about giving it all up since they are paid whatever they would’ve been paid by selling it and staying within the law.

My question is at what point does a find have that moral and legal obligation to be reported?

 

If you find current (1960 +) currency lost, it could be someone's life savings and it's good to try and find an owner. If it's old and you dig it out of the ground - keep your mouth shut.

 

There becomes a point where keeping one's mouth shut is the wrong choice.

Especially if the find is something that could contribute to the academic field by providing previously unknown information.

I am just wondering what the law says.

Another example:

There was a metal detectorist who found a pre-11th century Viking coin along the East Coast. According to historians the pre-Columbus Vikings under Leif Ericson didn't make it nearly that far south so there is question about how it got there.

Some speculate the Vikings made it further than historians give them credit for and traded with Native Americans. Others believe the coin made it's way south via trade and human interaction amongst that Native peoples.

It's an interesting find either way and stuff like that needs to be reported so historical records are as accurate and complete as can be.

 

If you haven't read about the Saddle Ridge Hoard, as coin collectors it's a dream come true. Those two buckets of gold coins worth $10 Million were found in 2013.