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<p>[QUOTE=&quot;scaupus, post: 1986646, member: 72068&quot;]My understanding is that gold coins circulated much more in the West than in the East, which is why most metal detected gold coins are found out West. In the early 20th century, most of the gold minted was for the West, as Westerners still distrusted paper money. This prejudice disappeared after WW1, and the quantity of gold minted fell, also because by law less was required to back up gold certificates, and enough was already in circulation for that purpose. Most gold coins were used as reserves by banks, in foreign trade, and also were either hoarded or melted, depending on the value of the gold vs. the value of the coin. One notable exception was military pay, which was often in gold coin. An entire lost payroll of about $23k from the 2nd Seminole War, was discovered about 100 feet off the Ft. Pierce, Fl beach in 6&#039; of water in the 1960&#039;s by two boys snorkeling for lobsters. Most of it was in gold coin , though there were also some silver coins. Their fathers recovered almost all of it, hid most of it from the state of Fl, but then they sued each other, and thereby lost all of it to the state for having avoided the 25% state treasure tax. The boys however, received some valuable pieces from the state treasure hoard as a measure of recompense, and a recognition of their innocence in the tax avoidance case. Most US gold coins in collections today, not counting modern bullion or collectibles, are from foreign sources. That&#039;s all my understanding, anyway.[/QUOTE]</p><p><br /></p>

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