Cool Story

[barrysloate]

So let's take the same story with a twist: you find the shoebox of cards in the attic and you decide to keep them...but you're not a collector and you have no idea they are valuable.

Ten years later you pull them out of a drawer and decide to sell them. And lo and behold (not to be confused with the law firm of Lowe & Behold), they sell for a million dollars. The IRS asks where and when you got them, and you say you've had them for ten years. Have you broken the law? Will you get penalized for not having paid the taxes ten years earlier?

[I Only Smoke 4 the Cards]

Originally Posted by barrysloate

So let's take the same story with a twist: you find the shoebox of cards in the attic and you decide to keep them...but you're not a collector and you have no idea they are valuable.



Ten years later you pull them out of a drawer and decide to sell them. And lo and behold (not to be confused with the law firm of Lowe & Behold), they sell for a million dollars. The IRS asks where and when you got them, and you say you've had them for ten years. Have you broken the law? Will you get penalized for not having paid the taxes ten years earlier?

No.

[botport]

I agree, this a cool story. What intrigues me is what proof is there that these coins were stolen from the mint? It's not like we are talking about numbered bills that can be recorded and documented as missing. The 1866 no motto $20 double eagle is curious but some records indicate that as many as 120,000 identical coins were minted (source- Encyclopedia of U.S. Gold Coins).

The wide range of dates on the coins and circulated condition of many also seems to negate the heist theory. Most experts have stated that the mint would not have old coinage on hand but would instead melt those coins down to mint new ones.

It does not appear to me that the government is making a play for the hoard, but in my opinion if they do, their case is speculation and wishful thinking.

[barrysloate]

Frank- where did you read that there is an 1866-S No Motto $20 in the group? It's not mentioned in the attached article. Is there a list of the coins somewhere? It appears that all of them have the "S" mint mark. That's pretty cool.

[smokelessjoe]

I know that some were minted in Dahlonega, Ga. - Kagin mention that as I was viewing the coins...

[barrysloate]

Dahlonega gold coins are generally quite scarce. What an amazing find, maybe the greatest ever. It's up there with the Redfield hoard (you can google it).

[botport]

Barry,

here is the link regarding the 1866...


http://blog.sfgate.com/stienstra/201...ly/#21188101=0