| Saddle Ridge Hoard | |
|---|---|
| Material | Gold coins |
| Size | 1,427 coins |
| Created | 1847 to 1894 |
| Discovered | Gold Country, Sierra Nevada, California in February 2013 |
| Present location | Tiburon, California |
The Saddle Ridge Hoard is believed to be the largest gold-cache find in history smashing the previous record that was set when a $1 million cache was found by construction workers in Jackson, Tennessee in 1985. The man (the couple, for obvious reasons, are remaining anonymous) said: “It was a very surreal moment.
The Saddle Ridge Hoard is the name given to identify a treasure trove of 1,427 gold coins unearthed in the Gold Country of the Sierra Nevada, California in 2013. The face value of the coins totaled $27,980, but was assessed to be worth $10 million. In total, the hoard contains $27,460 in twenty-dollar coins, $500 in ten-dollar coins, and $20 in five-dollar coins, all dating from 1847 to 1894. The collection is the largest known discovery of buried gold coins that has ever been recovered in the US.[1]
The largest such hoard ever found in the U.S. Is comprised of 1,411 gold coins, minted between 1847 and 1894, worth an estimated $10 million in today's market. The coins from the Saddle Ridge Hoard are from the 1890s. Photo: Image courtesy of Stack's Bowers. It’s the kind of story that spurs imagination: A couple walking their dog and serendipitously. National Geographic coverage:Blaze says they hav. Find many great new & used options and get the best deals for 1872-S $20 Saddle Ridge Hoard Gold Liberty Head at the best online prices at eBay! Free shipping for many products!
Discovery and excavation[edit]
The Saddle Ridge Hoard was discovered in February 2013 on private property located in California Gold Country. Due to privacy concerns, the exact location of the discovery has not been disclosed, other than to confirm that the land is located in a hillside area of Gold Country, near the site of the Gold Rush of 1849. As of 2014, the couple who discovered the hoard have chosen to remain anonymous. Known only as John and Mary, the couple have lived on the rural property for several years and have no idea who buried the coins.[2] They wish to keep their identity, location, and ownership history of their home private, in order to keep treasure seekers from trespassing on their property in an effort to find more gold.[3][4]
The owners of the property discovered the trove while they were walking their dog on their property. Although they had reportedly hiked the trail numerous times previously, it was not until they spotted a rust-covered metal can poking out of the ground that they chose to explore further.[4][5]
Before finding the trove, the couple had noticed some unique features of the area. They recalled seeing an old empty can hanging from an old tree. The can had evidently been there so long that the tree had literally grown around it. At the time, the couple surmised that the hanging can had possibly been used to hold flowers and mark a grave. They also noticed an oddly shaped rock on the nearby hill, which they nicknamed 'Saddle Ridge'. After they found the gold, they realized that the geographical features and the hanging can were probably markers to the site, placed by the original owners. The center of the treasure trove was located ten steps between the jagged rock and the direction of the North Star.[6]
After Mary noticed the can, John bent down to pick it up, but found that it was stuck in the dirt. He began to use a piece of wood to pry it from the ground. It was so heavy that they believed that the can likely held lead paint. On their walk back to their house, struggling to carry the weight of the find, the lid of the can cracked open, revealing the edge of a single gold coin.[6] They returned to the site with some hand tools to see if they could find anything else. They found another can about a foot away from where the first can was discovered. Although it was partially decomposed due to rust, it held several more coins. They continued to return to the site to look for more coins, primarily digging in the ground and eventually using a metal detector. Their work eventually resulted in the discovery of eight cans filled with 1,427 coins.[6]
After their discovery, the couple protected their find by hiding it in an old ice chest, then burying it under a pile of wood and concealing the location. After some initial research, they contacted the numismatics firm of Kagin's in Tiburon, California, which is representing the owners.[4][6]
Authentication and valuation[edit]
Numismatist David J. McCarthy of the California firm Kagin's completed the initial evaluation of the coins and assessed the significance of the find.[5] Prior to the discovery of the hoard, the largest buried collection of gold found in the US was uncovered by city workers in Jackson, Tennessee, in 1985. The Jackson hoard had a face value of $4,500 and sold for about $1 million (not adjusted for inflation).[7] The face value of the Saddle Ridge treasure is $27,980.[8] The discovery raises interesting questions about its finders' tax liability, due to the Treasury Department regulation which states that “Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.”[9]
Following the initial assessment, McCarthy and Kagin's were contracted to conserve the material. Kagin's then contacted the Professional Coin Grading Service (PCGS) of Irvine, California for an independent authentication. PCGS reported that many of the coins were recovered in uncirculated, mint condition. It further stated that some of the pieces are so rare that they could be worth about $1 million each.[3] The coin grading and certification revealed that over a dozen of the coins are either the finest known or tied for the finest known specimens in the PCGS Population Report.[5] The collection includes:
- 1866-S $20 Double Eagle/no motto valued at around $1 million[10]
- 1866-S $20 Double Eagle/with motto PCGS MS62+ (finest known)
- 1877-S $20 Double Eagle PCGS MS65 (tied finest known)
- 1888-S $20 Double Eagle (four) PCGS MS64 (tied for finest known)
- 1889-S $20 Double Eagle (two) graded PCGS MS65 (tied for finest known)
- 1894-S $20 Double Eagle PCGS MS65 (tied for finest known)
Disposition[edit]
According to Donald Kagin, Kagin's has an exclusive arrangement with Amazon.com to sell the coins through their collectibles store. This arrangement is the first major sale of coins made through Amazon. John and Mary have also chosen to use the funds to cover their personal debt and donate to several local charities. They have additionally chosen to retain some of the coins for family heirlooms and keepsakes.[3][4][11]
Origination theories[edit]
Following the initial discovery of the coins, there was widespread speculation that the hoard represented the discovery of the 1901 theft of $30,000 from the San Francisco Mint by employee Walter Dimmick. The published news item was discovered in the Haithi Trust Digital Library and was provided by Northern California fishing guide Jack Trout, who doubles as a historian and collector of rare coins. [12][13] Kagin's and the U.S. Mint ruled out this theory, stating that the Saddle Ridge Hoard is unlikely to be part of the mint heist, due to the diversity in the face value and condition of the coins.[14][15] On March 4, 2014, The U.S. Mint stated that '[they] do not have any information linking the Saddle Ridge Hoard coins to any thefts at any United States Mint facility',[16][17] and '[they've] done quite a bit of research, and we've got a crack team of lawyers, and trust me, if this was U.S. government property we'd be going after it.'[16]
Other disregarded theories contend that the hoard is a hidden stash of gold buried by Jesse James, or loot taken by Black Bart, who was known for robbing stagecoaches.[17][18] A theory has also been advanced that the hoard was part of a treasure supposedly hidden by the Knights of the Golden Circle, to be used to fund a second Civil War.[19] The predominant theory attributes the cache to an unknown individual who chose to bury the coins rather than trust the banks to protect his wealth. While the couple who found the coins have remained anonymous and the location of the find is undisclosed, several individuals have attempted to claim the gold coins or a share of the profits, asserting that the money belonged to one of their relatives or associates.[18]
References[edit]
- ^Kevin Fagan, San Francisco Chronicle (February 26, 2014). 'Gold Country couple discovers $10 million in buried coins'. SFGate. Retrieved February 26, 2014.
- ^Kashmira Gander (February 26, 2014). 'Couple finds $10million in gold coins while walking their dog - Americas - World'. London: The Independent. Retrieved February 26, 2014.
- ^ abcJohn Rogers. 'California couple uncover rare gold coins worth $10 million while walking their dog'. Prince George Citizen. Archived from the original on March 3, 2014. Retrieved February 26, 2014.
- ^ abcd'Calif. couple strike $10 million gold-coin bonanza'. The Washington Post. February 26, 2014. Archived from the original on February 26, 2014. Retrieved February 26, 2014.
- ^ abc'PCGS Certifies $10+ Million Gold Coins Treasure For Kagin's Inc'. Pcgs.com. Retrieved February 26, 2014.
- ^ abcd'Interview'. Saddle Ridge Hoard. Retrieved February 26, 2014.
- ^Winter, Douglas (2006). Gold Coins of the New Orleans Mint: 1839-1909, Zyrus Press, page 163. ISBN978-0974237169
- ^'Buried Treasure of 1427 US Gold Coins Certified by PCGS For Kagins Inc'. www.coinweek.com. February 25, 2014. Retrieved March 17, 2014.
- ^https://www.law.cornell.edu/cfr/text/26/1.61-14; see Marc Morris, Christine Cheng, D. Larry Crumbley, The Saddle Ridge Gold Coin Discovery: How the IRS Should Tax U.S. Currency Under the Treasure Trove Regulation, 17 Hous. Bus. & Tax L.J. 120 (2017).
- ^Schaefer, Samantha; Vives, Ruben (February 26, 2014). ''Miraculous coin' in gold country cache could bring $1 million'. www.latimes.com. Retrieved March 17, 2014.
- ^Liljas, Per (February 25, 2014). 'Couple Finds $10 Million in Gold Coins | TIME.com'. Nation.time.com. Retrieved February 26, 2014.
- ^ Jack Trout (Historian) https://blog.sfgate.com/stienstra/2014/03/03/sf-heist-in-1900-may-explain-buried-gold-treasure/
- ^https://abcnews.go.com/US/10m-calif-gold-coin-hoard-found-yard-stolen/story?id=22764360
- ^'Bunch of bullion: Dealer says gold coin hoard not from heist'. Cnbc.com. Retrieved March 6, 2014.
- ^'$10 Million Mystery: Was Walter Dimmick the Gold Coin Fall Guy?'. Mashable. Retrieved June 24, 2014.
- ^ ab'Could century-old theft explain mystery of gold coins?'. CNN.com. February 26, 2014. Retrieved March 6, 2014.
- ^ abJohn Rogers (Associated Press) (March 2, 2014). 'California Gold Discovery Spurs Rush of Theories - ABC News'. Abcnews.go.com. Retrieved March 6, 2014.
- ^ abKevin Fagan (February 28, 2014). 'Black Bart? Jesse James? Who hid $10 million worth of gold?'. SFGate. Retrieved March 6, 2014.
- ^Schaefer, Samantha (March 4, 2014). 'Gold coins found by California couple unlikely stolen from U.S. Mint'. www.latimes.com. Retrieved March 17, 2014.
External links[edit]
Saddle Ridge Hoard Coins
Who doesn’t wish to be rich overnight by discovering a treasure buried in the ground or by receiving a huge inheritance from a long lost relative? Stories such as these are incredibly fascinating as the very thought of becoming rich instantly is very tempting.
Most of the times, however, these are merely stories and legends. We can all dream, but how often does it really happen. Can a person actually go out and find lost treasure?
Extraordinary coincidences occur with ordinary people. Mysterious happenings that are truly awe-inspiring. One amazing story is that of the Saddle Ridge Hoard, a cache of gold coins valued in the millions!
This discovery is a true lost treasure tale that would inspire even the most skeptical to keep an eye to the ground on their next walk. It made the finders instant millionaires!
The Discovery
Saddle Ridge Hoard Coin
The Saddle Ridge hoard was discovered in February 2013, when a couple who owned the property were walking their dog in the morning. They spotted what appeared to be a rusted portion of a can and decided to unearth it. The rusted and deformed can was unusually heavy as if it were filled with iron or lead. It was very unusual and warranted further inspection.
The can was so heavy that while taking it back to their house, the lid of the can be cracked to open and reveal glistening gold coins! Not the sort of thing that you stumble across on the average day!
After that first can, the couple went back to the site to dig up the land in search of more cans filled with coins. Eventually, they unearthed a total of eight cans out from underground throughout their property on Saddle Ridge.
The couple has (wisely) since chosen to remain anonymous, along with the exact location of their property. This is to prevent potential treasure hunters from illegally metal detecting their property for more lost treasures.
We do, however, know that the property is somewhere in rural California and the treasure appears to have been hidden beneath the ground somewhere between 1847 and 1894.
Also Read: Metal Detecting in California – Coins, Relics & Buried Treasure
Value of the Hoard
Several old rusty cans containing the treasure of a lifetime! The Saddle Ridge Hoard contained over 1000 coins with an estimated total value of over $10 million dollars.
What makes the Saddle Ridge Hoard so amazing is the sheer scale and value of the hoard. The hoard has a total of 1,411 gold coins with a total face value of $27,980. The hoard has $27,460 worth of twenty-dollar coins and just $500 and $20 worth of ten and five-dollar coins. Sounds unimpressive, right?Keep in mind those numbers are just the face value… which is actually just a fraction of the total value of these rare gold coins. The actual value of the coins in hoard has been estimated to stand at a whopping $10 million dollars. Now that is an impressive number! Imagine walking around and finding 10 million dollars in your backyard.
Even if you were just considering the melt value, we are talking about pounds and pounds of gold here. But the amazing thing about the coins in the Saddle Ridge Hoard is that a lot of them are in mint condition and quite a few of them are extremely rare.
Numismatists have evaluated the collection and stated that some individual coins area so rare that they are likely worth over $1 million dollars each!
Most of the coins were minted after 1854 in San Francisco, and these coincide with the Gold Rush era. However, some coins are older and minted in Georgia making the origin of the hoard even more mysterious.
Origin Theories of the Saddle Ridge Hoard
Quite a few theories are floating around when it comes to the origin of the Saddle Ridge Hoard. Aside from random individuals making unfounded claims that the treasure belonged to their great-great-great-long lost relative, some theories attempt to explain the source of the hoard. Here are just a few of these:
The 1901 San Francisco Mint RobberyAs the coins in the hoard are in impeccable condition, with many of them not even showing signs of ever being in circulation, this has many people linking them to the 1901 San Francisco Mint robbery. The robbery was done by the mint’s employee, Walter Dimmick, who stole an estimated $30,000 worth of coins. The value seems close to the amount found in the hoard and would explain the excellent condition of the coins.
Many have concluded that this is the most likely theory, but after a thorough investigation and research it has been concluded that there is no connection between the coins stolen by Dimmick and the coins found in the hoard.
This means that the treasure is not the property of the US government and rightfully belongs to the people who have discovered it.
An Outlaw’s Hidden BountySome people believe that the treasure is an outlaw’s stolen cache of gold. Jesse James and Black Bart, two very prominent highwaymen, are considered the major suspects. Both were well known for stealing from wealthy, and both had quite a prolific career.
This is certainly possible, but its also an “easy” guess without much evidence behind it. Yes, these were well-known outlaws who did indeed steal and rob throughout the Old West. However, a direct connection with a specific robbery and these specific coins have not been found.
Saddle Ridge Hoard Ebay
Wealthy Individual with a Deep Mistrust for BanksThe most plausible till date seems to be that a wealthy person hid the coins under their property for safe keeping. They apparently did not trust the back and choose instead to have the coins buried underground. This was certainly not unheard of during this time. People did not trust banks and it many people buried their valuables.
Eventually, the treasure was either forgotten or the owner died without telling anyone where it was buried. This is a very good theory and in my estimation it is the most likely to be true.
Also Read: Emperor Maximilian’s Lost Mexican Treasure
A Final Word
There is a very good likelihood that we will never know with 100% certainty the true origin of the Saddle Ridge Hoard. We would like to think that people would have some idea of where thousands of gold coins might have come from. But is quite likely that a quiet recluse simply cached their life savings and then died, never telling anyone of his buried treasure.
One thing is for sure, the anonymous couple from California who made the discovery of a lifetime! In fact, it is easily one of the greatest treasure finds of our generation. Over $10 million dollars worth of gold coins hidden in the California mountains… truly the kind of lost treasure tale that people dream about!
Next: 7 Things to Consider When Searching for Buried Caches
Also Read:22 Metal Detector that Punch DEEP on Coins & Relics