Saddle Ridge Hoard

Last updated

Saddle Ridge Hoard
Saddle Ridge Hoard coins and dirt.jpg
Gold coins in situ
MaterialGold coins
Size1,427 coins
Created1847 to 1894
DiscoveredWestern Half of Shasta Cascade region, California in February 2013
Present location Tiburon, California

The Saddle Ridge Hoard is the name given to a hoard of 1,427 gold coins unearthed in the western half of the Shasta Cascade region, of Northern California in 2013. The face value of the coins totaled $27,980, but was assessed to be worth $10 million. 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 United States. [1]

Contents

Discovery and excavation

The Saddle Ridge Hoard was discovered in February 2013 on private property located in the western half of the Shasta Cascade region of Northern California. 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 less than 200 miles from 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 had lived on the rural property for several years and have no idea who buried the coins. [2] While no longer a couple, as well as no longer occupying the property, they wish to keep their identity, location, and ownership history of the property private, in order to keep treasure seekers from trespassing on the 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]

Rusted can of gold coins as found at discovery site in February 2013 Saddle Ridge Hoard can.jpg
Rusted can of gold coins as found at discovery site in February 2013

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 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 from the jagged rock in 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

1886-S $10 PCGS coin slab Saddle Ridge Hoard 1886-S 10 dollar slab.gif
1886-S $10 PCGS coin slab

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:

Disposition

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

Following the initial discovery of the coins, there was widespread speculation that the hoard represented the discovery of the 1901 theft of $30,000 (~$877,536 in 2023) from the San Francisco Mint by employee Walter Dimmick. [12] 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. [13] [14] 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", [15] [16] 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." [15]

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. [16] [17] 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. [18] 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. [17]

See also

Related Research Articles

Coins of the United States dollar – aside from those of the earlier Continental currency – were first minted in 1792. New coins have been produced annually and they comprise a significant aspect of the United States currency system. Circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion, including gold, silver and platinum, and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn put coins into circulation and withdraw them as demanded by the United States economy.

<span class="mw-page-title-main">1933 double eagle</span> Twenty-dollar American gold coin minted in 1933

The 1933 double eagle is a United States 20-dollar gold coin. Although 445,500 specimens of this Saint-Gaudens double eagle were minted in 1933 in the midst of the Great Depression, none were ever officially circulated, and all but two were ordered to be melted down. However, 20 more are known to have been rescued from melting by being stolen and found their way into the hands of collectors before later being recovered. Nine of the recovered coins were destroyed, making this one of the world's rarest coins, with only 13 known specimens remaining—only one of which is privately owned, which is known as the Weitzman Specimen. Because the coin was never released to the public, it is illegal to privately own any of the 1933 double eagles, with the exception of the Weitzman Specimen. The United States Secret Service is said to investigate reports of the existence of other specimens that come to light.

<span class="mw-page-title-main">Double eagle</span> Gold $20 coin of the United States

A double eagle is a gold coin of the United States with a denomination of $20. The coins are 34 mm × 2 mm and are made from a 90% gold and 10% copper alloy and have a total weight of 1.0750 troy ounces.

<span class="mw-page-title-main">Hoard</span> Collection of valuable objects or artifacts

A hoard or "wealth deposit" is an archaeological term for a collection of valuable objects or artifacts, sometimes purposely buried in the ground, in which case it is sometimes also known as a cache. This would usually be with the intention of later recovery by the hoarder; hoarders sometimes died or were unable to return for other reasons before retrieving the hoard, and these surviving hoards might then be uncovered much later by metal detector hobbyists, members of the public, and archaeologists.

<span class="mw-page-title-main">Treasure trove</span> Hidden store of valuables

A treasure trove is an amount of money or coin, gold, silver, plate, or bullion found hidden underground or in places such as cellars or attics, where the treasure seems old enough for it to be presumed that the true owner is dead and the heirs undiscoverable. An archaeological find of treasure trove is known as a hoard. The legal definition of what constitutes treasure trove and its treatment under law vary considerably from country to country, and from era to era.

<span class="mw-page-title-main">Cuerdale Hoard</span> Viking silver hoard

The Cuerdale Hoard is a hoard of more than 8,600 items, including silver coins, English and Carolingian jewellery, hacksilver and ingots. It was discovered on 15 May 1840 on the southern bank of a bend of the River Ribble, in an area called Cuerdale near Preston, Lancashire, England. The Cuerdale Hoard is one of the largest Viking silver hoards ever found, four times larger than its nearest rival in Britain or Ireland, according to Richard Hall. In weight and number of pieces, it is second only to the Spillings Hoard found on Gotland, Sweden.

<span class="mw-page-title-main">Hoxne Hoard</span> Roman hoard found in England

The Hoxne Hoard is the largest hoard of late Roman silver and gold discovered in Britain, and the largest collection of gold and silver coins of the fourth and fifth centuries found anywhere within the former Roman Empire. It was found by Eric Lawes, a metal detectorist in the village of Hoxne in Suffolk, England in 1992. The hoard consists of 14,865 Roman gold, silver, and bronze coins and approximately 200 items of silver tableware and gold jewellery. The objects are now in the British Museum in London, where the most important pieces and a selection of the rest are on permanent display. In 1993, the Treasure Valuation Committee valued the hoard at £1.75 million.

<span class="mw-page-title-main">Vale of York Hoard</span> Viking hoard found in North Yorkshire, England

The Vale of York Hoard, also known as the Harrogate Hoard and the Vale of York Viking Hoard, is a 10th-century Viking hoard of 617 silver coins and 65 other items. It was found undisturbed in 2007 near the town of Harrogate in North Yorkshire, England. The hoard was the largest Viking one discovered in Britain since 1840, when the Cuerdale hoard was found in Lancashire, though the Anglo-Saxon Staffordshire Hoard, found in 2009, is larger.

<span class="mw-page-title-main">Broighter Gold</span> Gold artefacts from the Iron Age

The Broighter Gold or more correctly, the Broighter Hoard, is a hoard of gold artefacts from the Iron Age of the 1st century BC that were found in 1896 by Tom Nicholl and James Morrow on farmland near Limavady, Ireland. The hoard includes a 7-inch-long (18 cm) gold boat, a gold torc and bowl and some other jewellery.

<span class="mw-page-title-main">Louis E. Eliasberg</span> American numismatist

Louis Edward Eliasberg Sr. was an American financier and numismatist. A native of Selma, Alabama, he is best known in the numismatic community for putting together the only complete collection of United States coins ever assembled, consisting of regular issue coins of every date, metal, denomination, and mint mark known to collectors at the time, with attention to coins in the best possible condition. He began the collection during the 1920s and finished the set by purchasing the last gold coin he needed in 1949 and the last silver coin he needed in 1950.

<span class="mw-page-title-main">Staffordshire Hoard</span> Anglo-Saxon hoard discovered in 2009

The Staffordshire Hoard is the largest hoard of Anglo-Saxon gold and silver metalwork yet found. It consists of almost 4,600 items and metal fragments, amounting to a total of 5.1 kg (11 lb) of gold, 1.4 kg (3 lb) of silver and some 3,500 pieces of garnet cloisonné jewellery. It is described by the historian Cat Jarman as "possibly the finest collection of early medieval artefacts ever discovered".

<span class="mw-page-title-main">Wickham Market Hoard</span> Iron Age hoard

The Wickham Market Hoard is a hoard of 840 Iron Age gold staters found in a field at Dallinghoo near Wickham Market, Suffolk, England in March 2008 by car mechanic, Michael Dark using a metal detector. After excavation of the site, a total of 825 coins were found, and by the time the hoard was declared treasure trove, 840 coins had been discovered. The coins date from 40 BC to 15 AD.

<span class="mw-page-title-main">Grouville Hoard</span> Iron Age and Roman coins, Jersey

The Grouville Hoard is a hoard of an estimated 70,000 late Iron Age (Celtic) and Roman coins reported in June 2012. They were discovered by metal detectorists Reg Mead and Richard Miles in a field at an undisclosed location in the parish of Grouville on the east side of Jersey in the Channel Islands. It is the largest hoard ever found in Jersey, and the first major archaeological find made by metal detectorists in the island.

<span class="mw-page-title-main">Bitterley Hoard</span>

The Bitterley Hoard is the largest post medieval / English Civil War Coin Hoard found to date from Shropshire, England. It was discovered on 17 February 2011 by a metal detector user near the village of Bitterley, South Shropshire. The find consists of one gold coin and 137 high denomination silver coins. These were placed within a high quality leather purse which was contained within a pottery vessel called a tyg. The earliest coin was from the reign of Edward VI, the latest from the Bristol Provincial Mint of Charles I, indicating it was buried after early 1644.

<span class="mw-page-title-main">Liberty Head double eagle</span> American twenty-dollar gold piece

The Liberty Head double eagle or Coronet double eagle is an American twenty-dollar gold piece struck as a pattern coin in 1849, and for commerce from 1850 to 1907. It was designed by Mint of the United States Chief Engraver James B. Longacre.

<span class="mw-page-title-main">Canterbury Treasure</span> Roman hoard

The Canterbury Treasure is an important late Roman silver hoard found in the city of Canterbury, Kent, south-east England, ancient Durovernum Cantiacorum, in 1962, and now in the Roman Museum, Canterbury, Kent. Copies of the main items are also kept in the British Museum.

<span class="mw-page-title-main">Galloway Hoard</span> Hoard of silver jewellery and other items

The Galloway Hoard, currently held in the National Museum of Scotland, is a hoard of more than 100 gold, silver, glass, crystal, stone, and earthen objects from the Viking Age discovered in the historical county of Kirkcudbrightshire in Dumfries and Galloway in Scotland in September 2014. Found on Church of Scotland land, the hoard has been described by experts as "one of the most significant Viking hoards ever found in Scotland". With years of extensive study and research, scholars are still not certain who buried the hoard, why they did so and whether they were Vikings or Anglo-Saxons. During the Viking Age, Galloway found itself squeezed between two Viking kingdoms and essentially cut off from other Anglo-Saxons in Britain - "Galloway is where these different cultures were meeting. It’s not just Scandinavians, but people from Britain and Ireland as well."

The Great Kentucky Hoard is a hoard of more than 700 gold coins unearthed in an undisclosed part of Kentucky, United States, in the 2020s by a man on his own land. The finder of the hoard has remained anonymous.

The West Norfolk Hoard is the largest hoard of Anglo-Saxon coins in England, comprising 132 gold coins and four gold objects dating to around 610 AD, all found over a period of 29 years in West Norfolk. Its origin is notably close in date to the Sutton Hoo burial, with some coins having been struck using the same dies as coins found in a purse at that site.

References

  1. Kevin Fagan, San Francisco Chronicle (February 26, 2014). "Gold Country couple discovers $10 million in buried coins". SFGate. Retrieved February 26, 2014.
  2. Kashmira Gander (February 26, 2014). "Couple finds $10million in gold coins while walking their dog - Americas - World". The Independent. London. Retrieved February 26, 2014.
  3. 1 2 3 John 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.
  4. 1 2 3 4 "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.
  5. 1 2 3 "PCGS Certifies $10+ Million Gold Coins Treasure For Kagin's Inc". Pcgs.com. Retrieved February 26, 2014.
  6. 1 2 3 4 "Interview". Saddle Ridge Hoard. Retrieved February 26, 2014.
  7. Winter, Douglas (2006). Gold Coins of the New Orleans Mint: 1839-1909, Zyrus Press, page 163. ISBN   978-0974237169
  8. "Buried Treasure of 1427 US Gold Coins Certified by PCGS For Kagins Inc". www.coinweek.com. February 25, 2014. Retrieved March 17, 2014.
  9. 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).
  10. Schaefer, Samantha; Vives, Ruben (February 26, 2014). "'Miraculous coin' in gold country cache could bring $1 million". www.latimes.com. Retrieved March 17, 2014.
  11. Liljas, Per (February 25, 2014). "Couple Finds $10 Million in Gold Coins | TIME.com". Nation.time.com. Archived from the original on February 27, 2014. Retrieved February 26, 2014.
  12. "$10M Gold Coin Hoard Found in Yard May Have Been Stolen from Mint". ABC News .
  13. "Bunch of bullion: Dealer says gold coin hoard not from heist". Cnbc.com. March 4, 2014. Retrieved March 6, 2014.
  14. "$10 Million Mystery: Was Walter Dimmick the Gold Coin Fall Guy?". Mashable. March 6, 2014. Retrieved June 24, 2014.
  15. 1 2 "Could century-old theft explain mystery of gold coins?". CNN.com. February 26, 2014. Retrieved March 6, 2014.
  16. 1 2 John Rogers (Associated Press) (March 2, 2014). "California Gold Discovery Spurs Rush of Theories - ABC News". Abcnews.go.com. Retrieved March 6, 2014.
  17. 1 2 Kevin Fagan (February 28, 2014). "Black Bart? Jesse James? Who hid $10 million worth of gold?". SFGate. Retrieved March 6, 2014.
  18. Schaefer, Samantha (March 4, 2014). "Gold coins found by California couple unlikely stolen from U.S. Mint". www.latimes.com. Retrieved March 17, 2014.