Couple Who Found $10 Million In Gold Coins Gets Another Surprise, And It’s Not A Good One

Sean Brown

A Northern California couple found $10 million worth of rare gold coins in the back yard buried in cans. Such a find would make anyone happy, especially since the coins were so rare that some are worth up to a million a piece. They’re not too excited, however, since apparently the government will be taking half of their find, even if they don’t sell the coins.

Couple Who Found $10 Million In Gold Coins Gets Another Surprise, And It’s Not A Good One

Such a find is taxable under a 1969 federal court ruling that held a “treasure trove” is taxable the year it was discovered. Apparently if you find something that doesn’t belong to you that has been lost or abandoned then the government may tax it at its ‘fair market value’ up to the first year it’s yours without anybody contesting it, according to The San Francisco Chronicle.

The Chronicle also said that the find will be taxed at the top rate for both state and federal tax brackets, meaning the couple will never even see about 47% of what they found.

Although one accountant did say that they can contest the tax claim since the gold was on their property when they bought it, making it their rightful possession.

The face value of the 1,427 coins was roughly $27,000 however to collectors some are worth much more and could fetch up to $1 million a piece, according to David Hall who helped found Professional Coin Grading Service of Santa Ana.

An accountant told the paper that the couple can try to fight the tax and claim it was there when they bought the property.

The couple is choosing to remain anonymous to avoid modern day prospectors from showing up to their property with metal detectors and searching for more buried treasure.

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3 Responses

  1. Adam says:

    There is a different thing working here. According to the Act of 1870, American people were deemed, legally, the “enemy of the state”. Sometime between then and 1933 when the TWEA was passed (Trading With the Enemies Act), which is today why we have to have “driver’s licenses” and “business licenses” and all other kinds of licenses; sometime the Federal Reserve laid claim to all real property. The gov’t decided since there was never a legal end to the Civil War; that all property was federalized. And since everything was federalized, they were able to turn it over to the private federal reserve bank for payment toward the debt that the US incurred. This is why you are regarded as a “tenant” on your “deed”. You are basically called the “first renter” and not the “owner in law”.

    If you can stay awake long enough, I want you to watch this: It’s long and a bit boring but conversely very interesting at the same time.

  2. levi says:

    If they knew the law the value of the coin is the face value. When they convert it into “Federal Reserve Notes” they are then taxed on the “increase” of the face value of the paper and not the face value of the coin. They have other means of tax avoidance without the pains and penalties of tax evasion. It is knowing how to play off the two systems of exchange against one another as each is denominated in the same terms. Coin is money, Federal Reserve Notes are legal tender and obligations of the government, not money at law. They obviously did not avoid the headlines and anybody who shows off what they find are just waving a red flag to get ripped off by the international thieves. IRS operates under UN treaty so this is why they use admiralty proceedings and if one does not know how to plead out of that shit they get taken down. Attorneys are the paid informers for this communists dictatorship and so are CPA accountants. Using them is sure defeat.

  3. Doc No says:

    First of all, the IRS is an illegal entity along with the Federal Reserve. The federal government have no jurisdiction on such finds; it has more to do with the State where the coins were found. It’s “finders-keepers” in California, “the finder of lost property can keep it against all the world… qualified by the question of where it was found,” says property law expert John Orth, a professor at the University of North Carolina. In the case of John and Mary the strongest factor in their favor is that they found the coins on their own property.
    But then of course, the federal government is going to strong arm them for sure.

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