Hypothetical question re: gold coins found on Federal land

[fragment47]

Hello! I’m looking for a quick answer and I bet someone here has a quick answer: If someone found a collection of uncirculated $20 Confederate gold coins buried on Federal land, would the cache automatically be turned over to the government or might someone keep the find? What are the legalities?
Thank you! These threads are fascinating.

 

Amazon Forum Fav 👍

A History of Mining on the Kenai Peninsula, Alaska - Grab it through Amazon!

[ToddsPoint]

First, the only “confederate “ double eagles were the 1861-O strikes. Mint records show only 17,000 struck. Only a portion of those were struck after the confederates took over the mint. The confederates sent about every dime they had to England to buy war matériels. Digging on most Fed land is prohibited. You can legally dig in a National Forest. I think BLM land is legal but I’m not positive. After you found them, you would have to pay income taxes on the actual value of the coins, not just face value. Payment must be made in the same yr they were found. That’s if you do it the legal way.

 

[Noobhunter Joey]

Lose lips sink ships, If you have already ventured onto uncharted lands undetected, while finding something good. And only you know about it?

 

[jewelerguy]

Go to jail. Go directly to jail, do not pass GO, do not collect $200

 

[opalboy]

What coins?

 

[beepbleep]

 

[Gare]

Send them to me I will find out for you 1 No RETURN ADDRESS NEEDED EITHER

 

[Gare]

I will tell you some thing else also . NEXT time i need an ATTORNEY I am CALLING "TODDSPOINT"

 

[TORRERO]

All of this is a cool idea but don't forget, if you ever tried to sell them you would have to be very careful because they are coins that never saw circulation, from a country that only existed for 4 year, if authentic, anyone is going to be asking you where you got them.. that could be an issue..

Its like the guy that bought a storage unit with $8,000,000 in a safe, technically it was his because he bought the unit, but you can't exactly carry $8,000,000 into a bank and deposit it without a shitload of red flags..
(he returned most of it to the owner and kept 1.5 MIL I think)
You could hide it under your bed and worry for the rest of your life if someone would ever find out and come for you.. hahaha

 

[fragment47]

First, the only “confederate “ double eagles were the 1861-O strikes. Mint records show only 17,000 struck. Only a portion of those were struck after the confederates took over the mint. The confederates sent about every dime they had to England to buy war matériels. Digging on most Fed land is prohibited. You can legally dig in a National Forest. I think BLM land is legal but I’m not positive. After you found them, you would have to pay income taxes on the actual value of the coins, not just face value. Payment must be made in the same yr they were found. That’s if you do it the legal way.

Very helpful! Thank you. I wish my question wasn’t hypothetical.

 

[releventchair]

 

[fragment47]

First, the only “confederate “ double eagles were the 1861-O strikes. Mint records show only 17,000 struck. Only a portion of those were struck after the confederates took over the mint. The confederates sent about every dime they had to England to buy war matériels. Digging on most Fed land is prohibited. You can legally dig in a National Forest. I think BLM land is legal but I’m not positive. After you found them, you would have to pay income taxes on the actual value of the coins, not just face value. Payment must be made in the same yr they were found. That’s if you do it the legal way.

All of this is a cool idea but don't forget, if you ever tried to sell them you would have to be very careful because they are coins that never saw circulation, from a country that only existed for 4 year, if authentic, anyone is going to be asking you where you got them.. that could be an issue..

Its like the guy that bought a storage unit with $8,000,000 in a safe, technically it was his because he bought the unit, but you can't exactly carry $8,000,000 into a bank and deposit it without a shitload of red flags..
(he returned most of it to the owner and kept 1.5 MIL I think)
You could hide it under your bed and worry for the rest of your life if someone would ever find out and come for you.. hahaha

If only….

 

[ConceptualizedNetherlandr]

Now that you found these out on YOUR back 40, land you inherited from dear ole grampa way back in the day ... it is yours. And no taxes are due for you to own them because that inheritance was tax free.

 

[ConceptualizedNetherlandr]

Whoooooooooooooooooooooooo is it?

 

[RGINN]

You should probably stick with your question being hypothetical for now.

 

[Limitool]

Hello! I’m looking for a quick answer and I bet someone here has a quick answer: If someone found a collection of uncirculated $20 Confederate gold coins buried on Federal land, would the cache automatically be turned over to the government or might someone keep the find? What are the legalities?
Thank you! These threads are fascinating.

If not hypothetical say no more. I too requested thoughts along the same line years ago with a tread here. Some of the responses surprised me. But here's my advise.

Since there no longer buried, you know what they are and you know where they were found why involve anybody? Fill your hole, take them home and take no pics or put on computer. Why would the government get involved or there be any legalities? Surely you wouldn't announce such a find off your own property or post pictures to the world.

Look up dealers across the county. Go on a road trip and sell to them for cash at 75-80% of retail. But take it no further than hypothetical....

 

[Limitool]

All of this is a cool idea but don't forget, if you ever tried to sell them you would have to be very careful because they are coins that never saw circulation, from a country that only existed for 4 year, if authentic, anyone is going to be asking you where you got them.. that could be an issue..

Its like the guy that bought a storage unit with $8,000,000 in a safe, technically it was his because he bought the unit, but you can't exactly carry $8,000,000 into a bank and deposit it without a shitload of red flags..
(he returned most of it to the owner and kept 1.5 MIL I think)
You could hide it under your bed and worry for the rest of your life if someone would ever find out and come for you.. hahaha

Maybe and probably so... but you'd be in no obligation to say anything at all. That's why I'd sell at 70-80% of value on a very long road trip. Plan it out and have fun. I've met some dealers in Hardee's, McDonald's and Wendy's. If "where did you get them" becomes an issue... leave. There's lot's of buyers.

 

[Limitool]

Very helpful! Thank you. I wish my question wasn’t hypothetical.

Well first it was and now it's not hypothetical.... Go ahead, take pics, post online, call the Govt., and get a banner post from members. In fact call MSM and get yourself an interview.

 

[Old Bookaroo]

First, the only “confederate “ double eagles were the 1861-O strikes. Mint records show only 17,000 struck. Only a portion of those were struck after the confederates took over the mint. The confederates sent about every dime they had to England to buy war matériels. Digging on most Fed land is prohibited. You can legally dig in a National Forest. I think BLM land is legal but I’m not positive. After you found them, you would have to pay income taxes on the actual value of the coins, not just face value. Payment must be made in the same yr they were found. That’s if you do it the legal way.

The respective websites for National Parks, National Forests, and BLM explain the laws, rules, and regulations.