Hypothetical Treasure Find

[Garscale]

The recent ship wreck thread makes me wonder how to handle it in the the unlikely event a large sum was dug. What would be the best way to handle this?

Let's say an elderly person reveals to a close friend that they have a map dating to the early 1900s. It details where 22 stashes of gold and silver coins are buried in sealed clay pipe. Maybe the money was gained through illegal enterprise. Regardless, those that hid it are long dead. A couple searches confirm that the stashes are in fact real and present.

How would you advise this person to proceed? They fear the IRS, FBI, etc . Let's say the silver coin is all dollars and half dollars from late 1800s thru 1940. Well protected and good condition. What should be done in such a case?

 

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[Blak bart]

Proceed very cautiously one coin at a time....have patience and use common sense.....trust very few and tell even fewer !! Small transactions, different locations, don't expect full retail prices....after all it is treasure, and you have alot !! Keep it hidden well and never let anyone know where !!

Simple....piece of cake right ??

GOOD LUCK !!

 

[Blak bart]

http://www.treasurenet.com/forums/b...-true-treasure-tale-long-but-whole-story.html

Here's one to read....read it all and some of your questions will be answered.

 

[BC1969]

Remember that couple in California some years back who were walking their property and their dogs found a cache of ultra rare gold coins ?
Yeah well, they told the World and ended up paying like 60 something percent in taxes.

I personally think that is crap, private property shouldn't be subjected to that.

A sunken vessel in presumably international waters...
Well, loose lips, sink ships!

 

[Fat]

....... I don’t know but I want in, please?
I’m not asking for full share, 25%...

 

[MidMoTreasure]

Remember that couple in California some years back who were walking their property and their dogs found a cache of ultra rare gold coins ?
Yeah well, they told the World and ended up paying like 60 something percent in taxes.

I personally think that is crap, private property shouldn't be subjected to that.

A sunken vessel in presumably international waters...
Well, loose lips, sink ships!

They did, between the Federal and California state taxes. The top Federal rate at the time of the find was 39.6% and California was 13%. They found over $10 million in coins, some of which were the finest known examples of their type and date. They were able to cash in on their find despite the taxes, and the certified coins that say "Saddle Ridge Hoard" command a premium for some collectors. It is the same as winning the lottery; the tax man will always be paid.

Back to the hypothetical. If it did happen to me, BEFORE I started any adventure or dig to find the items, I would contact a financial planner. I would also call every TV producer in the world with hopes of making the ordeal into a TV show (seriously - that is where the REAL money is). That way, I would be set for life after digging the treasure hoard and be able to cash in on my personal efforts spent. Sure, the tax man would get his cut, but the top rates are lower now than they were in 2014.

It beats trying to sell off the coins one-by-one in small transactions and constantly looking over my shoulder.

 

[releventchair]

Which person should do what? The one with the map , or the other person?

The map holder would lead the terms of a hypothetical recovery.

Were I involved , what the mapholder did with thier cut would not be my concern. Unless I decided to make someone else's problem my problem.
Who knows , dispersal and disposal of the mapholder's share could be part of the terms if the second person was involved. ( IF the second person was even involved in holding a share.)
I do know the mapholders standard of living should improve should a recovery be made. Not my original idea. (Few are.) But another treasure hunters practice.

You mentioned treasure. That suggests treasure trove law and how it applies to the alleged treasure and it's locale. Along with any part of any recovery being contested by others claiming an entitlement. Legit or not.

Treasure recovery. Curse? Or blessing?

 

[TommyB]

I would say the loot was handed down within my family for generations. I would NOT call the news. The govt has no right to tax that as far as I'm concerned.

 

[releventchair]

A buyer I bought from overtime told a tale of gold.
Was he telling me a big fish story? Maybe. But he was not in my opinion the type to do so..

I'll spare the attribute to measure the amount.
Or the who or where . The location remaining his and the sellers secret anyways. I do know the community's locale and leave it alone.

What struck me of the tale was the survivor who recovered known caches knew there were more (per tale) but was not wanting anymore recoveries.
Enough for whatever the seller sought as an amount was enough. The relationship to the person who made the caches factored. But still , what would become to other caches on the site , known of or unknown? That was one persons business while still alive.
Good enough for the seller.
Good enough for the buyer.
Good enough for my ear. Heck , how much is enough, and why; I had never really considered....

 

[jeff of pa]

in all cases where it is "Hypothetical" , I would suggest to sneak it to your basement
and do like Uncle Scrooge once a day.




[h=2][/h]

 

[IMF2020]

Hi am new here . what i might find is only going to be hypothetical after i find it ...The tax people the government people and all the other pirates would surely make my find hypothetical after they heard about it

 

[Garscale]

Hi am new here . what i might find is only going to be hypothetical after i find it ...The tax people the government people and all the other pirates would surely make my find hypothetical after they heard about it

Yep but in my hypothetical, what would you advise this elderly person to do. Lets say they have plenty money to be comfortable the rest of their life. Maybe they bought land and cattle over the years and made a nice living.

 

[Mackaydon]

Although you reference a shipwreck, your situation sounds like a buried on land treasure. Assuming you are fairly convinced the treasure exists, I'd want to first know who owns the land.
Without a deal made with the landowner, you'd be stealing--so create a written contract with the landowner would be my next step.
Don......

 

[TheGreenBoy]

Our only shield is keeping secrets unrevieled....... (out of sight and out of mind).

 

[Duckshot]

Why does everybody want to sell their finds?

Can't you all just store away dragon hoards for others to find?

 

[Garscale]

Why does everybody want to sell their finds?

Can't you all just store away dragon hoards for others to find?

Yep.

 

[releventchair]

Why does everybody want to sell their finds?

Can't you all just store away dragon hoards for others to find?

 

[crashbandicoot]

Another good one rc!

 

[newnan man]

Ok, if you know there is something valuable (treasure) on the property then buying the property makes sense. How do you know? Will hiding the knowledge from the current land owner be deceitful? Just more hypothetical scenarios.

 

[Garscale]

Ok, if you know there is something valuable (treasure) on the property then buying the property makes sense. How do you know? Will hiding the knowledge from the current land owner be deceitful? Just more hypothetical scenarios.

In my hypothetical, let's say the elderly person owns the land it is on. Let's say elderly person does not need more money and fears a legal battle late in life. No heir they would like to leave the maps , yes plural maps, to. The person is the keeper but now faces end of life and the maps become a burden. Interesting hypothetical??