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Tin cans filled with $10M in gold coins found buried in California

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Re: Tin cans filled with $10M in gold coins found buried in California

#41

Post by sjg007 »

hackinthebochs wrote: post #34
iandanforth wrote: post #15

My favorite part about this is why it's worth $10 million. Because it's currency? Nope. Because it's gold? Nope. Because it's collectable? Yes! Really highlights how price and value can come unstuck.

I remember seeing a documentary that made the connection between the evolution of money and the human race's tendency to find inherent value in "collectibles". Stones, shells, jewelry, etc, were all the basis for a currency in various times, and its only because of our shared appreciation for collectibles that this worked.

One should read: The Island of Stone Money.

Re: Tin cans filled with $10M in gold coins found buried in California

#42

Post by brc »

hackinthebochs wrote: post #34
iandanforth wrote: post #15

My favorite part about this is why it's worth $10 million. Because it's currency? Nope. Because it's gold? Nope. Because it's collectable? Yes! Really highlights how price and value can come unstuck.

I remember seeing a documentary that made the connection between the evolution of money and the human race's tendency to find inherent value in "collectibles". Stones, shells, jewelry, etc, were all the basis for a currency in various times, and its only because of our shared appreciation for collectibles that this worked.

Well, currency is defined by divisibility, durability, scarcity and difficulty of forging. Humans desire a medium of exchange to better facilitate trade. The desire to trade creates the requirement for currency. The desire to collect manifests in many different forms - but the use of currency is separate (though probably related) to that.

Re: Tin cans filled with $10M in gold coins found buried in California

#43

Post by brc »

xacaxulu wrote: post #36

This is probably one of the better way to save your money from the bankrupt state.

This is a time-honoured tradition.

The dirt in england is awash with buried hoards, where people buried their currency and valuables to hide them from the government. The list is fascinating.

Re: Tin cans filled with $10M in gold coins found buried in California

#44

Post by booruguru »

theandrewbailey wrote: post #13
ereckers wrote: post #8

I wouldn't go public either. Somebody before them owned that property and I wonder if old relatives could give you troubles.

If it was found on your land, and the deed to that land has been in your name for several years, they wouldn't have legit claim.

I read story a while back about a plumber who found a box filled with thousands of dollars...behind a wall after he knocked a hole in it. The owner of the house offered him 10% as a finder's fee, but he demanded more and ultimately sued her. The story of the law suit led to the children of the previous home owners filing their own law suit claiming they were entitled to the money...and they won everything. The woman and the plumber received nothing.

Re: Tin cans filled with $10M in gold coins found buried in California

#45

Post by chris_mahan »

groovylick wrote: post #35
chris_mahan wrote: post #33

In a cemetery? In a grave marked unknown? Is there Ennio Morricone music playing in the background? Is there a closeup of Blondie's cigar?

The Ecstasy of Gold https://www.youtube.com/watch?v=nOr0na6mKJQ one of my favorite movie soundtracks.

Thank you. Linked vid is not available in the US, but quick youtube search yield suitable alternatives.

Re: Tin cans filled with $10M in gold coins found buried in California

#46

Post by yskchu »

sjg007 wrote: post #41
hackinthebochs wrote: post #34

Earlier quoted context omitted.

I remember seeing a documentary that made the connection between the evolution of money and the human race's tendency to find inherent value in "collectibles". Stones, shells, jewelry, etc, were all the basis for a currency in various times, and its only because of our shared appreciation for collectibles that this worked.

One should read: The Island of Stone Money.

Wow, very interesting, thanks for that!

For others interested, here's some links:

NPR Article

http://www.npr.org/blogs/money/2011/02/15/131934618/the-isla...

Milton Friedman paper on the island.

http://hoohila.stanford.edu/workingpapers/getWorkingPaper.ph...

Re: Tin cans filled with $10M in gold coins found buried in California

#47

Post by fennecfoxen »

theandrewbailey wrote: post #12
timmclean wrote: post #10

Earlier quoted context omitted.

maybe in 50 years, new chemistry advancements could turn water to gold and make gold worthless...

maybe in 50 years, we will be mining asteroids for precious metals...

"In space, a single platinum-rich 500 meter wide asteroid contains about 174 times the yearly world output of platinum, and 1.5 times the known world-reserves of platinum group metals (ruthenium, rhodium, palladium, osmium, iridium, and platinum)." -- Planetary Resources, http://www.planetaryresources.com/asteroids/composition/ (take with as many grains of salt as you feel like)

But hey, I'm sure they can spare a mission to retrieve us some gold sooner or later. :P

Re: Tin cans filled with $10M in gold coins found buried in California

#50

Post by MichaelGG »

nlh wrote: post #4
ck2 wrote: post #3

Doesn't the US Treasury have a history of going around and seizing gold coins? I forget exactly why but I think it was because they were all recalled when we went off gold standard? I vaguely remember people finding these in deposit boxes, sharing it with the news and then magically losing it all when the treasury shows up to seize them. Ah here we go http://en.wikipedia.org/wiki/Executive_Order_6102 not really relat…

Just 1933 Double Eagles ($20). It's actually a fascinating story ... I'll dig up the link and post an edit shortly. Edit: the essential story - http://en.wikipedia.org/wiki/1933_double_eagle Edit 2: Quick aside: I know the guy who found the 10 additional coins in his vault (Roy Langbord). Super nice guy. I remember when a mutual friend called me up one day and said "So Roy just found 10 1933 $20 gold coins in his vau…

Wow that's so messed up. The Gold Reserve Act, too. It seems extremely "un-American" for the government to force people to sell their gold to the treasury. OTOH, so do a lot of things in hindsight, like the Vietnam draft. (Can you imagine US citizens today being forced to fight overseas?)

Was this a common viewpoint when the act went in, or it decades of history since colouring my vision?

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