$10 Million Gold Coin Hoard Discovered: Could It Be Linked to a Famous Heist?

$10 Million Gold Coin: A California couple made headlines when they stumbled upon a hoard of gold coins worth over $10 million while out walking their dog. However, despite the excitement surrounding this treasure, one prevailing theory about its origins has been debunked. The coins, which are part of the so-called Saddle Ridge Hoard, were initially thought by some to be linked to a famous heist from the San Francisco Mint in 1900. But experts, including David McCarthy, a senior numismatist from Kagin’s Inc., have declared that this theory is “provably incorrect.”

A Buried Fortune

The discovery, which took place in 2014, was nothing short of extraordinary. John and Mary, the anonymous couple who unearthed the treasure, found a rusted can protruding from the ground on their property. Upon further digging, they uncovered seven more cans filled with a total of 1,427 gold coins. These coins were minted between 1847 and 1894, making them not only valuable but also historically significant. Many experts believe this is the largest treasure trove ever uncovered in the United States.

The 1900 Mint Heist Theory

Given the number of coins and their proximity to San Francisco, a theory quickly emerged: Could this treasure be linked to the notorious San Francisco Mint heist of 1900? During that heist, a cashier named Walter Dimmick was accused of stealing a large amount of gold coins from the mint’s vault. The timing and the quantity seemed to match, leading some to speculate that the Saddle Ridge Hoard might have been part of the loot.

However, David McCarthy, who has been helping the couple with the sale of the coins, dismissed the theory, pointing out several inconsistencies. According to McCarthy, the hoard doesn’t fit the profile of what was stolen from the mint.

Why It’s Not From the Heist

McCarthy provided a list of reasons why the Saddle Ridge Hoard cannot be connected to the San Francisco Mint theft:

1. Diverse Coin Types: The hoard contains coins minted across several years and with varying mint marks. If the coins were from the mint’s vault, they likely would have come from a single year, as the mint typically stored coins in bags sorted by year.
2. Circulated Coins: Many of the coins in the hoard show signs of heavy circulation. Gold coins stored at the mint would not have been in such condition; instead, they would have been melted down and reissued.
3. Missing $10 Coins: The stolen gold from the mint primarily consisted of $20 gold pieces. The Saddle Ridge Hoard, however, includes 50 $10 gold coins, which were not mentioned in reports of the mint heist.
4. No Bag Marks: Coins stored in a vault for any length of time usually bear “bag marks” – small nicks and scratches from being stored together in large quantities. The coins in the Saddle Ridge Hoard show no such marks.
5. No Coins After 1894: The latest coin in the hoard was minted in 1894. If the coins had been stolen from the mint in 1900, they would have been stored for six years – a practice that was highly unlikely, especially for valuable items like gold coins.

The Real Story Behind the Hoard

Based on the evidence, McCarthy speculates that the coins were buried by someone who did a lot of business in gold. This individual likely buried each can as soon as it was filled, possibly over a span of 20 years. The reason for abandoning the hoard remains a mystery, but McCarthy suggests that the most likely explanation is the owner’s unexpected death. With no one knowing the coins were there, they remained untouched for more than a century – until they were discovered by chance.

“You can’t take it with you,” McCarthy wryly noted, hinting at the possibility that the original owner had no time to pass the information on before their demise.

The Coins’ Value and Historical Significance

The 1,427 coins in the Saddle Ridge Hoard are incredibly rare. Many of them are in near-mint condition, which adds to their value. Experts have estimated that the entire collection is worth over $10 million, with some individual coins valued at over $1 million each.

These coins provide a glimpse into a bygone era. Minted during the 19th century, they represent a period in American history when gold coins were widely circulated as currency. The discovery of this hoard allows numismatists and historians to study these coins up close, shedding light on their origins and significance.

Conclusion

$10 Million Gold Coin: While the mystery surrounding the origins of the Saddle Ridge Hoard remains, one thing is clear: it is not connected to the infamous San Francisco Mint heist. The diversity of the coins, their condition, and other factors all point to a different story. Regardless, the discovery of these gold coins is a remarkable find, both for the anonymous couple who unearthed them and for those interested in rare coins and American history. It serves as a reminder that even in the modern world, there are still hidden treasures waiting to be discovered.

Table: Key Differences Between the Saddle Ridge Hoard and the San Francisco Mint Heist

Factor	Saddle Ridge Hoard	San Francisco Mint Heist
Year Range of Coins	1847 – 1894	Stolen in 1900
Coin Types	Varied, including $10 coins	Primarily $20 coins
Condition of Coins	Circulated, no bag marks	Vaulted, should have bag marks
Connection to Heist	Debunked by experts	Historically documented
Value	Over $10 million	Unknown

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