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Gold Coin Treasure Trove

Gold coins from a shipwreck (Photo courtesy Dan Kittwood/Getty Images)

Remember that story that was in the news about a week ago about the couple that discovered all the gold coins under a tree on their property in California? Collectors placed their value at $10 million. There’s been a new development.  It seems there was a theft from the San Francisco mint back around 1899. Many of the coins found by the couple match the stolen items.

Now the authorities say they need to figure out what to do. The coins are now “stolen goods” and no longer a “treasure trove.” That means the couple will not have to pay taxes on the coins but they will have to turn them over to the government.  The finders also could say some but not all of the coins were part of the theft.  They would get to keep those but would be required to pay taxes on them. This is sure to end up in the courts. We’ll keep you up to date.

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