Six- Pound Gold Nugget Discovered in Northern California Sells for - $400,000
SAN FRANCISCO (AP) — One of the largest gold nuggets in modern times pulled from Northern California's historic Gold Country has sold to a secret buyer.
The San Francisco Chronicle reported Saturday (http://bit.ly/1snahAB ) that even the sales price of the so-called Butte Nugget will remain a mystery at the buyer's request.
But Don Kagin, the San Francisco-area coin dealer who brokered the deal, said that the sale price for the nugget weighing slightly more than 6 pounds wasn't far off from the asking price of about $400,000.
A gold hunter in July found the nugget in the mountains of Butte County; it went up for sale Thursday with the deal finalized on Friday.
The man who found the nugget also asked Kagin to keep his name and the location of the discovery a secret.
The Silver Bug: Spirits of the 19th century California gold rush were revived yesterday, when dealer Don Kagin announced the upcoming sale of a massive gold nugget.
The gold nugget weighing in at a whopping 6.07 pounds, or 75 troy ounces, will be unveiled next Thursday at the San Francisco Fall Antiques Show.
The finder, who wishes to remain anonymous, and for good reason, states that he found the gold nugget on public land, in the Butte county mountains and is believed to be the largest gold nugget found in decades.
The beauty of this real chunk of wealth is stunning in its own right, but its nominal value in fiat is estimated to be $350,000.
ChicoER news reports on how the gold nugget was discovered:
Van Camp said Mr. Smith had been using a metal detector to search on the day he discovered the monster, and had found a few small nuggets.
Then his detector came back with an extremely strong signal.
Mr. Smith told him his first thought was that there was “a big piece of trash” in the ground, possibly a piece of pipe or a horseshoe.
He was fearful that trash would mask the signal of surrounding nuggets, so he decided to dig it out.
About 12 inches down in the soil, he found the nugget.
Perhaps if the FED was the one’s who did the final digging, they would of agreed with “Mr. Smith’s” first assessment, that this gold nugget was in fact a piece of trash, or as they like to call it, a barbarous relic.
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Couple stumbles upon $10 Million in rare coins
LOS ANGELES (AP) — A Northern California couple out walking their dog on their property stumbled across a modern-day bonanza: $10 million in rare, mint-condition gold coins buried in the shadow of an old tree.
Nearly all of the 1,427 coins, dating from 1847 to 1894, are in uncirculated, mint condition, said David Hall, co-founder of Professional Coin Grading Service of Santa Ana, which recently authenticated them. Although the face value of the gold pieces only adds up to more than $28,000, some of them are so rare that coin experts say they could fetch nearly $1 million apiece.
"I don't like to say once-in-a-lifetime for anything, but you don't get an opportunity to handle this kind of material, a treasure like this, ever," said veteran numismatist Don Kagin, who is representing the finders. "It's like they found the pot of gold at the end of the rainbow."
Kagin, whose family has been in the rare-coin business for 81 years, would say little about the couple other than that they are husband and wife, are middle-aged and have lived for several years on the rural property in California's Gold Country, where the coins were found. They have no idea who put them there, he said.
The pair are choosing to remain anonymous, Kagin said, in part to avoid a renewed gold rush to their property by modern-day prospectors armed with metal detectors.
"Their concern was this would change the way everyone else would look at them, and they're pretty happy with the lifestyle they have today," he said.
They plan to put most of the coins up for sale through Amazon while holding onto a few keepsakes. They'll use the money to pay off bills and quietly donate to local charities, Kagin said.
Before they sell them, they are loaning some to the American Numismatic Association for its National Money Show, which opens Thursday in Atlanta.
What makes their find particularly valuable, McCarthy said, is that almost all of the coins are in near-perfect condition. That means that whoever put them into the ground likely socked them away as soon as they were put into circulation.
Because paper money was illegal in California until the 1870s, he added, it's extremely rare to find any coins from before that of such high quality.
"It wasn't really until the 1880s that you start seeing coins struck in California that were kept in real high grades of preservation," he said.
The coins, in $5, $10 and $20 denominations, were stored more or less in chronological order in six cans, McCarthy said, with the 1840s and 1850s pieces going into one can until it was filed, then new coins going into the next one and the next one after that. The dates and the method indicated that whoever put them there was using the ground as their personal bank and that they weren't swooped up all at once in a robbery.
Although most of the coins were minted in San Francisco, one $5 gold piece came from as far away as Georgia.
Kagin and McCarthy would say little about the couple's property or its ownership history, other than it's located in Gold Country, a sprawling, picturesque and still lightly populated section of north-central California that stretches along the western slope of the Sierra Nevada.
The discovery of gold at Sutter's Mill, about 50 miles northeast of Sacramento, set off the California Gold Rush of 1848.
The coins had been buried by a path the couple had walked for years. On the day they found them last spring, the woman had bent over to examine an old rusty can that erosion had caused to pop slightly out of the ground.
"Don't be above bending over to check on a rusty can," Kagin said she told him.
They were located on a section of the property the couple nicknamed Saddle Ridge, and Kagin is calling the find the Saddle Ridge Hoard. He believes it could be the largest such discovery in U.S. history.
One of the largest previous finds of gold coins was $1 million worth uncovered by construction workers in Jackson, Tenn., in 1985. More than 400,000 silver dollars were found in the home of a Reno, Nev., man who died in 1974 and were later sold intact for $7.3 million.
Gold coins and ingots said to be worth as much as $130 million were recovered in the 1980s from the wreck of the SS Central America. But historians knew roughly where that gold was because the ship went down off the coast of North Carolina during a hurricane in 1857.
Gold nugget worth $300,000 discovered in Australia
(CNN) -- One Australian gold prospector has hit pay dirt.
The man, described as an amateur explorer who wants to remain anonymous, unearthed a 5.5 kilogram golden nugget 60 centimeters in the ground outside Ballarat, a city about an hour and a half drive west of Melbourne.
Experts say the value of the find is at least $300,000.
"He came in to my shop at 12:30 p.m. on Wednesday and had a grin from ear to ear," Cordell Kent, owner of The Mining Exchange Gold Shop, told CNN. "His eyes were sparkling."
The 47-year resident of Ballarat says that gold has been continuously found in the region since 1851, but technology has recently become an essential aid for modern prospectors.
"In the last 10 years it's gotten very, very hard to find nuggets over a kilo, so this (5.5 kilogram) one is extremely rare," says Kent. %2