Could newly discovered gold coins be the haul stolen by SF Mint employee in 1901? [GOLD COINS]

DAILY MAIL UK ^ | 02/26/14 | STAFF

[BunnySlippers]

The mysterious haul of gold coins discovered by a Northern California couple while out walking their dog – and valued at $10 million – may well be a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901.

The couple, who haven’t been named, stumbled across the haul of 1,427 rare, mint-condition gold coins, nearly all dating from 1847 to 1894, buried in the shadow of an old tree on their Gold Country property in February 2013.

The face value of the Saddle Ridge Hoard, as they’ve called it, added up to about $27,000, but some of the coins are so rare that experts say they could fetch nearly $1million apiece.

The couple went public with their amazing discovery on Tuesday, and treasure enthusiasts have been quick to suggest that the coins could be the same ones stolen by Walter Dimmick, an employee of the San Francisco Mint in the late 1800′s, reports Altered Dimensions.  Dimmick began working at the mint in 1898 and by 1901 was trusted with the keys to the vaults – until an audit revealed a $30,000 shortage in $20 Double Eagle coins, six bags in all.

[Uncle Chip]

Because of the estimated value of the whole lot I suspect that it is probably 500 less 73 = 437

[Bon of Babble]

Should have kept their mouths shut. That’s what I would have done.

[Uncle Chip]

The couple, who haven’t been named, stumbled across the haul of 1,427 rare, mint-condition gold coins

Did this couple not do any research before publicizing their find???

Why would they provide so much detail about their find???

And why give the exact numbers of coins found and that they are all gold coins???

[dennisw]

You are correct!!! What I should have said is that most US gold coins from civil war to 1933 had face values at the rate of $20/oz gold within

[VerySadAmerican]

Guess I read it wrong. I thought it was 1500 that was stolen.

[Scoutmaster]

Absolutely certain. See if you can order the book from your local library.

For now, Google “Israel Switt Double Eagle” or “1933 Double Eagle.”

[Patriot Babe]

I inherited 2 morgan dollars from 1896. Have no clue what to do with them. Since I need money being unemployed, I was thinking of selling them to a pawn shop but I’m afraid I will be taken. Also your story reminds me of my father’s friend from Mexico. She came to the US to take her daughter to Disneyland in Los Angeles. Well she was using JFK half dollars for paying things there. She told my father everyone was happy when she was using it for transaction. I think I pretty know why they were happy. Some of those half dollars were from 1964..ouch. Anyway I have inherited my father and mother coin collection including mine that I started and have no clue what the hell to do for fear of being taken.

[JimRed]

Unless the gov’t could argue that the crime of “receiving stolen property” had just occurred.

That charge requires knowledge that it was stolen and intent, doesn't it? Lawyer FReeper, please weigh in.

[Axenolith]

Yea, which is why they think they were stashed at the time they were minted generally. If they’d been taken from general circulation they’d be worn. These were like they got picked up at the bank their first time out. That’s why I speculate they were, at least in the early cases, possibly “free coined”, i.e. someone obtained gold either in trade or prospecting/mining and subsequently took it to the mint for trade to gold coin.

[Axenolith]

Now THAT is cool.

I blew a big score a couple years back at a bank up the street. I got some cent rolls to look through and cull the copper and one of the rolls contained brilliant uncirculated wheats, like right off the press looking. I didn’t want to run back up right away (got em on lunch trip) and when I went back later the teller told me they’d sent the rest they had in for processing to Brinks and that all the rest had “those shiny pennies with the wheat thingies on back showing at both ends”...

[the OlLine Rebel]

Morgan dollars are quite common. Only a few years/mints are very valuable, and that depends on their condition. It’s doubtful they are uncirculated, so your max value may be $175 for an excellent San Fran. Otherwise a rough estimate is $35. You’re not going to be royally gyped. Except any dealer is looking to sell it, so they’ll undercut just to make a profit.

[the OlLine Rebel]

But my point was that often bags of new coins will sit for years in mints and banks. It is possible that happened here. Don’t forget some were from other mints.

[Axenolith]

Oh, understood, but it is very unlikely that -S mint coins would be stored in California in that time period with the ability to write contracts specifying method of payment. A lot, particularly higher denomination gold and later the Morgan dollars, did sit in banks and the mints later as they were the facilitation of the “will pay to the bearer on demand” that the paper notes displayed.

It may be that the east coast minted coin[s] came out with the man, or an associate. It would be interesting to see from the archival perspective who came out in that period that possessed the capital and drive to be able to set aside that kind of money then. I’d be willing to bet that between the location (currently secret) and the wealth, that the stasher was relatively well known and has some kind of historical “footprint”.

[CPONuke]

+1 to the Freeper who noted “shut up” when this find was first announced.

[SunkenCiv]

Note: this topic is from 2/26/2014. Thanks BunnySlippers.

• The Saddle Ridge Treasure of U.S. Gold Coins
• According to Donald Kagin, Kagin's has an exclusive arrangement with Amazon.com to sell the coins through their collectibles store. This arrangement is the first major sale of coins made through Amazon. John and Mary have also chosen to use the funds to cover their personal debt and donate to several local charities. They have additionally chosen to retain some of the coins for family heirlooms and keepsakes.
  
  Following the initial discovery of the coins, there was widespread speculation that the hoard represented the discovery of the 1901 theft of $30,000 from the San Francisco Mint by employee Walter Dimmick. Kagin's and the U.S. Mint ruled out this theory, stating that the Saddle Ridge Hoard is unlikely to be part of the mint heist, due to the diversity in the face value and condition of the coins. On March 4, 2014, The U.S. Mint stated that " do not have any information linking the Saddle Ridge Hoard coins to any thefts at any United States Mint facility", and " done quite a bit of research, and we've got a crack team of lawyers, and trust me, if this was U.S. government property we'd be going after it."
  
  Other disregarded theories contend that the hoard is a hidden stash of gold buried by Jesse James, or loot taken by Black Bart, who was known for robbing stagecoaches. A theory has also been advanced that the hoard was part of a treasure supposedly hidden by the Knights of the Golden Circle, to be used to fund a second Civil War. The predominant theory attributes the cache to an unknown individual who chose to bury the coins rather than trust the banks to protect his wealth. While the couple who found the coins have remained anonymous and the location of the find is undisclosed, several individuals have attempted to claim the gold coins or a share of the profits, asserting that the money belonged to one of their relatives or associates. -- WikiPedia
• Keyword: saddleridgehoard