What Happens to Buried Treasure and Coin Hoards After Discovery?

By GovMint :

Going as far back as 1882 with Treasure Island to more modern examples like  The Goonies, Holes, and National Treasure, the idea of discovering legendary buried treasure or a long-lost historic gold hoard has tantalized audiences—and not without reason. Throughout history, people have practiced gold hoarding as a means to preserve their wealth, especially in uncertain times such as war or bank instability. Over the years, some of these coin hoards have been discovered. But what happens when hidden stashes are unearthed? Who holds the rights to forgotten fortunes? Uncover some of the most famous lost treasure discoveries and learn how these cases are handled today.

Famous gold treasure and coin hoards have fascinated historians, archeologists, and enthusiasts alike. While gold hoarding has occurred across many different continents and historic timeframes, a few treasure hoards have become particularly famous.

Depending on the contents of the discovery, many lost treasure stashes are referred to as a coin hoard, gold hoard, or treasure hoard. Though these terms are often used interchangeably, all refer to a wealth deposit made up of coins, currency, or valuable artifacts buried with the intent to preserve or hide. Many archaeologists dedicate their jobs to uncovering lost treasure. However, amateur hobbyists and enthusiasts have also been known to join the hunt.

Notable regions where coin hoards have been discovered include the Mediterranean, the United States, and various parts of Europe. Locating these hoards has provided valuable insights into the history and culture of past societies.

Gold hoarding in the United States has often been sparked by economic uncertainty. While the U.S. has not had as many discoveries as other countries, it has still had its fair share of impactful unearthings.

• The Great Kentucky Hoard - Found on a farm in Kentucky, this 800-coin trove contains 90% gold coins from 1840 to 1863. The Great Kentucky Hoard has been one of the newest U.S. discoveries, being found just this year in 2023. 

• The Binion Hoard - Discovered in 1998 in Pahrump, Nevada, the Binion Hoard was found in a 12-foot deep vault. This stash belonged to Ted Binion, the son of a casino tycoon, and was estimated to be around $7 million, most of which was found in silver coins.

• The Saddle Ridge Hoard - A California couple discovered this gold hoard on their property while walking their dog. This trove contained over 1,000 gold coins and was valued at around $10 million at the time of its unearthing in 2013.

While there is no specific gold hoarding threshold to determine when buried treasure constitutes a hoard, the bigger the stash, the more attention it draws. The Grouville Hoard is famously one of the biggest discoveries ever unearthed. Found in Jersey by amateur hobbyists, this cache contained over 70,000 coins from tribes 2,000 years ago. After discovery, however, the Crown held possession of the hoard, and the island of Jersey reached a deal to keep the lost treasure local by paying 4.25 million pounds. While the trove could have been split up and dispersed, it ultimately remained together on the island where it was found.

While discovery may seem like the most important part of unearthing treasure, what happens after locating treasure can be just as interesting and complex. 

In the United States, every state has slightly different laws and regulations around gold treasure and hidden troves. By definition, any discovery can be considered as a gold hoard or lost treasure if it is composed of gold, silver, or paper money where sufficient time has passed, making it unlikely the original owner will return for it. Most states, such as Arkansas, Ohio, Oregon, New York, Delaware, and Georgia, allow the finder to maintain ownership of the trove, provided the finder was not trespassing on private property, and no superior claim is made within a certain period of time. Meanwhile, Idaho and Tennessee have decreed any gold treasure actually belongs to the owner of the place it is found regardless of who finds it. 

But if some states in the U.S. grant ownership to the discoverer, how do so many troves end up in museums or with the government?

While state laws generally prevail in most cases, discoveries found on public and federal lands are different. Under the 1979 Archaeological Resources Protection Act (ARPA), any relics or artifacts more than 100 years old and on public or federal land belong to the government.

With a focus on preservation and education, many museums have made efforts to purchase entire or partial treasure hoard discoveries. For example, the Birmingham Museum in England and the Cleveland Museum in the U.S.  purchased the Staffordshire Hoard and the Guelph Treasure, respectively. Museums have shown interest in local and historically relevant treasures, and they will often make bids on treasures for the sake of preservation.

Unfortunately, coins discovered in a far-off cave are no different from a formal paycheck. While the discoverer can often keep their findings, depending upon the circumstance and applicable state laws, they are not free from tax.  Even states that allow finders to keep lost property require the property to be deposited with local or state authorities for a period of time, meaning finders can’t legally keep their finds secret.  The IRS states taxpayers must record any income from any source. The IRS uses fair market value to determine its worth and taxable rate, meaning, the price a person of reasonable means would expect to pay for the trove under current conditions. Some have even treated discovered stashes as capital gains for tax purposes.

There is no way to know just how much lost treasure is buried out in the land. This mystery has kept hobbyists and professionals busy searching for the next Great Kentucky Hoard or Grouville Hoard. However, for those with an interest and fascination for historical collecting, you do not have to pick up a shovel and go digging. You can start coin collecting and treasure hunting online through reputable vendors like GovMint.com! Get started today and shop our U.S. coin collections.

References

https://www.govmint.com/great-kentucky-hoard

https://coinweek.com/three-famous-coin-hoards/

https://jerseyeveningpost.com/news/2021/12/23/government-buys-39le-ctillon-ii39-celtic-coin-hoard-for-425-million/

https://www.findlaw.com/legalblogs/law-and-life/if-i-find-treasure-can-i-keep-it/ 

https://www.yahoo.com/now/tax-obligations-found-money-other-220045612.html

https://www.fs.usda.gov/lei/archeological-resources-protection.php