U.S. Mint: Saddle Ridge Coins Not Stolen from S.F. Mint Posted by Brian Ford on March 10, 2014
The last few weeks have been full of speculation over the origin of the Saddle Ridge gold coin hoard, and the U.S. Mint has recently eliminated one of the possible theories. After probing into the history of the 1,500 gold coins that were stolen from the San Francisco Mint in 1901 lawyers and numismatists retained by the Mint have come to the conclusion that the coins found by a couple in California last year were not part of that historic heist.
“The person who robbed the San Francisco Mint stole 1,500 Double Eagle gold coins, but the Saddle Ridge stash contains some Eagles and Half-Eagles, too,” CGE analyst Joseph Goldman wrote in a note to other brokers. “What’s more, the San Francisco Mint would not like keep coins from years past in stock, making it highly unlikely that the coins found last year in California came from the robbery as they were dated 1847 to 1896.”
Goldman and others have speculated that the coins were buried by Confederate sympathizers who were known as the Knights of the Golden Circle. “The [KGC] were preparing for another Civil War and it is rumored that they buried gold and silver across the nation to fund the war they thought was coming,” Goldman commented. “It’s estimated that they buried millions in California alone.”
While the couple in California will not have to give up their find since it has not been proven to be property of the U.S. government, Goldman says the couple will still be forced to pay capital gains taxes on the sale of the coins as well as a “treasure trove” tax that applies to valuable loot found on U.S. soil and/or by U.S. citizens.