Wednesday, April 27, 2016

Rare Coin Found On Martha’s Vineyard

It is the oldest coin known to have been found on Martha’s Vineyard — so old that Thomas Mayhew, the proprietor who settled the Island in 1642, might have held it in his hand. The coin is a 1652 pine tree shilling, among the first to be minted in colonial Massachusetts. Tim Sauer of Edgartown found it on a town beach (he won’t say more than that) while metal detecting in December. 

“I was finding a bunch of clad change, just regular modern change, which were all really, really thin and just worn away because of the salt,” Mr. Sauer said. “And when I found this one, it didn’t really dawn on me that it was a different color. A lot of the copper coins become very bright orange and deteriorated. The dimes, sometimes they get green. But this thing was black and I didn’t see anything on it and I just put it in my pocket.” 

The next day he went through his finds and noticed that one of the coins was different. “I’m going through each one, rubbing the sand off it and putting it into my change dish to buy candy bars later. And I come across that one, and it had dried out a little bit and the date started popping,” he said. The coin was as big around as a washer, light as a Wheat Thin and — as befits a coin that may have been buried in the sand for more than 350 years — bent into a wavelike pattern. A crease and a tiny hole marred one edge. One side showed the faint outline of a pine tree surrounded by the name of the colony: IN MASATHVSETS. The other side, hand struck slightly off-center, showed the date above the Roman number XII (for twelve pence) and the words NEW ENGLAND and AN. DOM. 

Online he learned that the pine tree shilling was the third in a series of pre-Revolutionary coins that, despite the date, might have been struck in Boston as late as the 1670s. England didn’t want the colonies minting their own money, and hiding the true date might have kept the mother country in the dark about what was going on. A pine tree shilling was found in a time capsule recently unearthed from beneath the State House in Boston. Referring to the work of the late Sydney P. Noe, Mr. Sauer learned that his shilling was probably a Noe-17 (“very scarce”), which sounded financially promising. But to get a sharp read on its value, he visited Brian Perry of Cape Cod Gold and Silver in Falmouth early this month. Mr. Perry suggested that Mr. Sauer have the coin appraised by the Professional Coin Grading Service of Newport Beach, Calif., generally considered to be the best in the numismatic business. A rating from PCGS would eliminate all questions to do with condition and value, he said.

At his computer, Mr. Perry looked up auction prices for pine tree shillings in worn condition. They were going for roughly $400 to $600. “It’s a little damaged, but it’s still collectable. It’s a nice find,” he said. Mr. Sauer said he’d been offered $2,000 for the shilling.

Source: Vineyard Gazette

Saturday, April 2, 2016

Man forced to return penny worth millions to U.S. Mint

A lucky penny, that turned out to be so rare it was actually worth millions, is now worthless.
Randall Lawrence, who had owned a rare coin for 35 years, was forced to return the valuable coin to the U.S. government.
It all started back in 2013, when Lawrence, who had recently moved to San Diego, went to the La Jolla Coin Shop with a baggie filled with coins that was given to him when his father died.
In that collection of coins was an aluminum 1974 penny. The penny was certified, authenticated and expected to sell at auction for millions.
But before Lawrence could sell the penny, the U.S. government stepped in.
They reached out to Lawrence in a stern letter asking for the coin back. According to the Department of Treasury that coin is government property.
Lawrence's father Harry worked at the Denver U.S. Mint for twenty years. He believes that back in 1974 one of his father's co-workers may have made the coin as a joke. Whatever the origin of the coin, the secrets died with Lawrence's father.
So the penny will not be sold at auction. Lawrence is giving the penny back to the government to be put on display for the public.

Source: Coin World
Image: Independent Coin Graders 

Surprise! Any Buried Treasure You Find Is Taxable

In February 2013, a northern California couple were walking their dog on their rural property when they discovered six cans filled with 19th-century gold coins. The coins, which are being sold by Kagin’s Inc. of Tiburon, Calif. may be worth up to $10 million. The couple has wisely chosen to stay anonymous, but they won’t be able to hide their good fortune from the IRS. Found property that was lost or abandoned is taxable at its fair market value in the first year it’s your undisputed possession, the IRS says. That means the couple will have to pay federal taxes of 39.6% on their windfall, plus California state tax of up to 13.3%.
The precedent for the IRS’s “treasure trove” rule dates back to 1964, a couple discovered $4,467 in a used piano they had purchased for $15. The IRS said the couple owed income taxes on the money, and a U.S. District Court agreed.
And if that were not enough
Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040,” the IRS says. Bribes are also taxable, the IRS says.  ???

Source: Kiplinger

Sunday, March 20, 2016

Who Needs A Metal Detector -Hiker finds rare gold coin in Israel

The shiny object was just sitting there in the grass, waiting to be found. It was a 2,000-year-old gold coin with the face of a Roman emperor, so rare that only one other such coin is known to exist.

Laurie Rimon discovered the gold coin while hiking in eastern Galilee recently, not far from the biblical site where it's written that Jesus walked on water and performed the miracle of the multiplication of the fish and bread. Rimon, from a kibbutz in northern Israel, turned it over to the Israel Antiquities Authority.
"It was not easy parting with the coin," she said. "After all, it is not every day one discovers such an amazing object, but I hope I will see it displayed in a museum in the near future."
The coin shows the face of Emperor Augustus, Caesar's heir and the founder of the Roman Empire. Augustus ruled from 27 BC to AD 14, during the time of Jesus. In AD 107, Emperor Trajan minted a series of coins to honor the Roman emperors who came before him, according to Donald Ariel, head curator of the coin department at the Israel Antiquities Authority. This gold coin was created as a tribute to the reign of Augustus. It refers to him as "Divus Augustus," or Augustus the Divine, who Ariel says was considered a deity after his death.
The coin would have been too valuable for everyday use, like using a $100 bill to buy a pack of chewing gum. Common merchants in the Roman province probably would not have had change for such a high-value coin, Ariel said. It may have been part of a payment to a Roman soldier, Ariel hypothesized, perhaps stationed in the area to suppress the Bar Kochva revolt, a Jewish action against the Romans. The revolt had sympathizers near Galilee, said Ariel, and the soldiers may have been there to maintain order.


Friday, March 11, 2016

Our Friends At East Coast Research and Discovery Association Putting On Another Beach Hunt This Year

East Coast Research and Discovery Association Club Hunts:

The Magnificent Seventh - May 21 & 22, 2016 - Ocean City, NJ

Hunt Registration Form and schedule can be found here.

The ECRDA's seventh annual open-to-the-public beach hunt, the Magnificent Seventh, will welcome hundreds of THers to family-friendly Ocean City NJ. Your registration includes two adult hunts each day and lunch both days.
We'll host two adult hunts each day, as well as a Kids Hunt on Saturday, and an optional Gold Hunt on Sunday. Registration is limited to 180 attendees, not including kids.
As always, we'll be awarding lots of great prizes including a Minelab Excaliber & a Whites V-3i top-of-the-line metal detectors, additional detectors, silver and gold coins (including Reales!), and much more. And there are several additional contests throughout each day!

Gold Hunt (optional)
Our special Gold Hunt takes place on Sunday (time to be announced). Cost is $20; you can sign up for it on either day. We will award one prize for every 5 hunters registered! Prizes include 1/2-gram and 1-gram gold bars, 2-peso coins, and a 1/10 oz American Gold Eagle coin!

Ocean City Music Pier 
825 Boardwalk 
Ocean City, NJ 08226
Kids Hunt
As we do every year, we'll be hosting a huge Kids Hunt for budding treasure hunters age 13 and younger. We invite and encourage everyone to spread the word to kids' clubs and associations; it's a great way to introduce them to our fascinating hobby. All participating kids will win prizes, and are entered into a special contest for age-appropriate prizes... including metal detectors.

As always, we need volunteers to assist with the Kids Hunt on Saturday. If you're interested in assisting them in the hunt, you can mark the appropriate box on your registration form, or you can sign up at the event -- and you'll will be entered in an exclusive contest for a gold coin for your efforts. We anticipate a great turnout, and we look forward to having you join us.

Metal Detecting in State Parks - Thanks to Kellyco for putting this together

What you need to know before you go!

Wednesday, February 24, 2016

U.S. Coins Display No Numerical Values — Not Even the Government Knows Why

If you're in the United States, take a look at the change in your pocket and you'll see the coins are not stamped with a numeral indicating their denomination. Instead, the common coins currently in circulation use three different units to indicate their value. Coins worth one cent are colloquially called "pennies" and marked "One Cent"; our 10-cent coin, one-tenth of a dollar, goes by the name of a dime and is engraved with the word "One Dime"; and 25-cent pieces read "Quarter Dollar."
If you're a tourist or new transplant to the country, or if you're among part of the population with a degree of illiteracy, you're out of luck. 
No one that has been contacted at the government or mint seems to know definitively why most U.S. coins don't feature number values, a quirk that probably leaves non-English speakers with a handful of hard to identify change.
The best guess is that it has something to do with tradition, and the process in which the country's currency is designed. There was a time when coin values corresponded to the value of the metal used to produce them. Quarters and dimes were mostly silver, pennies were copper and nickels were comprised of, yes, nickel. That all changed in 1965, when the rising cost of silver forced Uncle Sam to move a copper-nickel combination.
Federal Law dictates how coins are designed and made with specific detail. That includes particular requirements about the size, weight, thickness and metallic composition of coin currency. The law requires that certain words or phrases — like "Liberty," "E Pluribus Unum" and "In God We Trust" — be engraved on each coin. It also gives Congress and the president the ultimate authority to approving any new designs through legislation. 
The law doesn't say anything about a ban on denomination numerals or a preference that denominations be spelled out in words. The one-dollar coins currently in circulation come stamped with a noticeable "$1.

Thursday, February 11, 2016

White's Metal Detectors Has a New Machine

Say hello to White's MXSPORT

Get a rundown on this new machine from White's              

     Follow the link below

Tuesday, February 9, 2016

50 Most Valuable Dimes (Updated 2016) by

They make these coins sound very valuable, however the coin in average condition is worth far less than the coin certified in Mint condition.

# 1 

1874 CC Seated Liberty Dime  

Estimated 1874 CC Seated Liberty Dime value at an average of $3192, one in certified mint state (MS+) could be worth $115,000.

# 9
1916 D Mercury Dime  
Estimated 1916 D Mercury Dime value at an average of $949, one in certified mint state (MS+) could be worth $16,400. 

# 12

1926 D Mercury Dime  

Estimated the 1926 D Mercury Dime value at an average of $3, one in certified mint state (MS+) could be worth $15,000. 

# 25

1921 D Mercury Dime  

Estimated the 1921 D Mercury Dime value at an average of $81, one in certified mint state (MS+) could be worth $3,900.

See the complete list of 50 most valuable dimes

Atlantic County NJ Numismatic Society COIN CLUB

Next Coin Show SATURDAY, APRIL 30, 2016
9am - 5pm
Our Lady of Sorrows Activity Hall
701 Wabish Ave
Linwood, NJ 08221