A man from Kentucky made an incredible discovery on his farm, unearthing more than 700 rare gold coins in what is now being called the ‘Great Kentucky Hoard.’ The unidentified individual recorded himself digging up the treasure, which includes coins minted between 1840 and 1863, and expressed his astonishment at the find. Among the coins found was an 1863 $20 Gold Liberty coin, which experts believe could sell for up to six figures at auction. The collection contains a total of 18 of these extremely rare pieces.
This means that if each of these coins is valued at a minimum of $100,000, the owner could potentially make a whopping $1.8 million from the collection alone. And this estimate doesn’t even include the numerous other rare coins in their possession.
According to archeologists, the ‘treasure’ was likely owned by affluent individuals from Kentucky in the 1860s. These people were known to bury large amounts of money to safeguard it from potential Confederate raids during the American Civil War.
One of the coins in the collection is a beautiful 1863 $20 Gold Liberty, which typically sells for a high six-figure amount at auctions.
An unidentified man recorded himself uncovering a collection of treasures dating back to between 1840 and 1863, expressing his excitement by saying, “This is the most incredible thing ever.” The coins were confirmed by the Numismatic Guaranty Corporation (NGC) to be in extremely fine to mint state condition. The exact location of the land where the coins were found is unknown, but it is said to belong to the man who unearthed them, according to Live Science. Experts have noted that 95% of the hoard consists of gold dollars, including $1 Gold Indians, $10 Gold Libertys, and $20 Gold Libertys.
During the Civil War, many people were wary of outlaws, bootleggers, and gangsters, leading them to hide their money by burying it in their homes. This resulted in a significant amount of coins disappearing from circulation. Kentucky, being located on the border between the North and South and declared neutral by the state government, was particularly susceptible to this practice.
US coin expert Jeff Garrett, who edits The Official Redbook: A Guide Book of the United States Coins, described the opportunity to deal with the “Great Kentucky Hoard” as a career highlight.
The significance of this discovery cannot be emphasized enough. Finding a single mint condition 1863 double eagle would be a significant numismatic event. Discovering nearly a roll of exceptional examples is truly remarkable.
According to Ryan McNutt, a conflict archaeologist at Georgia Southern University, many Americans affected by the Civil War developed the habit of hiding their valuables and goods. They became quite skilled at this practice.
Ian Russell, the president of a California-based coin auction house called GreatCollections, has shared insights on the coins that are most likely to command high prices.
Recently, coin expert Ian Russell, who heads the California-based auction site GreatCollections, shared advice on how to identify a valuable rare coin. According to Russell, any coin featuring a double die is considered rare. A double die, famous since the 1955 issue, occurs when a coin is not manufactured correctly, resulting in an accidental doubling of the design.
In general, coins with missing details or extra features tend to have higher values. Russell mentioned that his auction house serves a diverse range of clients, from experienced coin collectors to beginners who stumble upon pieces in their homes and assume they aren’t valuable. He noted a significant increase in the number of female collectors during the pandemic.
“The coin collecting community used to be predominantly male, about 99.5 percent. But since Covid, we’ve noticed more husbands getting their wives involved. I think it’s because they were spending more time at home together. Now, women make up around 5 to 6 percent of the community, which may not be a lot, but it’s a significant increase from before.”
