A Kentucky man recently made an incredible discovery on his farm, unearthing more than 700 rare gold coins in what experts are now calling the ‘Great Kentucky Hoard.’
The unidentified individual captured the exciting moment on camera as he dug up the loot, all minted between 1840 and 1863, and exclaimed, “This is the most amazing thing ever.”
One of the coins found, an 1863 $20 Gold Liberty piece, is expected to fetch up to six figures at auction, according to experts from GovMint. In total, the collection contains 18 of these ultra-rare pieces.
This means that if each of these coins is valued at a minimum of $100,000, the owner could potentially receive a windfall of $1.8 million. Additionally, there are numerous other rare coins in the collection which have not been taken into consideration.
Archaeologists believe that this ‘treasure’ belonged to affluent Kentuckians during the 1860s, who were known to bury large amounts of money to safeguard it from a potential Confederate raid during the American Civil War.
One of the coins in the collection, a 1863 $20 Gold Liberty, is shown. Typically, this item fetches a high six-figure amount at auctions.
An unknown man recorded himself uncovering a stash of treasures dating back to the years 1840 to 1863, expressing his excitement by saying ‘This is the craziest thing ever.’ The entire collection is shown in the picture. The coins were authenticated by the Numismatic Guarantee Corporation (NGC), who classified them as being in ‘extremely fine to mint state condition.’ The exact location of the land where the coins were found is uncertain, but reportedly belongs to the man who unearthed them, as reported by Live Science. Experts believe that 95% of the treasure consists of gold dollars, including $1 Gold Indians, $10 Gold Libertys, and $20 Gold Libertys.
During the Civil War, many people in the United States hid their money due to the increase in outlaws, bootleggers, and gangsters. As a result, numerous households buried their money, leading to the disappearance of large amounts of coins from circulation. Kentucky, being located on the border between the North and South and declared neutral by the state government, was particularly affected by this. US coin expert Jeff Garrett, who is the editor of The Official Redbook: A Guide Book of United States Coins, considers the opportunity to handle the “Great Kentucky Hoard” as a highlight of his career.
The significance of this discovery cannot be emphasized enough. Coming across a mint condition 1863 double eagle is a noteworthy numismatic event. Finding even just a roll of superb examples is truly remarkable.
According to Ryan McNutt, an archaeologist specializing in conflicts at Georgia Southern University, many Americans affected by the Civil War developed expertise in hiding goods and valuables.
Ivan Russell, the president of GreatCollections, a coin auction house based in California, has shared insight into the coins most likely to command high prices.
Ivan Russell, a coin expert and president of the California-based auction site GreatCollections, advised on spotting valuable rare coins. He emphasized that any coin with a double die is considered rare. A double die, made famous after the 1955 issue, is a coin that displays a double image on part or all of its design. This happens when a coin is not manufactured correctly, resulting in an accidental duplication of the image.
Typically, coins that have missing details or extra features are the ones that are valued the most by collectors. Russell, who runs an auction house, mentioned that their clientele ranges from experienced collectors to beginners who stumble upon coins at home and assume they have little value. Interestingly, there has been a surge in female collectors during the pandemic.
Russell observed that the coin collecting community used to be predominantly male, but the situation has changed recently. He noted that husbands are now involving their wives in coin collecting, possibly due to spending more time together at home. Currently, women make up about 5 to 6 percent of the community, a significant increase compared to before the pandemic.
