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There has to be US Gold Coins out there waiting to be found?
- Thread starter Ron from Michigan
- Start date
chinacash
Member
Yes, It all depended on the day they made it...They guy used a little more tin or a little more copper..I think they became more like brass or had a higher content of copper toward the end in the 1700's and 1800's Her in Okinawa they stooped importing in the early 1600's by direction of the Japanese who had taking over in 1609.. 
Sure wish they had kept importing them! but the Japanese style is good too!Just not as interesting!
Here is a knife coin that I bought..A few have been found here,They are not sure why they are here due to the thought that contact to the mainland is thought to be around 500 AD this coin is about 250 BC A friend of mine found one and turned it in...I don't know if that was a good idea, Kinda open their eyes to this kind of hobby and may got them a little scared.
Anyway...So much for that..Later
Sure wish they had kept importing them! but the Japanese style is good too!Just not as interesting!Here is a knife coin that I bought..A few have been found here,They are not sure why they are here due to the thought that contact to the mainland is thought to be around 500 AD this coin is about 250 BC A friend of mine found one and turned it in...I don't know if that was a good idea, Kinda open their eyes to this kind of hobby and may got them a little scared.
Anyway...So much for that..Later
Neil in West Jersey
New member
In 1933, during the height of the Great Depression, President Roosevelt made it illegal for U.S. citizens to hold gold. He ordered all gold coins removed from circulation and returned to the U.S. Treasury where millions were melted into gold bars.
Experts estimate that less than 1% of those coins have survived the test of time.
Experts estimate that less than 1% of those coins have survived the test of time.
Camman,Gold coins were in circulation more than a hundred and fifty years before being unlawful to own gold in 1933 Ron
Kelley (Texas)
New member
n/t
Neil in West Jersey
New member
n/t
That's correct but the gold coins were in circulation for all the years prior to 1933.Silver coins weren't illegal but the government took them out of circulation in 1964. There were plenty of silver coins lost prior to 1964 just like there were gold coins lost prior to 1933.Our grandparent's had to bury their gold coins in backyards or go to jail. Later on the government makes it legal to own gold so it can be bought back at a premium price,hey its nice when the government takes care of us. Ron
Neil in West Jersey
New member
Think about this. Americans who had gold coins in their possesion in 1933 were in the middle of the worst deperession this country has ever seen (so far). Many people had old gold coins around, some 100 years old or more, NOT AS COLLECTABLES, BUT AS THEIR NEST EGG.
If you were a middle class American and the government was making it maditory to turn in your gold coins for $20 per ounce, your decision was not a difficult one. HOLD YOUR GOLD, OR PUT FOOD ON YOUR TABLE AND KEEP YOUR HOME.
That is why almost all existing US gold coins were turned in and melted into bars.
In addition to the rarity, the difficulty in detecting gold makes it a rare event to find a gold coin.
If you were a middle class American and the government was making it maditory to turn in your gold coins for $20 per ounce, your decision was not a difficult one. HOLD YOUR GOLD, OR PUT FOOD ON YOUR TABLE AND KEEP YOUR HOME.
That is why almost all existing US gold coins were turned in and melted into bars.
In addition to the rarity, the difficulty in detecting gold makes it a rare event to find a gold coin.
adam in cal
New member
the low demonations are very small coins .... once you see one up close ,it kinda makes sense why they dont pop up that often......they are tiny as hell
I think the things to consider here can be broken down into three questions. Question one might be , when gold coins were in circulation (pre-1933), did common people actually carry them and use them to pay the bills? A second question might be, what denomination gold coin would most likely be lost? A third question then would be, Where is the most likely place to look?
In my opinion I think the answer to question one is that in the early years, 1849 to maybe 1880, a $1 gold coin was not considered unique by the general population and that it would be used like any other coin ($1 gold coin minted 1849-1889). It would not be put in a fruit jar and buried in the back yard. My research indicates there were more gold coins in circulation in the 1850's than silver dollars. (See my other post, gold $1, O-1849 250,000 minted). You might be interested in the fact that the L&N railroad operating in this area paid their workers in $5 gold coins up until some time early 1900's. I'm sure those workers paid their bills with those gold coins. The L&N probably wanted to show the area what good they were doing for the local economy.
My answer to the second question would be, in its time frame of common usage (1849-1889), the $1 gold coin due to its low value and really small size, would be the one. Maybe the 2.50 gold. The $5 way too big and valuable for its time, not to be searched for if dropped. Larger denominations - out of the question, because of their high dollar value. I think they did go into the fruit jar and then turned over in 1933. However it is estimated that only 20% of existing gold coinage was turned in.
Question three - I wish I knew. But consider this fact, the 1849 gold $1 found in St Louis was NOT a New Orleans minted coin. That still leaves 250,000 1849-O's still unaccounted for. looking for the gold Oh yeah.
In my opinion I think the answer to question one is that in the early years, 1849 to maybe 1880, a $1 gold coin was not considered unique by the general population and that it would be used like any other coin ($1 gold coin minted 1849-1889). It would not be put in a fruit jar and buried in the back yard. My research indicates there were more gold coins in circulation in the 1850's than silver dollars. (See my other post, gold $1, O-1849 250,000 minted). You might be interested in the fact that the L&N railroad operating in this area paid their workers in $5 gold coins up until some time early 1900's. I'm sure those workers paid their bills with those gold coins. The L&N probably wanted to show the area what good they were doing for the local economy.
My answer to the second question would be, in its time frame of common usage (1849-1889), the $1 gold coin due to its low value and really small size, would be the one. Maybe the 2.50 gold. The $5 way too big and valuable for its time, not to be searched for if dropped. Larger denominations - out of the question, because of their high dollar value. I think they did go into the fruit jar and then turned over in 1933. However it is estimated that only 20% of existing gold coinage was turned in.
Question three - I wish I knew. But consider this fact, the 1849 gold $1 found in St Louis was NOT a New Orleans minted coin. That still leaves 250,000 1849-O's still unaccounted for.
looking for the gold Oh yeah.
n/t
George (MN)
New member
I'm thinking the best place to have a chance of finding a single gold coin would be in front of old stores when they have the sidewalks &/or streets torn up. If one was goping to a store knowing they were going to make a major purchase, they may have carried one.
I can't imagine why one would have a gold coin in their pocket if they were just going to a city park or schoolyard. Plus as others have said, we discriminate out most of them & you may have a better chance of finding a cache of gold coins on a farmyard if they didn't trust banks or the trip was too far.
Also, if they were withdrawn from circulation in 1933, think of how deep they would be. In the 1930's they're were still coins in circulation from the 1800's. So if a site isn't producing 1800's coins, the gold coins are probably to deep if there were any. HH, George (MN)
I can't imagine why one would have a gold coin in their pocket if they were just going to a city park or schoolyard. Plus as others have said, we discriminate out most of them & you may have a better chance of finding a cache of gold coins on a farmyard if they didn't trust banks or the trip was too far.
Also, if they were withdrawn from circulation in 1933, think of how deep they would be. In the 1930's they're were still coins in circulation from the 1800's. So if a site isn't producing 1800's coins, the gold coins are probably to deep if there were any. HH, George (MN)
Looking for the gold
n/t
MassSaltH2O
New member
Hi Ron: Improvements in metal detector technology? Such as....?
No-there are no gold coins to be recovered in Michigan. Michigan used indian wampum for early commerce. Happy hunting, Kevin in Ipswich
No-there are no gold coins to be recovered in Michigan. Michigan used indian wampum for early commerce. Happy hunting, Kevin in Ipswich
Kevin, Michigan is famous for the wooden nickles,not the gold coins. Ron
Chinacash,You need one of these to go with your metal detector. I'm sure Mel has a couple.Ron
RandyNorthridgeca
New member
n/t
Randy,you must be another Fisher. Thanks Ron