Where Are All The U.S. Gold Coins?

[emfederin]

Originally Posted by coiltime

There are a few but they are rare...Why aren't we finding more gold coins?

I have a few GUESSES that are NOT based on fact, only thought:

First, few people would have carried gold coins. Carrying a $5 gold piece is about like having a hundred dollar bill in your wallet today.

Gold dollars are smaller than a dime, and I would guess the beefier silver dollars were probably preferred since the dinky little gold ones were more likely to be lost.

Larger denominations were probably kept at home, perhaps infamously "buried out by the posthole" for safekeeping among those who distrusted banks. I doubt they were used for common commerce since a gold eagle or larger would be enough to buy the entire inventory of many vendors.

And one last thing, getting back to gold dollars...even if they were lost with some roughly similar frequency to silver dollars (and how many of those do we find?), a silver dollar will blow out your eardrums on a machine, so to speak. Even though I have no real idea where a gold dollar would ring up on a detector, I suspect that many are discriminated out - gold coins are 900 fine which is a tad under 22K gold.

[CopperMike]

They minted and circulated $2.50 and $5 gold coins up till 1929, you would think these would be found more often then they are. Just 10 quarters=a quarter eagle $2.50 gold coin

[emfederin]

Originally Posted by coiltime

@all saying "i wouldn't tell" or "loose lips sink ships", the people finding gold jewelry have no problem showing their finds or piles of rings, so I'm guessing that people finding gold coins wouldn't have a problem showing them off either, they just aren't finding them, imho

100% agreed.

In fact, there ARE a few people here who have posted gold coins over the years - one very recently found one at an old railway station. I have a 1799 silver dollar posted here that probably rivals a gold coin at some level without worry of anyone knocking on my door to tax it. The gummint doesn't care what I find, only what I sell.

[junkhunter]

the lovely democratic president felt americans shouldnt own gold so they made it illegal to own it.Then melted down every coin they got their hands on.The union started to eliminate gold coins back during the cival war pushing paper.But former confederate states and states that produced gold and silver did not embrace the paper money.And in fact in ca tried to lynch head of the treasury when he was visiting.So in gold boom towns and out west you have a much better chance of finding it.

[emfederin]

Originally Posted by junkhunter

the lovely democratic president felt americans shouldnt own gold so they made it illegal to own it

Then it amazes me that none of the intervening lovely republican presidents ever restored the gold standard. I wonder why?

Ya think it might have anything to do with the federal reserve theory being a "fat cat" idea, not a democrat/republican idea?

[CoiltoSoil]

Who needs a gold backed dollar when we have dollars backed by the faith and credit of the Federal Reserve. What always confused me is why people stock up on gold and silver in case of a world wide economic collapse. If the world was going to hell I would assume that all non essential commodities like gold and silver would be worthless, after all you can't eat it. I would rather have a stock pile of food, water, ammo, and guns, they would be more reasonable to trade and survival. Basing the dollar on gold or any commodity has it downsides as does basing it on good faith alone.

[scoundrel]

Originally Posted by bigstemz

With the government taxing everything do you really think that everyone who finds one will post it? I don't even post a mere fraction of my finds for that reason. "Loose lips sink ships". Money ships that is.

I don't think you can be taxed for 'finding' a coin. I think you would have to sell it first. Also, if you find a $20 US gold coin, it is still legal tender, so you could only be taxed at it's face value, not the value of the gold. I think.

[coiltime]

In fact, there ARE a few people here who have posted gold coins over the years

Yep, i've seen the few. but threads about someone finding a gold coin are almost as rare as finding a gold coin Not many.

@all thanks for the responses.

I reckon the consensus is

1. nobody agrees how often old coins were used. some think they were too valuable to be used, some think the smaller denominations were probably used more often, i'll do more reading on it

2. they are too hard to find because the ring up like foil and junk, but aren't the beach detecting hunters finding plenty of gold relative to the coinshooters and it rings like foil to them also?

[pulltabMiner]

Originally Posted by coiltime

Yep, i've seen the few. but threads about someone finding a gold coin are almost as rare as finding a gold coin Not many.

@all thanks for the responses.

I reckon the consensus is

1. nobody agrees how often old coins were used. some think they were too valuable to be used, some think the smaller denominations were probably used more often, i'll do more reading on it

2. they are too hard to find because the ring up like foil and junk, but aren't the beach detecting hunters finding plenty of gold relative to the coinshooters and it rings like foil to them also?

I think how gold rings, in some md's anyway, depends on how big the piece is. I suppose the more gold, the more conductive?
In my 250, small gold gives me medium tones and they register as nickel/iron.
Big gold like rings and chains register as pennies and give me a high (bell) tone.

[CoiltoSoil]

http://en.wikipedia.org/wiki/SS_Central_America here they are.

[PhotoRob06]

Originally Posted by CoiltoSoil

Who needs a gold backed dollar when we have dollars backed by the faith and credit of the Federal Reserve. What always confused me is why people stock up on gold and silver in case of a world wide economic collapse. If the world was going to hell I would assume that all non essential commodities like gold and silver would be worthless, after all you can't eat it. I would rather have a stock pile of food, water, ammo, and guns, they would be more reasonable to trade and survival. Basing the dollar on gold or any commodity has it downsides as does basing it on good faith alone.

I think the main reason for hoarding it is to guard against inflation.

[Dustyloins]

Not that many people made enough money to carry or own gold coins. In the Civil War, soldiers were paid in change, not gold. Gold coins are a rare find around a civil war area. Farmers and ranchers counted their wealth in their crops and livestock, banks were for rich people. Shortly after the Civil War some of my ancestors got married. Their wedding gifts included a couple of cows, some pigs and chickens, and a mule......

Dusty

[Doggy Daddy]

Don't look at me, I don't have any

[just digging]

back in the days, men carried change purses.
and never opened them till they paid eor something.\
I remember my Grand father, carried one till the day he passed away.
that was the first thing my Grand mother took before he left for the hospital..

[Brittany-Guy]

I promise when I find that cache of Gold Coins........ I WILL NOT TELL ANYBODY!

[ftgokie]

I found 1 $2.50 gold coin last yr...and my dad was very suprised. He said that back then, if someone dropped a quarter, they would literally get down on thier knees and search till it was found. These days I have seen kids throwing change just because Back then, money was worth alot more than what it is now. People just didnt have alot and what they had, they tried to safeguard it the best they could.

[(Heavy)]

here is the 20 dollar gold piece in ten years