Wednesday, August 7, 2013

Nevada Hoard of Gold Coins Sold

Part of the hoard

Apparently anyone can be sitting on a hoard of gold coins, even that weird guy down the street whose yard looks like an episode of Hoarders. Walter Samaszko Jr. was sitting on a hoard of gold coins that sold at auction for $3.5 million. It was found after his death when a cleaning crew came to clean out his house that he lived in since the 1960s. I have to hand it to the cleaning crew for being honest when faced with such wealth. The crews also found guns, ammo and books on conspiracy theories, probably why Samaszko was know to have kept to himself.


What makes this story interesting is how modestly Samaszko lived. Upon his death he had $1,200 in the bank, money market and mutual funds that totaled $165,000 and his home sold for a mere $112,000. Many of his neighbors said he lived frugally and no one would know he had a hoard of gold coins in his house. Probably a good idea he didn’t advertise the stash as I’m sure the poor old guy would have been robbed in a home invasion at some point. It was bad enough no one found him for a month.


Auction at the courthouse, Reno Nevada
Another interesting point about this story is that during the auction several of the coin dealers bidding on the lots found counterfeit coins amongst the real coins. While these coins were gold they were not US minted coins which apparently ups their value. After a bit of thought those in charge agreed that any coin certified as fake could be returned. How you would calculate the value of the returns might be a bit murky or maybe not.


I find it fascinating that this guy live frugally while waiting for the coming apocalypse also lived with tons of cash. While I can understand wanting to make sure the retirement lasts until the end, you would think he would have spent a little of the money to maybe had some fun, otherwise what would be the point. Although those who collect find quite a bit of fun in the collecting and obtaining of coins which is probably why he died with such a huge collection, it made him happy I hope.
The house with $3.5 million in gold coins, who would know?

1 comment:

  1. Wow! Maybe I should have Max look through his coin collection....who knows, maybe there's something good in there!