RICHMOND, Ky. (LEX 18) — More than 700 rare gold Civil War-era coins were found somewhere in the Bluegrass. The coins date back to between 1850 and 1862. It's being called "The Great Kentucky Hoard." No one knows where or who found them. In Richmond, the owner of Collectors Coins and Jewelry, Alan Barnett, says it's an amazing find.
He says, "I’ve heard about probably what everybody else has heard. A guy was plowing his field, cornfield, and he happened upon...I guess he looked back and saw a gold coin laying there and investigated and he found a whole bunch of them."
Barnett started collecting his own coins when he was younger. He's been running this shop for the last 30 years. He explains that collecting coins is more than just a hobby, but a way of holding on to a long history.
"You learn history, you learn economics, I mean you learn art, you just learn the people of the time, how they save coins — it's just exciting,” says Barnett.
Experts explain that the more than 700 coins that were found were traded at the face value of a dollar or up to $20 in some cases during that time period. Now, those coins are valued at around $2 million. They explain that this is a rare find in American history.
Andrew Salzberg is the executive vice president of Certified Collectibles Group — which is a part of NGC — a third-party grading company. They have authenticated and graded the coins. He says, "I would say this is probably one of the most significant finds of U.S. rarities that are were found buried in the ground of the last 50 years or so."
Although they aren't sure, considering Kentucky’s divided history during the Civil War, fighting on both sides, they believe the money was buried as a result of that conflict.
Salzberg says, "There was probably the fear that those coins could be taken from them in some way. So, what’s the best way to hide coins...or wealth for that matter and have no one know where it is to bury them in the ground."
Barnett says anyone who acquires coins as a part of this hoard will have a rare piece of American history. Alan says the things that make these coins unique are endless.
Barnett says, “I mean, since the beginning of time, you read the bible, they talk about silver and gold. They don’t talk about Bitcoin or stock and bonds; they talk about silver and gold. So, it's just extremely cool just to have a piece that you can have yourself and it's not on paper you can hold it in your hand, you can study it, you can trade with other collectors... It's the world's greatest hobby."
