Well Fargo Hoard, how the price were impacted 25 years later.

Some details of a major purchase of a hoard of 1908 “no motto” Saint-Gaudens $20 gold pieces have been revealed by Spectrum Numismatics of Irvine, Calif.

Coins from the famous Wells Fargo Gold Hoard! One of the finest U.S. Gold hoards ever discovered. The coins were hidden and stored in sealed bags since 1917 for more than 50 years. These coins survived many significant events in American history including the Gold confiscation which began in 1933 per President Franklin D. Roosevelt’s executive order. In the 1970’s these coins were then sorted, inventoried and resealed until 1996. Though the seller is not known, the buyer is, who signed a confidentiality agreement which would protect the previous owners. This meeting between owner and purchaser took place at an undisclosed Wells Fargo bank in Nevada. The coins were stored in the same facility that thousands of Silver dollars were held during the 1960’s and 1970’s. Though Wells Fargo never owned these coins at any point in history, their name is used for the pedigree because of where the coins were stored and the location of the agreement.

The coins have been pedigreed through a licensing arrangement with Wells Fargo, Roberts said, and several thousand of the coins were graded MS 66 by the grading services. Retail prices being asked in 1997 for MS-66 examples ranged from $2,760 to $3,150 each depending on the firm offering the coins for sale; today (2022) reaching $3,500 like this exemple on sell on Ebay.

The firm purchased over 15,000 of the coins, which had been stored in a Nevada vault of a Wells Fargo bank. Neither the previous owner nor the purchase price was revealed. Spectrum president Greg Roberts said the coins had been assembled in 1917 and, except for some sorting, counting and resealing in the early 1970s, had remained untouched.

After having the coins graded and authenticated by the Professional Coin Grading Service and the Numismatic Guaranty Corp., the coins were sold to five other firms, which are currently retailing them.

from the front-page article in the October 28th, 1997 edition of Numismatic News





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