In a remarkable turn of events, John Rice, a real estate agent from California, stumbled upon a hidden treasure while cleaning out his late father-in-law's house. The discovery revealed a secret warehouse containing one million copper coins with an estimated value of $10,000. This extraordinary find has now sparked interest among collectors, as Rice seeks to sell the coins at a substantial price.
During the cleanup process, Rice and his family members stumbled upon a few coins in deteriorating rolls of paper, providing the first glimpse of the hidden treasure. As they explored further, they discovered a concealed space in the basement of the Los Angeles property, which held boxes and numerous bank bags brimming with coins.
The preservation of these coins was attributed to their copper composition, unlike the zinc coins produced in the United States since the early 1980s. It was revealed that Rice's father-in-law, a veteran butcher named Fritz, had acquired the copper coins in the hopes of their appreciating in value over time.
Although initially considering exchanging the coins for more practical currency using Coinstar machines, Rice encountered a setback as local banks refused to accept the vast collection. The logistical hurdle of transporting the coins to his home in Ontario proved time-consuming and arduous, requiring hours of effort.
What did Rice do with the coins?
Upon seeking advice from a bank manager, Rice was informed that certain rare coins could potentially fetch a seven-figure sum from avid collectors. Intrigued by the possibility, Rice began examining the collection but soon became overwhelmed due to the extensive task and the limited knowledge of which coins held significant value.
With the family reluctant to invest further time into the project, Rice made the decision to list the collection for resale. Seeking a price of $25,000, more than double the coins' intrinsic value, he emphasized the uniqueness and allure of the collection. Currently engaged in negotiations with a serious buyer, Rice hopes to find someone willing to acquire the entire assortment of coins.
While Rice remains hopeful, the question arises as to whether he might regret his decision if a million-dollar coin lurks within the pile. Is the asking price justifiable for coin collectors seeking a potential jackpot? The exhaustive process of assessing the value of each of the approximately 300 coins examined thus far raises concerns about the time and sanity involved. Only time will reveal the outcome of this captivating tale.