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Old money 'hoard'...
ricko
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This is interesting...not coins (though some are mentioned)... Treasures are out there... just have to find them. Cheers, RickO
http://www.foxnews.com/science/2018/06/11/wwii-era-money-worth-2-5m-found-under-store-that-belonged-to-winston-churchills-tailor.html
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What a stupid headline......not worth anywhere near $2.5 million.
Treasures of different amounts are out there for sure. One of my uncles was a construction worker and he always found some old coins when he demolished old properties.
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Quite a stretch as well to connect it to Churchill.
Great story, but I agree with the above. The headline does its best to make the reader think Churchill buried $2.5 million somewhere.
I wonder what price a gold sovereign commanded in the dark days of mid-1940.
Four pounds in paper? Five pounds in paper?
At US $35 per ounce the melt value of a sovereign was $8.24. Just find the exchange rate of the Pound during the war and divide that into $8.24.
Edited to add: From 1940 to 1949 the Pound was fixed at $4.03 U.S. https://en.wikipedia.org/wiki/Pound_sterling
So, a sovereign was just over two paper pounds, depending on how much a premium one had to pay over melt for gold. It is not unusual during times of crisis for gold to command a strong premium. This is one reason why so many counterfeit sovereigns were made of good gold, because the high premium made it worthwhile to the counterfeiters.
@CaptHenway But there was zero premium for the sovereign? I would guess the market value and relative values of the paper pound and the gold sovereign fluctuated a lot, especially when London and a few other cities were burning on a nightly basis.
Interesting !!!
How are those rotted disintegrating notes worth 2.5 million dollars?
Very cool, Ricko. I enjoyed it all the way.
Thanks for sharing.
I am not even sure the Bank of England will still take them at face value, especially in that condition.
<<< Sussex police are now in possession of the notes and keeping them safe until they figure out where the money came from and who is the rightful owner, The New York Post reported. >>>
Another idiot who found a hidden treasure and couldn't keep his mouth shut.
I wouldn't be surprised if he gets nothing out of it.
If I found something like that, the first thing I'd do is place it on BST here, and watch the PayPal money roll in.
Just after WW-II US double eagles were selling for $43 to $47 equivalent in Switzerland and Francs.
Methinks the Bank of England would do so, but I am not up on the exact rules. Perhaps some partial banknotes might be discounted.
It's a public trust and confidence issue.
iIRC, there is an Bank of England office, in the City, for presenting old notes for redemption.
Yes, but the USA was never in any actual danger of losing the War. In 1940, Great Britain was. Did that get translated into higher premiums for gold purchased with British banknotes?
They aren't. Some idiot at the Fox News affiliate that originated the story took the face value, about 30,000 Pounds, times the exchange value during the war, about $4 per pound, and decided to publish the current equivalent of $120,000 U.S. From 1940. If they are redeemable they are worth about $40,000
Anyone have the summary? Unwilling to click the Russian fake news link. lol
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