Treasure hunter finds hoard of 52,000 Roman coins
July 2nd, 2012
Whoa. When critics of sound money talk about “taking us back to the gold standard” like it’s a huge step backward into something archaic and crude, sound money advocate Texas Congressman Ron Paul likes to point out that even the ancient Romans inflated their currency. Inflation, fractional reserve banking, fiat currency– these aren’t modern inventions or ideas by any stretch. They’re the same old scams.
But apparently, storing away some precious metal as a hedge against currency devaluation isn’t a new idea either. I recently happened across this news story from 2010 that I had never heard before:
‘A metal-detector enthusiast has found one of the biggest ever hoards of Roman coins. It is the biggest hoard ever found in a single vessel in Britain, numbering 52,500 Roman coins of varying denominations.
Dave Crisp was in a field near Frome, Somerset, when he found what turned out to be an earthenware pot full of coins from the third century AD. The coins, held in a metal jar weighing 160kg, is estimated to have been worth around four years’ pay for a Roman legionary soldier.
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An inquest on 22 July will rule whether the find is classed as treasure or not. Under the 1996 Treasure Act (for England, Wales and Northern Ireland), objects that might be considered treasure, or are more than 300 years old, must be reported to the local coroner within 14 days of discovery.
In the case of coins, if there are more than 10 from the same hoard with a silver or gold content of at least 10 per cent, then it is classed as ‘treasure’ and must be offered for sale to a museum (the British Museum has first refusal) at a value determined by the Treasury Valuation Committee.
If the hoard is declared to be treasure, and it seems certain this will, then Somerset County Museum Service has declared its interest in buying it and a reward would be shared between the finder, Dave Crisp, and the owner of the field.
Last year’s Staffordshire Hoard of Saxon jewellery earned finder Terry Herbert a cool £1.3m. Yet Booth insists that it is too early to tell how much Mr Crisp stands to make from his discovery. “I can’t comment on the value of the coins, partly because I don’t know and also because there are just too many variables. It will depend on how many rare coins there are and the condition they’re in.”
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Whatever the value of the haul, it is of great historical interest, including coins minted by 21 emperors and three emperors’ wives. Famous rulers include Gallenius, Diocletian and Maximian, but perhaps more interesting is that 766 coins feature the notorious Carausius, a brutal usurper who ruled Britain and parts of northern Gaul independent of the empire from 286-293 AD. Coins of Carausius are rarely found in hoards.’
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