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Concerned Roman Hoarded Gold To Protect Against Hyperinflation At the Outer Reaches of Roman Empire

Gold Bugs get some reassurance from the past that hoarding precious metals is the only way to protect against the eroding effects of hyperinflation on wealth. The BBC is reporting a “nationally significant” hoard of Roman gold coins has been found by a metal detectorist in Hertfordshire, UK. Chances are, judging on the sporadic nature of his bury, this gold bug from the 4th century, was totally freaking out about currency devaluation and government taxation.  It is likely that he didn’t have very many friends, as his monetary doom-talk probably turned his friends and family off, as they desired to believe – however falsely – the Roman Empire would last forever.


This gold bug from antiquity, whose stash was found on private land north of Saint Albans managed to acquire the largest know Roman gold coin accumulation in UK history. He must’ve been freaking out. Since he never recovered his gold, SV suspects that he was executed for his wild conspiracy theories by the praetorian class of the Roman Empire. Or, perhaps this is the stash of an individual who lived far away, who wished to get his stash far away from the Roman epicenter. An ancient “Get Your Gold Out of Dodge” attempt.

The 159 coins are from the late 4th century Roman Empire during a time of severe inflationary pressure brought on by the roman government’s attempt to pay for their expansive and crumbling empire through devaluing of their currency.

Sound money advocates of today often site the collapse of the Roman Empire, brought on by a devalued denarius, as clear reason to hoard precious metals to preserve wealth. Reflection of whoever hoarded this collection of Roman gold, the present day value has yet to be assessed, may find it a bit comical to contemplate whomever it was that acquired the massive cache of gold.

Was he the modern equivalent of sound monetarist, seeing the writing on the wall of the impending destruction of the empire? Was he looked on as a nut for imploring that his neighbors protect themselves by hoarding physical gold?

David Thorold, the curator of the Saint Albans museum stated, “Typically, the wealthy Roman elite, merchants, or soldiers receiving bulk pay were the recipients.”  Interesting enough as today the same demographic groups are the likely hoarders of precious metals, parallels to the inflationary collapse of now are all too evident.

Unfortunately, the 1996 Treasure Act legally obliges finders of historic metal objects to report their discovery to the local coroner who determines whether or not it constitutes treasure meaning the finder of this treasure will undoubtedly have this wealth stolen from the state.

Ironically, this must’ve been a threat that the burier of the metals was all to aware of in the first place…

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  • BladeMcCool

    If I found a stash like this I’d fire up the foundry instead of contacting the government.

    • wiltedrosemarybush

      I wonder how many similar finds have been made, and either followed your advice or simply discreetly sold the contents of the find, claiming that it was from a deceased relative’s coin collection, or some similar story? Admittedly, I think the government there will reward the finder reasonably well, but still.

      • Snark

        “Gentleman, I would like to introduce you to the SECOND largest gold hoard found in the UK”
        “Duh duh duh.. Farmers Insurance…” :>

  • Roger

    Actually the government pays the assessed value of the find to the finders. They just cannot keep the actual coins. Nothing to stop them from buying sovereigns with the cash and burying them should they wish to do so. Unlike the USA where every stroke of luck or lottery win is taxed, they get to keep the full amount. Only the interest on the money would be taxable just as with a lottery win would be!

    • Gabe

      Lottery winnings in the UK are not taxed? If your right about the person getting the market value that seems fair only if it’s by choice, if it’s by force then it’s Tyranny, Yes we are living in Tyranny in the US also but we admit it and are outspoken about it, or atleast some of us are.

      • Roger

        That right if you win £100 million on the lottery you get to keep the full amount. It is not payable in stages either you get the full amount. Once you put it in the bank or wherever, the interest, dividends or income are subject to normal tax. Back to the coins the system we have is in place so that rich collectors cannot just buy up our history and hide it away as in the states and other countries. That is also why they pay the assessed value for it. The assessment panel is made up of independent experts and scientists to ensure fairness. It is also why the British museum has such an extensive collection of our history on display. If you ever get chance view the collection of pre roman Celtic gold torcs. The metalwork is exquisite even after 2000 years. Without the treasure trove laws this would be in the hands of private collectors effectively lost to the world.

  • Michael Collins

    This story is a clue as to why England has become a police state: this guy immediately turned over this treasure to the “authorities” – thieves – instead of keeping it for himself. Such child-like obiedence to the State will in time beget a government of wolves, which it has in UK-SSR.
    The Home ministry has no claim on this gold, as it far predates any English government. The man should have dug, shoveled the hole shut and then SHUT UP. A one-way ticket to a country where he could liquidate the stash and then live the life of Riley.
    But no, his loyalty to a government that impoverishes him overpowered his natural and moral self-interest. Statistically, this fellow is most likely on the dole – and because of his lack of judgment, will continue on the dole.

    • Oliver

      Typical ignorant yank. Treasure trove in the UK awards the finder the full value of the find. It’s not even classed as taxable income. America is a police state where you can be incarcerated without charge for ever. Not to mention the TSA or homeland security!!! Spied one fleeced and shafted.

      • http://pulse.yahoo.com/_D5K64GROAYYQ2CPKARCAUERBXI MICHAEL DEAN MILLER

        Michael Collins and Oliver, you are BOTH right. Let’s not start fightin’ ‘twixt ourselves.

  • Michael Collins

    “Actually the government pays the assessed value of the find to the finders.” What a pathetic attempt to give legitimacy to this government thievery.
    Ask yourself: at the end of the year, how much of this trove will the UK government claw back from this poor wanker? 50%? 75%?

    • Roger

      Very little because the assessment is done by an independent panel. It’s done that way because if a fair price is not given almost none of these antiquities will ever be reported. You cannot be taxed on money you get from a find only any interest on it. If you spend it then you will pay vat on what you buy but sale taxes apply no matter where the money comes from. The system is pretty fair and because of that archeological finds such as these are not just melted down and lost forever.
      I have been through this twice with stuff found on my land. Most detectorists have an agreement with the landowner. We agreed 50/50 and that’s what we stuck to. The assessment in both cases was settled within 9 months.

      • Roger

        Oh and btw the value you are given is the marketable value not the scrap price of the gold. For example one of the finds on my land depicted septimus Severus commemorating the Scottish campaigns. In fine condition they fetched then £1200-£1300 each we were awarded £1456 each after assessment. Maybe you think you should be able to keep these but then our museums would be empty and out knowledge of history far poorer.

      • http://www.jameslstreet.com/ MC1171611

        His comment was concerning taxes, not the actual seizure of his find. That’s awesome that the UK actually pays, unlike the guy whose Depression-era coin find was seized by the Treasury.

        That being said, and even though you would come out well ahead of an American in such a situation (and the American should be grateful that he didn’t wind up in jail to boot), whether your property is stolen directly through seizure or indirectly through taxation, it’s still theft. Government is worse than a criminal cartel, since the cartel actually provides the market with desired goods, but the government only steals.

        • Phenry

          The government provides one the middle finger, it certainly feels like one has been “serviced.”

  • Gabe

    If I found a stash like that I would report one, then find out it’s value aside from it’s metal value, if it’s taken by the govt then fine, if I can sell it at auction I would miraculously find another stash and sell them for their historical value take all the money and put it into Bullion and get 10 times the amount.

  • Gabe

    I wouldnt call this Hoarding I’d call it saving, what else would he do with his money? put it in the stock market? put it in a CD? Spend it lavishly on cars, clothes, and the latest ipod? You could only buy so many things like a house, slaves, and prostitutes, I hope this guy atleast had some prostitutes…..

  • Bokey DaBear

    Stolen *from* the State? Hardly. Stolen *by* the State.

  • http://pulse.yahoo.com/_D5K64GROAYYQ2CPKARCAUERBXI MICHAEL DEAN MILLER

    I do believe these are the gold coins of Ron Paulus the Wise.