The Baltimore Gold Hoard was a collection of gold coins discovered in two remarkable discoveries made by two teenage boys in 1934 and 1935 in Baltimore, Maryland. These discoveries captured public attention due to the scale of the find, the legal battles that followed, and the historical significance of the coins.
The 1934 Baltimore Gold Hoard Discovery
The first discovery was unearthed on August 31, 1934, when Theodore Jones, 16, and Henry Grob, 15, were digging in the cellar of a tenement building on Eden Street, where Jones lived with his mother. While working to create a hidden location to bury the dues for a club they had formed, the boys struck a hard surface in the dirt and found two copper pots filled with gold coins. The first part of the hoard held 3,558 gold coins from the 1830s, 1840s, and 1850s.
The denominations of the coins found included:
- 81 $10 Liberty Gold Eagles
- 245 $5 Liberty Head Gold Half Eagles
- 10 $5 Indian Head Gold Half Eagles
- 65 $2.50 Liberty Head Gold Quarter Eagles
The total face value of the 1934 hoard was approximately $11,425.50. Adjusted for inflation, this would amount to more than $260,000 in 2024 dollars.
The Legal Battle
Despite the boys’ excitement, they encountered complications due to Executive Order 6102, which had made private ownership of gold illegal, except for collectible coins. This required the boys to turn their findings over to the police. Following their discovery, a dozen claimants stepped forward, and each argued that the gold belonged to them. Others suggested it was hidden by previous residents, including a sea captain or a local resident during the Civil War.
The legal proceedings lasted until 1935, when Judge Eugene O’Dunne dismissed all claimants and awarded the coins to the two boys. However, because of ongoing appeals and disputes, the hoard had to be sold at auction to resolve the matter fully. The proceeds were placed in a trust for the boys until they reached 21. After court costs and legal fees, each boy was left with $7,000, which is equivalent to approximately $160,844 today. Both boys lived with single mothers and wanted their mothers to receive the proceeds of the auction.
The Auction of 1935
The gold coins were auctioned on May 2, 1935, at the Lord Baltimore Hotel. Baltimore dealer Harry W. Fuller oversaw the sale, which attracted significant interest from numismatists and curious locals. In total, 438 lots were sold, and the entire auction realized $19,558.75. Many coins sold for more than their face value due to their historical significance and numismatic value.
Some of the standout coins from the hoard included:
- 1856-O $20 Gold Double Eagle: Sold for $105 at auction (equivalent to about $2,400 today).
- 1849-O $10 Gold Eagle: Sold for $45 at auction (approximately $1,034 today).
- 1841 $5 Gold Half Eagle: Despite a scratch on the date, it sold for $26 (about $592 today).
- 1847-O $5 Gold Half Eagle: Graded as Fine, it fetched $22 (about $501 today).
The auction was notable for bringing high value gold coins into the spotlight at a time when there was lower interest in historic numismatic items. Most of the coins sold for at least twice their face value.
The 1935 Baltimore Gold Hoard Discovery
As the legal battle continued, Theodore Jones and Henry Grob, still driven by teenage curiosity, returned to the cellar in 1935, they made a second remarkable discovery of gold coins. The exact details of this second hoard, including specific denominations, are not as well-documented as the first. However, the estimated value of the second find was $10,000 at the time, which would be equivalent to approximately $229,778 today.
Having already dealt with the first discovery in court, the boys decided to keep their second discovery secret. They divided the coins and turned them over to their mothers. Unfortunately, the secret did not last long. Later in 1935, the Jones’ home was burgled, and $5,000 in gold coins, along with $3,100 in cash, were stolen. The burglary led to the public revelation of the second hoard, which added layers of complexity to the already tangled proceedings.
The Legal Aftermath and Legacy of the Baltimore Gold Hoard
he legal battle around the second hoard followed a similar pattern as the first. Owners of the tenement building once again laid claim to the coins, but Judge Dennis ruled that the boys were entitled to keep the proceeds, noting that “conditions surrounding the two finds were not different enough to warrant giving the second to the property owners.”
Unfortunately, Henry Grob never got to enjoy the full benefits of his discovery. Grob contracted pneumonia and died in August 1937 at the age of 17. He had been working at a packing house and was admitted to the hospital just a week before his death. His portion of the hoard became part of his family’s inheritance.
The Baltimore Gold Hoard remains one of the most fascinating numismatic discoveries in U.S. history. The total value of the two hoards combined was around $30,000 at the time of discovery, which would be equivalent to $689,000 today. The hoard displayed a treasure trove of rare and historically significant coins and provided a window into the lives of two young boys who stumbled upon fortune during the difficult years of the Great Depression.
The allure of the Baltimore Gold Hoard extends beyond the gold itself to the story of buried treasure, the legal battles it sparked, and the intrigue surrounding its origins. Whether buried by a sea captain, a Civil War resident, or forgotten over time, the Baltimore Gold Hoard captivates collectors and historians alike.
