The News Courier in Athens, Alabama

Lifestyle

February 27, 2013

Auction of recluse's gold nets $3.5 million

(Continued)

When cleanup crews arrived, they made the startling discovery of the 69-year-old man's vast collection of thousands of gold coins worth millions of dollars stashed in old ammunition boxes in his garage.

Officials discovered the trove neatly wrapped and stored mostly in ammunition boxes stacked on top of each other. There were more than 2,900 Austrian coins, many from 1915; more than 5,000 from Mexico; at least 500 from Britain; 300 U.S. gold pieces, some dating to 1880; and more than 100 U.S. gold pieces as old as the 1890s.

Among the coins were meticulous records of the purchases dating back to at least 1964, when gold averaged about $35 per ounce. The precious metal currently sells for more than $1,600 an ounce.

Authorities believe that his mother, who lived with Samaszko until her death in 1992, purchased most of the coins.

Despite the millions of dollars in his garage, Samaszko didn't appear to lead a luxurious life. Records show he only withdrew about $500 a month to pay modest bills. He died with $1,200 in a checking account and just a bit more than $165,000 in a money market and mutual fund account.

Since learning of her inheritance, Magdanz has shunned publicity and not made any comments about the fortune.

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