Known only as John and Mary, the couple had lived on the approximately 200 acre rural property for several years and have no idea who buried the coins.

Although they had reportedly hiked the trail numerous times previously, it was not until they spotted a rust-covered metal can poking out of the ground that they chose to explore further.

On their walk back to their house, struggling to carry the weight of the find, the lid of the can cracked open, revealing the edge of a single gold coin.

[6] After their discovery, the couple protected their find by hiding it in an old ice chest, then burying it under a pile of wood and concealing the location.

[4][6] Numismatist David J. McCarthy of the California firm Kagin's completed the initial evaluation of the coins and assessed the significance of the find.

[5] Prior to the discovery of the hoard, the largest buried collection of gold found in the US was uncovered by city workers in Jackson, Tennessee, in 1985.

[8] The discovery raises interesting questions about its finders' tax liability, due to the Treasury Department regulation which states that “Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.”[9] Following the initial assessment, McCarthy and Kagin's were contracted to conserve the material.

"[15] Other disregarded theories contend that the hoard is a hidden stash of gold buried by Jesse James, or loot taken by Black Bart, who was known for robbing stagecoaches.

[16][17] A theory has also been advanced that the hoard was part of a treasure supposedly hidden by the Knights of the Golden Circle, to be used to fund a second Civil War.

[18] The predominant theory attributes the cache to an unknown individual who chose to bury the coins rather than trust the banks to protect his wealth.