MAGNET FISHERS TAKE THIER BOOTY TO THE BEP

 

James Kane was bleary-eyed as he climbed onto the upper deck of a Megabus, wearing a cowboy hat with stickers and carrying a backpack that contained a small fortune.

He'd only gotten three hours of sleep the night before, as the previous day had been a blur of interviews with news wires, TV stations and radio programs. He was headed to Washington, more specifically to an obscure branch of the Treasury Department that dealt with mutilated currency.

It all started when he hoisted a safe out of a creek in Flushing Meadows Corona Park in Queens. Ever since losing his job during the pandemic, Mr. Kane had been trying to establish himself as a magnet fisherman with a YouTube channel. He had the cops on speed dial as someone who regularly found computer hard drives, gun parts and the occasional live grenade.

All the immediate attention we're receiving from this money is driving us a little crazy and we're a little afraid, he wrote. We don't have a lot of money so we're going to be using whatever we have for a bus to get down there. He also alluded to the fact that his plight was time-sensitive. The paper money, which had once been preserved in muck, was turning brittle and starting to disintegrate.

Mr. Kane thought there might be $40,000 left, tops, and that the amount seemed to be decaying with each passing day... Mr. Kane and Ms. Agostini scraped together the $140 round-trip bus fare. And at 6:45 a.m. this past Friday, they boarded the bus to the capital. They figured it would all work out if they got to the bureau, which deals with damaged money, before it closed for the weekend. They had no appointment, but they were hoping for the best.

In Queens, we can't walk three blocks without the mailman, the pizza man, some kids on the street being like ‘You're that guy! Mr. Kane said as he made his way toward the Treasury. They think we have the money in our pockets. But nobody knows us here, which is very strange.

Mr. Kane walked into the Bureau of Engraving and put a two-and-a-half-inch knife, a can of pepper spray and the backpack with his waterlogged money through the metal detector. He hadn't actually rehearsed what he would say to the security guard on the other side.

We are treasure hunters, and we found a safe full of money that was stolen, is what he went with. It's squished, and it's been in a pond for about 10 years. It also smells terrible.

Without skipping a beat, the guard said something into his radio, and two professionally dressed Treasury employees, a man and a woman, promptly came downstairs. Both looked unfazed as Mr. Kane repeated his treasure hunter spiel. They rifled through his backpack and pulled out a plastic bag containing a stack of money that appeared to be a solid clump about four inches thick. Yeah, all of this is currency, said the woman.

Even the mud, said the man.

Right there in the lobby he estimated that Mr. Kane was holding somewhere in the ballpark of $50,000 to $70,000. They and the rest of their 11-person team would need about nine months to officially count it and replace it with unblemished currency. But when they were done, the money would be his, tax-free.

America the beautiful! Mr. Kane said.

After being handed a case number, he and Ms. Agostini walked out of the building and embraced. They wanted to celebrate, but they weren't rich just yet. So they approached a security guard for directions to the nearest Shake Shack.

 

To read the complete articles, see:
The Magnet Fisherman's Dilemma: What to Do With $70,000 Before It Disintegrates (https://www.nytimes.com/2024/06/13/nyregion/couple-magnet-fishing-safe-nyc.html)
NYC treasure hunters who hauled in $100K while ‘magnet fishing' need to wait 9 months to enjoy their riches — here's why (https://nypost.com/2024/06/15/us-news/nyc-treasure-hunters-who-hauled-in-100k-while-magnet-fishing-need-to-wait-9-months-to-enjoy-their-riches-heres-why)

To read the earlier E-Sylum article, see:
MAGNET FISHING YIELDS $100,000 IN CASH (https://www.coinbooks.org/v27/esylum_v27n23a25.html)

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