Showing once again what huge dividends a hobby like metal detecting can pay, an incredible four-kilo gold nugget was recently discovered in Victoria, Australia. It was found with a Minelab metal detector (shown, below).
The name of this astounding gold nugget is Friday Joy. It was discovered in a portion of Central Victoria known as the "Golden Triangle," an area that has been yielding ample amounts of gold for generations. Victoria had its own gold rush during the middle of the 19th century, attracting droves of prospectors to Western Australia.
In fact, and incredibly, the anonymous prospector who found this behemoth gold nugget also bagged a nine-ounce nugget the previous day. He located Friday Joy just one foot beneath the ground. Weighing in at 145 troy ounces (about 4.5 kilograms), this nugget could be worth up to $250,000!
It's so impressive that a replica is going to be made so it can be displayed. The first reports and pictures of this story were provided by Minelab.
Rita Bentley, a representative of the Prospectors and Miners Association, said this discovery has stirred up excitement and set off a bit of a gold rush both near and far. In addition to international attention, the find could spur locals to go treasure-seeking, as well.
"There'll be a lot of detectors dusted off that have been sitting in cupboards," she said. "I imagine there'll be a mini gold rush going on."
Four years ago, a nearby part of the same region in Ballarat saw the discovery of another gold nugget of nearly the same size, weighing 3.7 kg. It became known as the Destiny gold nugget. At the time, it was valued at about a half-million dollars. After gold prices subsequently fell, it was auctioned off for $292,000 in 2014.
In both cases, the size of the nuggets are partly what makes them so attractive to buyers; these days, it's very rare that such large gold deposits are found in one nugget.
According to ABC Australia,
"The world's largest known nugget, The Welcome Stranger, was found in 1869 at Moliagul, north-west of Melbourne, and weighs a whopping 65.3kg.
The largest nugget to be found in the 20th century with a metal detector was the Hand of Faith, which was located in nearby Kingower in 1980 and weighed 24.6kg."
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Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.