This is merely an discursion on the discovery by Joseph Smith of The Book of Mormon. Refraining from snark.
The Prophet-to-be found the treasure through angelic instruction in a hill in New York State. Which makes one wonder how many more untold treasure troves are still unearthed in the North-East.
Some witnesses described the plates as weighing from 30 to 60 pounds (14 to 27 kg), being golden in color, and being composed of thin metallic pages engraved on both sides and bound with three D-shaped rings.
Wiki — The Golden Plates
At that weight one may assume the metal was either gold, or another noble metal — since it was still imperishable after 2000 years +, buried in the cold damp earth. Either way it would have been as valuable as gold, since unknown elements like unto gold would have been sought after. I may add I have read a lot of books, but none that weighed 60lb, and doubt if I could.
Smith managed to read and translate the script of ‘Reformed Egyptian’ [ Why Egyptian I can’t tell, since Babylon is a long way from Egypt, and it would have been simpler for the Lord to dictate this stuff in Hebrew, or some Babylonian adjacent language, or even Early Anglo-Saxon, since that was the language of Smith’s forebears, and the Lord could foresee whom His Prophet would be. ] by means of a scrying stone the size of an egg found in a deep well. He also set two stones in a pair of spectacles and peered through them at the text, dictating as he went along. Alternatively he put the pair of stones in his white top hat.
Anyway, let us assume the gold plates weighed 50lb as a convenient mean. I shall explain later why he couldn’t cash in on this discovery.
This is 50lb avoirdupois, not 50lb troy. The jeweller’s measure, troy has 12 oz to the pound. and avoirdupois has 16 oz to the pound; yet one of my sources below states ‘There are approximately 14.583 troy ounces in an avoirdupois pound.’ — so I shall reckon, again for simplicity, 15 troy oz to the lb.
From 1800 to 1835 gold averaged $19 an oz ( actually, in this chart gold rarely hit more than $21 an oz until 1930. It was in 2010 $1,410 an oz ).
Historical Price of Gold Chart
50lb x 15 oz x $19 = $14,250 in 1827
Today, 2014, 50lb of gold = $854,016.94
Only Gold — What’s Your Weight In Gold ?
However, it’s more complex, since there are different values between money in the past and money now.
Measuring Worth will only calculate to recent years, since GDP isn’t finalized for 2014. So, putting in £14250 of 1827 and calculating it to 2012 gives:
**In 2012, the relative value of $14,250.00 from 1827 ranges from $338,000.00 to $251,000,000.00. **
The last is Economic Power — this is well illustrated in the pop-up on George Washington’s remuneration, $25k a year, on that page — When comparing Washington’s salary to an unskilled worker, or the measure of average income, GDP per capita, then the comparable numbers are $12 to $27 million. Granted that would not put him in the ranks of the top 25 executives today that make over $200 million. It would, however, be many times more than any elected official in this country is paid today. Finally, to show the “economic power” of his wage, we see that his salary as a share of GDP would rank him equivalent to $2.1 billion.. Revolution was his friend.
So, looking at it one way, Joe could have, had he purchased a mule and wended to New York City, come away with $14k. Which to quote from The Mausoleum Club *, ‘was a lot of money in those days’. Or he could have invested it in futures and made a fortune.
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Tales of. Fall of.
So why didn’t the Revelator simply take the money and run, going some place he could be adored by the simple and get all the tail he wanted without that annoying business in Carthage ? Although he was neither a conscious fraud nor a criminal, he was not over-scrupulous:
Wiki — Joseph Smith and the criminal justice system
Simply, it was a condition of his discovery that he be pure of heart and ‘have no thought of monetary gain’.
Plus — Shades of The Treasure of Abbot Thomas— ’ when Smith once again raised the stone and attempted to retrieve the plates, Smith saw something in the box like a toad that grew larger and struck him to the ground’.