Two long-inactive Casascius coins — each containing 1,000 Bitcoin — have just been redeemed as of Friday, unlocking more than $179 million that had remained untouched for over 13 years.
On-chain data shows that one of the coins was minted in October 2012, when Bitcoin traded at just $11.69.
The other dates back even further to December 2011, a time when Bitcoin was worth only $3.88 — giving that particular coin a theoretical return of roughly 2.3 million percent, excluding minting costs.
A Brief History of Casascius Coins
Casascius coins are physical metal coins and bars created by Utah entrepreneur Mike Caldwell between 2011 and 2013. Caldwell loaded each coin with a fixed amount of Bitcoin and sealed it with a tamper-proof hologram. They’ve since become some of the most coveted physical Bitcoin collectibles, valued both for their scarcity and their place in early crypto history.
Each Casascius coin contains a small piece of paper with the coin’s private key, sealed beneath a tamper-resistant hologram. These physical coins and bars were produced in various denominations — 1, 5, 10, 25, 100, 500, and 1,000 BTC.
Caldwell halted production after receiving a warning letter from FinCEN, which raised concerns that he may have been operating an unlicensed money-transmitting business.
How Casascius Coins Work
According to available records, only 16 bars loaded with 1,000 BTC and just 6 coins of the same denomination were ever produced.
Whoever first redeems the private key by peeling off the hologram gains access to the full Bitcoin value. Once redeemed, the physical coin no longer holds any BTC.
However, spending or moving Bitcoin from a Casascius coin doesn’t necessarily indicate that a large amount of BTC is about to hit the market. In July, for example, a 100 BTC Casascius owner known as “John Galt” told Cointelegraph that he transferred his funds from the physical coin to a hardware wallet simply for easier access — not because he intended to sell.
“Having 100 BTC is life-changing for anyone. But I’ve held it for so long that this was more about staying safe than suddenly getting rich,” he said.
