Two long-dormant Casascius coins, each containing 1,000 Bitcoin, have been activated, unlocking more than $179 million that had been tucked away for over 13 years.

Blockchain records show that one of these coins was minted in October 2012, when Bitcoin was valued at $11.69. The other one dates back to December 2011, when Bitcoin was worth merely $3.88, resulting in an astronomical theoretical return of approximately 2.3 million percent, excluding minting costs.

A Brief History of Casascius Coins

Casascius coins are tangible collectibles made of metal and created by entrepreneur Mike Caldwell in Utah, between 2011 and 2013. Caldwell transformed Bitcoin into physical coins, making them one of the most coveted collectibles in the cryptocurrency domain.

Each coin consists of an embedded paper noting a digital Bitcoin value, sealed with a tamper-resistant hologram. Denominations of these coins and bars range from 1 to 1,000 BTC.

Caldwell eventually ceased operations after receiving a warning from FinCEN, fearing he might have been operating as an unlicensed money transmitter.

The Mechanics of Casascius Coins

Only 16 of the 1,000 BTC bars and 6 coins were ever produced, as noted in various records. The first individual to redeem the private key hidden under the holographic sticker claims the entire value of the coin, after which it loses Bitcoin value.

“Having 100 BTC is life-changing for anyone. But the thing is, I’ve had it for so long that this was more about staying safe than suddenly getting rich,” said a coin owner referred to as “John Galt” who transferred his funds to a hardware wallet, emphasizing safety over immediate profit.

For related articles, check out:

• Bitcoin OG’s selling to ‘weak’ hands will deepen selloffs: Peter Schiff
• 13 Christmas gifts that Bitcoin and crypto degens will love.