Treasure hunter's persistence pays off with rare Spanish coin discovery on Nantucket beach

Nichols is known in the local community, the publication said, for helping others find jewelry and other metal objects they've lost on Nantucket's beaches.

But his sights were always on historic coinage: He boasts more than 300 coins in his private collection, something he said he cherishes.

"Is returning a $25,000 ring super-important and community-focused? Absolutely," Nichols said of helping his neighbors.

"But selfishly, finding a $30 silver coin is the top."

He told the same source he believes that, based on its marks, the coin was minted in Mexico City.

Nichols said the coin is relatively young, as Nantucket detectorists have found coins dating back to the 1650s on the island.

The spot where the coin was found appears to be promising. Nichols previously found a historic penny there - notably, it was clipped to half its value.

"To think on Nantucket, a penny was too much money," the detectorist remarked.

All in all, the hobbyist said he's interested in patrolling the spot to see what else will turn up.

Nichols now joins a number of other metal detectorists who have found unusual coins this year.