Info on the SS Republic
coynclecter
Posts: 2,111
Coins from the SS Republic have been divided into two categories. The “numismatic collection“ contains coins that are indistinguishable from coins that have never been underwater. These will be priced to relate to their numismatic value and will not be offered for sale until Odyssey has completed sufficient coin recovery on the shipwreck site to provide information regarding the total population of coins in the collection.
The second category includes handpicked ungraded shipwreck coins that have been conserved and encased in a certified tamper-resistant holder by Numismatic Conservation Services (NCS) and Numismatic Guaranty Corporation (NGC). These coins will be the first available for sale and will be packaged in an impressive hardwood display case with an engraved SS Republic plate affixed to the cover. There will also be a vividly illustrated booklet describing the shipwreck's history; a DVD video of the National Geographic Ultimate Explorer one hour program and a certificate of authenticity in each case.
The archaeological excavation of the SS Republic shipwreck site and the recovery of coins are continuing. Among the coins already recovered are numerous gold eagles, gold double eagles, silver half dollars and even a few quarters, nearly all dating between the 1840's and 1865. Unlike other recent shipwreck finds, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by NCS and graded and encapsulated by NGC, this collection already includes over a dozen of the finest-known examples of United States gold coins from the period.
51,212 coins have been recovered to date, including 2,620 $20 Double Eagles, 1,496 $10 Eagles, 47,094 Half Dollars and 2 quarters. A detailed report on the coins recovered to date will be released shortly. According to John Albanese, Numismatic Marketing Strategist for Odyssey, the retail value of coins recovered to date should exceed $75 million dollars.
The Odyssey team has excavated about one third of the SS Republic shipwreck site. The face value of recovered coins represents 22.7% of the “$400,000 in specie“ (face value in 1865) that historical research indicates was on board the Republic when she sank. Odyssey is now searching for additional deposits of coins as the excavation continues.
“The first cache of coins was lying in a tiny area that was laid open to us with no pieces of hull or decks obstructing the excavation. We have recovered all the visible coins in that location and are now expanding the excavation into the surrounding areas. We are finding some amazing artifacts, but have not located the rest of the coins yet.“ reported Greg Stemm, Odyssey co-founder.
The second category includes handpicked ungraded shipwreck coins that have been conserved and encased in a certified tamper-resistant holder by Numismatic Conservation Services (NCS) and Numismatic Guaranty Corporation (NGC). These coins will be the first available for sale and will be packaged in an impressive hardwood display case with an engraved SS Republic plate affixed to the cover. There will also be a vividly illustrated booklet describing the shipwreck's history; a DVD video of the National Geographic Ultimate Explorer one hour program and a certificate of authenticity in each case.
The archaeological excavation of the SS Republic shipwreck site and the recovery of coins are continuing. Among the coins already recovered are numerous gold eagles, gold double eagles, silver half dollars and even a few quarters, nearly all dating between the 1840's and 1865. Unlike other recent shipwreck finds, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by NCS and graded and encapsulated by NGC, this collection already includes over a dozen of the finest-known examples of United States gold coins from the period.
51,212 coins have been recovered to date, including 2,620 $20 Double Eagles, 1,496 $10 Eagles, 47,094 Half Dollars and 2 quarters. A detailed report on the coins recovered to date will be released shortly. According to John Albanese, Numismatic Marketing Strategist for Odyssey, the retail value of coins recovered to date should exceed $75 million dollars.
The Odyssey team has excavated about one third of the SS Republic shipwreck site. The face value of recovered coins represents 22.7% of the “$400,000 in specie“ (face value in 1865) that historical research indicates was on board the Republic when she sank. Odyssey is now searching for additional deposits of coins as the excavation continues.
“The first cache of coins was lying in a tiny area that was laid open to us with no pieces of hull or decks obstructing the excavation. We have recovered all the visible coins in that location and are now expanding the excavation into the surrounding areas. We are finding some amazing artifacts, but have not located the rest of the coins yet.“ reported Greg Stemm, Odyssey co-founder.
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Comments
A) The junk will be encapsulated and sold as "SS Republic" coins, the remainder will be sold later probably without notation that there were underwater.
B)How will the 200,000 or so coins impact the value of the current pre 1856 coinage when they go to sale considering the current populations.
C) Would you want to be holding any low population, premium priced 1850-1856 coins about now?
Tom
Why step over the dollar to get to the cent? Because it's a 55DDO.
Check out the Southern Gold Society
T T T
Cool story,keep'em comming.
Thanks coynclecter.
<< <i>Coins from the SS Republic have been divided into two categories. The “numismatic collection“ contains coins that are indistinguishable from coins that have never been underwater. These will be priced to relate to their numismatic value >>
Maybe I should wait for these then, because if they sell them for their numismatic value they would be a LOT cheaper than the junk pieces they are currently selling.
Well, the small change is probably "safe", but the current "top pop" double eagles, eagles, and maybe even some half dollars in that date range are going to get "whacked" by this find.
Liberty: Parent of Science & Industry
<< <i> ****** on the north end of ***** an American ship with $2,900,000 in minted U.S. gold coins sank in 1823 >>
Any idea what $3,000,000 in face value pre 1824 Gold Coins would be like?
Should I send them to PCGS or NGC?
Is that even possible? What percentage of all the gold minted by the US between 1796 and 1823 would that equal?
And the distribution was, of course, weighted toward the end of that timeframe...
Bag of 1822 $5 golds, anyone?
(I'll believe it when they bring them up
Liberty: Parent of Science & Industry
I did find this regarding the SS Republic:
the recovered U.S. coinage includes 47,000 U.S. silver half dollars, 2,620 gold $20 double eagles, and 1,496 gold $10 eagles. The half dollars, dated between 1850 and 1865, will be sold first.
47000 US Half dollars between 1850 and 1865. I think that might be considered "a lot" AND its only 25% of the total down there
PCGS # Description Desig G F EF AU 60 62 63 64 65 66
6265 1850-O 27 48 125 260 520 815 1125 2475 7150 -
6266 1851 315 490 715 975 1625 2100 3250 7800 - -
6267 1851-O 27 66 164 275 520 845 1150 2600 - -
6268 1852 360 650 1125 1375 1575 1900 2350 4550 11100 -
6269 1852-O 53 170 500 850 1700 1825 2950 6500 - -
6275 1853 Arrows and Rays 29 58 270 650 1350 1800 3600 9750 25000 47500
6276 1853-O Arrows and Rays 29 65 325 815 2500 3400 5600 13000 45000 -
6279 1854 Arrows 28 55 125 290 550 950 1700 2950 8500 18500
6280 1854-O Arrows 28 55 125 290 550 950 1700 2950 8500 18500
6281 1855 Arrows 27 55 125 290 650 975 1950 3650 10800 -
6282 1855/54 Arrows 79 182 375 585 1950 2600 3850 5200 - -
6283 1855-O Arrows 28 55 125 290 550 950 1700 2950 8500 18500
6284 1855-S Arrows 315 780 2250 11000 - - - - - -
6287 1856 25 50 110 240 430 600 1000 2300 6500 -
6288 1856-O 25 50 110 240 430 600 1000 2300 8450 -
6289 1856-S 50 118 475 1150 2750 - - - - -
6290 1857 25 50 110 240 430 600 1000 2300 6250 -
6291 1857-O 23 48 100 240 845 1050 2350 - - -
6292 1857-S 63 144 450 750 2000 3000 3500 8125 - -
6293 1858 25 50 110 240 430 600 1000 2300 8000 12500
6294 1858-O 25 50 110 240 430 600 1000 2300 9750 20000
6295 1858-S 27 59 182 360 780 1050 3500 8000 17000 37500
6296 1859 37 66 130 260 415 780 1125 2300 7250 13500
6297 1859-O 25 50 110 240 430 600 1000 2300 9500 -
6298 1859-S 27 59 182 325 685 945 2475 4250 - -
6299 1860 30 56 112 310 620 815 1175 2300 7500 13500
6300 1860-O 25 50 110 240 430 600 1000 2300 6500 12500
6301 1860-S 30 53 112 260 750 1075 2875 - - -
6302 1861 25 50 110 240 430 600 1000 2300 6500 12500
6303 1861-O 25 50 110 240 430 600 1000 2300 6500 14000
6306 1861-S 25 50 110 205 500 1150 2350 4800 11000 -
6307 1862 37 72 182 310 555 815 1150 2300 6500 12500
6308 1862-S 25 50 110 240 475 815 1450 4550 - -
6309 1863 30 55 120 275 455 780 1125 2475 6500 -
6310 1863-S 25 50 110 240 430 815 1450 4225 - -
6311 1864 34 62 170 260 430 600 1000 2300 6500 12500
6312 1864-S 27 45 112 240 685 1075 2000 4425 - -
6313 1865 33 63 156 275 490 845 1225 2300 6500 -
6314 1865-S 25 50 110 230 585 845 1450 5525 -
Think these prices are going to hold?
1850-1853 pop 250
1853-1855 (AR&Rays) pop 730
1856-1866 pop 2238
total pop in ALL grades 3300 or so
Do you think another 41,000 or so might affect the market a bit?
That value may hold up if you assume that the acid dipped and lifeless seated halves are worth $500-1000 each residing in a nice custom wooden case. The real story is that those are worth maybe $30-100 each depending on how bad the cleaning is. With 47,000 of those to come, does anyone really think they will continue to command the $500-700 they have been bringing at auction? The final market price on these will be close to $100.
Don't expect anything but cleaned silver coins from this group. They will have no effect on the price of quality AU's and UNC's. Those 47,000 may double the current pop of all existing seated halves, but should have no effect on the price of uncleaned specimens. Those shipwreck effect coins may just help to bolster the prices of the uncleaned survivors who don't live in wooden cases with a nice brochure. I am intrigued though that the salvagers state that some of the silver coins residing on the ocean floor for 150 years will not show the ravages of chlorine attack? I'm waiting....
roadrunner
<< <i>The “numismatic collection“ contains coins that are indistinguishable from coins that have never been underwater. These will be priced to relate to their numismatic value and will not be offered for sale until Odyssey has completed sufficient coin recovery on the shipwreck site to provide information regarding the total population of coins in the collection. >>
John Albanese is no amateur. If he says you won't be able to tell, I'd believe it. I'd also believe they don't intend to tell. The ugly acid dipped ones in the cases that have been displayed are most likely the ones going to sale first.