Shipwreck/Seawater Gold Coins and Population/Collector Value
Longacre
Posts: 16,717 ✭✭✭
I have been reading a lot about the "shipwreck" gold coins that have been coming on the market lately (ones that have been brought up to the surface after being submerged for hundreds of years).
Has anyone done a study of the total population of shipwreck coins as a percentage of total population of coins in a particular series? For example, have there been any coins whose numbers in existance have risen dramatically as a result of a shipwreck find and salvage? I would assume that there have not been many finds of particular dates and mintmarks that have resulted in a dramatic shift in the market. Does anyone know? If so, what obligation do you think the salvager (or coin consultant/auction house) has to not "flood" the market with such a coin and dramatically drop the price? Is it ethical to hold back on the coins and release them slowly so the market can properly absorb them and therefore price them correctly?
Assuming there have not been many market influences from these shipwreck coins, does the fact that they were recovered add any sort of premium to their value? For me, I don't think I would pay a significant premium for a shipwreck coin, although I think it is cool to know where the coin spent its last 100 or so years before becoming encased in plastic.
Sorry for so many questions at once. Feel free to respond to as much as you can. Thanks.
Has anyone done a study of the total population of shipwreck coins as a percentage of total population of coins in a particular series? For example, have there been any coins whose numbers in existance have risen dramatically as a result of a shipwreck find and salvage? I would assume that there have not been many finds of particular dates and mintmarks that have resulted in a dramatic shift in the market. Does anyone know? If so, what obligation do you think the salvager (or coin consultant/auction house) has to not "flood" the market with such a coin and dramatically drop the price? Is it ethical to hold back on the coins and release them slowly so the market can properly absorb them and therefore price them correctly?
Assuming there have not been many market influences from these shipwreck coins, does the fact that they were recovered add any sort of premium to their value? For me, I don't think I would pay a significant premium for a shipwreck coin, although I think it is cool to know where the coin spent its last 100 or so years before becoming encased in plastic.
Sorry for so many questions at once. Feel free to respond to as much as you can. Thanks.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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Comments
A simple look at the pop reports reveals that prior to see the Brother Jonathon and SS Central America hoards, Type I Liberty $20's in MS were extremely uncommon. Now, they are easily obtainable in just about any grade you would care to buy from AU-55 to MS-66. The coins tend to be clustered in certain dates.
As for the SS Republic, the parties responsible for releasing the coins has done so very slowly up until now. There will be an auction at B&M in March which should be the largest group of gold coins released to date. From what I understand, they are still salvaging the shipwreck--the bag of MS 1854-O $20's might still be retrieved.
Edited to add: It is a little known fact that there were 3 Dahlonega $5's found aboard the SS Central America. These were not carried as specie (no other $5's were), but likely in the vest pocket of an unfortunate soul (or souls) aboard the vessel (according to Dahlonega collector lore).
Silver coins do not fare that well in the water....
one other comment, the market for "treasure" coins does not seem to be with true coin collectors rather other groups....
one other comment, there is a new club that was just formed at FUN for treasure/sunken ships....
The salvager has no obligation, but it is to his advantage not to flood the market. As has been stated, the SS Republic coins have been released very slowly and at huge premiums above market value for same date non-shipwreck coins. (I don't think real collectors will be buying these.)