Shipwreck Nets Biggest haul ever $500M
bigtime36
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TAMPA, Fla. - Deep-sea explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.
A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors
A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors
Collect raw morgans, walkers, mercs, SLQ, barber q. Looking at getting into earlier date coins pre 1900s.
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In keeping with the secretive nature of the project dubbed "Black Swan," Odyssey also isn't talking yet about the types, denominations and country of origin of the coins.
Bruyer said he observed a wide range of varieties and dates of likely uncirculated currency in much better condition than artifacts yielded by most shipwrecks of a similar age.
The Black Swan coins — mostly silver pieces — likely will fetch several hundred dollars to several thousand dollars each, with some possibly commanding much more, he said. Value is determined by rarity, condition and the story behind them.
Controlled release of the coins into the market along with their expected high value to collectors likely will keep prices at a premium, he said.
I love news stories like this - but I WANT PICTURES
Edit: CNN Has the story too now
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<< <i>A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said >>
Wow, it must've been a modern shipwreck for all the coins to have gone down in plastic containers.
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<< <i>A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said >>
Wow, it must've been a modern shipwreck for all the coins to have gone down in plastic containers.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
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<< <i>A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said >>
Wow, it must've been a modern shipwreck for all the coins to have gone down in plastic containers.
Hey LM, I understand it is hundreds and hundreds of plastic buckets of holey coins! j/k
This is the only pic I see, but looks like larger silver pieces in the open bucket. Look at all the buckets though
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<< <i>I really fail to see why the shipwreck coins get bagged so bad around here. This will generate intrest in the hobby and save coins that were lost forever. This should be a happy moment for the collecting community. The longer Odysey says viable, the better the odds of them finding truely rare coins. >>
Shipwreck coins are cool. I'm glad that many numismatic treasures have been recovered, especially given the cool history.
My problem with the process isn't the coins themseles, but with the hype the marketers place on the coins. These are generally problem coins selling for way over "problem coin" money and sold as if the market thinks that way, too.
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<< <i>
<< <i>A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said >>
Wow, it must've been a modern shipwreck for all the coins to have gone down in plastic containers.
Hey LM, I understand it is hundreds and hundreds of plastic buckets of holey coins! j/k
This is the only pic I see, but looks like larger silver pieces in the open bucket. Look at all the buckets though
More buckets......
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<< <i>I really fail to see why the shipwreck coins get bagged so bad around here. This will generate intrest in the hobby and save coins that were lost forever. This should be a happy moment for the collecting community. The longer Odysey says viable, the better the odds of them finding truely rare coins. >>
Shipwreck coins are cool. I'm glad that many numismatic treasures have been recovered, especially given the cool history.
My problem with the process isn't the coins themseles, but with the hype the marketers place on the coins. These are generally problem coins selling for way over "problem coin" money and sold as if the market thinks that way, too. >>
Well said.
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You don't pay a premium for coin dug up with a metal detector
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If the ship really is 400 years old, wouldn't the coins most likely be of European origin?
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<< <i>If the ship really is 400 years old, wouldn't the coins most likely be of European origin? >>
Of course, but I didn't see any mention of a specific date.
500,000 coins will take quite a while to catagorize and holder. I may ask for a job.
They kept trying to sell me some of the junk seated coins from the last time they found a shipwreck for 10-20 times the real value. They were practically hounding me to buy some and even called me a few times. I certainly do not want a 1860-o liberty seated half dollar with a lot of sea salt deteriation for $1000. In fact i do not even want one for $100, or for that matter i do not want one at all. Coming from a famous shipwreck means nothing to me if i don't like the coin. The gold though may be better preserved. Bob
<< <i> From what I understand the silver is in much better shape than many of the previous shipwreck coin discoveries and has some interesting pieces...the cooler water being much less corrosive, than more of the tropical water discoveries. >>
Sounds like 20-40 times more than real value now. Great find, very interesting and I think for the most part people are happy about it. The point of previous posters,I believe, is they command a strong to very strong premium mearly because of there method of aquisition. While it is indeed cool that it came from a shipwreck, I agree with the other, it's not going to draw a large premium from me. If I desire one of these coins I will simply wait until these flood the market and go grab one of the non-shipwreck version(if there are examples) that has plummeted in value.
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I believe this to be the shipwreck in question.
No, that is actually another shipwreck that OMR has. This one was a hush-hush operation that coincided with the timing of the Sussex. They haven't announced anything from the Sussex, yet.
https://www.pcgs.com/SetRegistry/collectors-showcase/world-coins/one-coin-per-year-1600-2017/2422
<< <i>Hey Blackbeard, is this one of your treasures? >>
Aye matey. 'twas soon to be, but they were fortunate enough not to cross me path before taking on water.
<< <i>HMS Sussex
No, that is actually another shipwreck that OMR has. This one was a hush-hush operation that coincided with the timing of the Sussex. They haven't announced anything from the Sussex, yet. >>
You're right. I see now that this ship was found about 40 miles off the southwestern tip of England, so it can't be the Sussex.
<< <i>I think the whole thing is terrific. I love stories of found treasure, who doesn't? I can remember thinking how cool it would be to find "treasure". Now a good story of sunken treasure found... I look forward to more details... >>
I'm with you! Cool beans!
Joe G.
Great BST purchases completed with commoncents123, p8nt, blu62vette and Stuart. Great coin swaps completed with rah1959, eyoung429 and Zug. Top-notch consignment experience with Russ.
Moderns). And down the road the owners of salt water silver will get an unfortunate surprise.....regardless of how cool a
treasure may sound.
roadrunner
<< <i>Just like the shipwreck effect junk at $500-$1000 these will suck real money away from other parts of the coin market (even
Moderns). And down the road the owners of salt water silver will get an unfortunate surprise.....regardless of how cool a
treasure may sound.
roadrunner >>
I was surprised to see this Shipwreck Effect half from the SS Republic at the recent Heritage Bullet auction. It fetched $431 against an original price of $1000 or more.
<< <i>I had heard that some bust dollars were found too, any confirmations? >>
From a ship that supposedly went down in Colonial times????
Per representations made in court by Odyssey's lawyer this was a 400 year old shipwreck from the 17th Century which was found 40 miles off the Soutwest tip of England. (Of course those statements in court were made prior to the "cloak of secrecy" that for marketing reasons has been added.) Odyssey only owns two boats and only one is capable of retrieving treasure from the sea with the robotic system in place. Not sure how "secret" this whole operation was given the ability to follow any vessel in the world by satellite. Someone clever enough to invest a little surveilance effort would have been able to know for some time now that Odyssey was involved in a major salvage operation. Just back trace whoever sold their Odyssey huge blocks of OMR shares today when they jumped up 80% to see who knew.
<< <i>I would think these coins are damaged and sell for a discount. I will never understand (or pay) a premium for the coins. >>
Simple answer: history. These coins have an interesting provenance. Will I buy any? No. But I won't ever buy a Picasso either (they are ugly as sin)...but that doesn't stop some people from liking them!
<< <i>I think it's somewhat amuzing that all these shipwrecks are full of gold and silver coins...after a few ales I guess it was good sport to load up the ship with precious metals and sail to another country through a storm.... >>
The couldn't exactly do an electronic funds transfer...nor could they turn on the Weather Channel to look for storms
Look at it in perspective: probably 99% of all shipwrecks don't contain any treasure. But why would anyone search for THEM?? Also, probably 95% or more of the treasure transported this way was securely and safely delivered. It's just the rare failure that makes big news.
Just like the shipwreck effect junk at $500-$1000 these will suck real money away from other parts of the coin market (even
Moderns). And down the road the owners of salt water silver will get an unfortunate surprise.....regardless of how cool a
treasure may sound.
On the plus side, it will probably generate considerable excitement and positive publicity for the hobby - including other parts of the coin market.
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<< <i>CCU and I get to dibs all the Lion Dollars. >>
Yep. That's 4,379 pig plastic bins full for you, 4,379 big plastic bins full for me.
<< <i>I think it's somewhat amuzing that all these shipwrecks are full of gold and silver coins...after a few ales I guess it was good sport to load up the ship with precious metals and sail to another country through a storm.... >>
Well, I think you have to remember that there were no such things as wire transfers, credit cards, etc ... this was the principal way to transfer funds between overseas locations or travel with wealth and/or purchasing power ...
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Sunnywood
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<< <i>I think it's somewhat amuzing that all these shipwrecks are full of gold and silver coins...after a few ales I guess it was good sport to load up the ship with precious metals and sail to another country through a storm.... >>
True, I can picture the King at the port nervously watching a bunch of drunken jokers in a wooden ship riding low in the water, knowing a large sum of money is sailing off into the nearly unknown.
i have to wonder what special wording will be on the coins that are slabbed?