More Shipwreck Gold From S.S. Central America - Gainesville Coins News
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More Shipwreck Gold From S.S. Central America

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More Shipwreck Gold From S.S. Central America

S.S. Central America, an American steamer, sank in the Atlantic in 1857 carrying a significant quantity of gold bullion. Its original haul is estimated at more than a metric ton, and was perhaps as much as 20 tons, including thousands of what are now scarce $20 double eagle coins.

A portion of a gold hoard from the shipwrecked S.S. Central America

Although the first coins and treasure from the wreck started to be recovered in 1986, litigation over the project's funding—i.e. investors getting stiffed—and how the profits made from the treasure will be divided have carried on to this day.

Finding the S.S. Central America

Much of the ship's treasure has been recovered by a company called Odyssey Marine between the initial 1986 findings and as recently as 2014. After decades of battles in court against one of the firm's founders, treasure hunter Tommy Thompson, the majority of the S.S. Central America treasure may finally be sold.

S.S. central america Artist's rendition of the loss of S.S. Central America

With a cargo of gold coins, gold ingots, and other gold bullion on board worth somewhere above $40 million in melt value alone (in today's dollars), the ill-fated ship carried one of the legendary treasures of the 19th century. The sinking of the S.S. Central America even caused a financial panic in 1857 by virtue of how much money in gold was lost at sea in the wreck.

In 2014, a small portion of the gold bullion on board was brought to surface. To date, only a comparatively trivial amount of the historic treasure had gone to auction, back in 1999 with the help of California Gold Marketing Group and auctioneer Sotheby's. The latest court filings suggest that the recovery effort's original investors, benefactors, and insurers will finally be getting the returns they're owed from the sale of S.S. Central America treasure.

S.S. central america double eagles Double Eagle $20 gold pieces from the original salvage operations on the S.S. Central America

The news of the upcoming sales was reported by the Columbus Dispatch, whose publishing parent company is actually one of the treasure project's initial creditors. Similar to bankruptcy proceedings, various investors and creditors are paid with funds from selling the treasure; the order of who gets paid first depends on who has legal priority.

In terms of interesting numismatic rarities that have been documented from the S.S. Central America, the shipwreck yielded a great number of mint state 1857-S $20 Liberty Head gold double eagles, which were struck at the San Francisco Mint.

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

About the Author

Everett Millman

Everett Millman

Analyst, Commodities and Finance
Managing Editor

Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.

In addition to blogging, Everett's work has been featured in CoinWeek, Advisor Perspectives, Wealth Management, Activist Post, and has been referenced by the Washington Post.

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