I’m often asked, what is the best coin you’ve ever had at the shop?  That answer changes from time to time as coins are purchased and then sold, traded, or otherwise disposed of.  I am after all in the BUSINESS of dealing collectible coins, so I can’t afford to fall in love with the material that I acquire.

 

What is pictured is a recent acquisition that will elevate and change the discussion several times over.  The pictured twenty dollar gold piece is a verified sunken treasure coin recovered from the September 12, 1857 ship wreck SS Central America.  The history, scandal, politics, and effect on 19th century monetary policy are all part of the story that this coin represents.  We all know of the sinking of the Titanic 50 years later, but often lost in history the story of the Central America where nearly 500 people died and until recently nearly ten tons of gold (around a half billion dollars at today value) that caused the financial panic of 1857 and shook US and world monetary confidence.  The following link https://en.wikipedia.org/wiki/SS_Central_America gives a very good readers digest version of the history of both the ship wreck in 1857 and the recovery efforts through the recent history.

 

I bought the pictured coin as part of a 14 coin set of old US gold coins (pre 1933) about a month ago.  This is several times over the rarest and most expensive single coin I’ve acquired.  This coin came off the ocean floor in 1988 as part of the initial recovery operation.  At that time only an estimated 5% of the total gold cargo was recovered, and this coin part of the only items that have found themselves out in the open market.  Once these items became known, residual surviving companies of the original insurers went to court to recover, the original investors started suing each other, the head guy went into hiding, and the whole matter of the recovered gold has been tied up in the courts.  Just recently, a Columbus Ohio court has authorized the release of another 5000 items that have been subsequently recovered, and it is expected those items will hit markets this coming spring.  Yet still, over half the estimated gold that was on that ship has yet to be recovered.

 

I’ve already sold this coin, so all that’s left is the story and the pictures.  The rest of that acquisition is an essentially complete type set of graded (all MS 63) old gold coins, which for now remains in my inventory.  Twelve coins total, including the rare type 2 dollar and three dollar gold piece.  The shipwreck coin and the others are all the quality and type that are more typically acquired from national dealers or big time auction firms, so I think it a particular coup that I’ve been able to handle material of this quality.

 

I never know what opportunities are going to walk through the shops door.  I’m excited and pleased to share the story of this acquisition and sale.

Gene