World's richest treasure ship, with a cargo worth £100m, found in Atlantic

The Independent (U.K.) ^ | 08/18/03 | Danielle Demetriou

[Pokey78]

For nearly 138 years, The Republic has lain undetected in the icy depths of the Atlantic, defying treasure seekers and marine archaeologists alike.

But the mystery surrounding the location of the 19th-century steamer, which sank without a trace while carrying 200,000 gold coins, has finally been solved.

A team of private explorers believes it may have struck gold in the deep waters off the coast of Savannah, Georgia, where it located the remains of The Republic.

If the gold cargo is intact in the wreckage, it will become the most valuable treasure find in history, as the estimated value of the coins will have risen from $400,000 to $150m (£100m).

It was on 18 October 1865 that The Republic steamed from New York on its way to New Orleans, carrying 59 passengers and its valuable cargo of gold coins. Only days later, a storm struck off the coast of Georgia, and the ship was overcome by hurricane winds and giant waves before sinking without a trace.

While 42 passengers survived the storm, the cargo was not so fortunate. Since then, the remains of the ship have been the target of treasure hunters and archaeologists.

Its discovery is the result of a 10-year hunt by a team of sea explorers, according to an article in The New York Times.

An ancient rudder, a paddle wheel and piles of glass bottles are clearly visible in the first images of the shipwreck, which lies more than a third of a mile down in the Atlantic.

While the hunt was motivated by the desire to locate the treasure, Odyssey Marine Exploration of Tampa, Florida, which made the discovery, says it will ensure that the artefacts discovered are suitably preserved and exhibited.

Greg Stemm, a founder of the exploration company, said: "If we wanted to, we could go out with grab buckets and get all the gold in three days," adding that the company would instead make the cultural significance of the find its priority.

Archaeological recovery of the site of the wreck, which is beyond the State of Georgia and the US government's authority over cultural artifacts, is due to start next month.

John Broadwater, a marine archaeologist for the National Oceanic and Atmospheric Administration, said: "Everybody says they're going to do the right thing, but often it doesn't work out that way."

[nmh]

That's interesting. It's refreshing to read something other than political stuff.

Will the state of Gerorgia have a claim to this? Who will own the treasure? It would be fascinating to see it put on display somewhere.

[geologist]

Looking for ten years ... they have earned the reward.

[DoughtyOne]

John Broadwater, a marine archaeologist for the National Oceanic and Atmospheric Administration, said: "Everybody says they're going to do the right thing, but often it doesn't work out that way."

Well John, if you were that worried about it, you should have expended your fortune and the last ten years of your life to find the wreck first.

As far as I am concerned, Greg Stemm and his salvage company have all rights.  Nobody else was out there looking.  It would have remained lost forever if Stemm and his salvage company hadn't found it.

No sooner is the shipwreck found than the vultures circle the carcas.

[AngrySpud]

My history is weak, but it seems the ship sailed shortly after the end of the Civil War. What was a shipment of the equivalent of $150 million in gold coins going to New Orleans for? Army pay? Post-war reconstruction? Or was it private monies?

[WoofDog123]

"No sooner is the shipwreck found than the vultures circle the carcas.
"

The biggest vulture of all in cases like this is big brother, who (IIRC) takes an extraordinary cut of the find. I wonder if this ship is in US territorial waters, or if that even makes a difference.

[arete]

Whoever it was that financed the operation and was willing to put up their own money deserves the treasures.

Richard W.

[WoofDog123]

"19th-century steamer, which sank without a trace while carrying 200,000 gold coins"

I assume they are using collectible value rather than weight value for the coins, since 150M in bulk gold is roughly 400,000 ounces, and the largest US coins made were 1 oz.

I wonder how much of the recovered gold will be allowed to return to the market, and how much will be locked up (i.e. not displayed) never to be seen again, never to return to the economy?

[Ahban]

makes me think the goldbugs are right.

Since 1865 the dollar has lost so much value that those gold coins went from $2 each at the time they sunk to $750 each today. That means the dollar has lost 99.7% of its value relative to gold since 1865.

[Khurkris]

Post war rec-construction costs.

[RipSawyer]

"That means the dollar has lost 99.7% of its value relative to gold since 1865."

Sounds about right to me.

[DoughtyOne]

I believe that the article mentioned it was beyond US and Georgia territorial waters. In which case this will be returned to the parent organization by international tribunals, if there is a contention legally presented.

[TomB]

If the gold cargo is intact in the wreckage, it will become the most valuable treasure find in history, as the estimated value of the coins will have risen from $400,000 to $150m (£100m).

As far as I can tell, this isn't even close to the amount recovered from the SS Central America. The amount of gold on board the CA was 1.6 million in 1857 dollars.

The Ship of Gold

If you have the time, check out the link. It is a fascinating story.

[BenLurkin]

My guess is that most of these will come to the market. They will be marked up far above their boullion value (of course) but let's see. It might be fun.

[BenLurkin]

Literally de-based.

[Seeking the truth]

No, it was probably "slaver gold" and should now be the initial deposit in the Slave Reparation Fund (SRF).

I understand JJ, Al & Johnnie are heading out there as we speak.

[Ahban]

Richard, I thought this was a thread you might appreciate, since it demonstrates the loss of value of our fiat currency so dramatically.

[Ben Hecks]

If you haven't read it, "Ship of Gold in the Deep Blue Sea" tells the story of the Central America and has a very detailed account of the recovery effort. I was impressed that a guy in his early 20s was able to raise over $9 million to finance the search and recovery effort.....I think he was under 30 when he recovered the gold. It took nearly ten years of legal proceedings but he was finally awarded over 90 percent of the treasure.

[TomB]

If you haven't read it, "Ship of Gold in the Deep Blue Sea" tells the story of the Central America and has a very detailed account of the recovery effort.

Been there, done that. Tommy Thompson it truly a unique individual. Any idea what he's doing now? Seems to me a guy like that enjoys doing things, not living off his successes.

Anyway, have you seen the Pictorial "America's Lost Treasure"? It is filled with pictures of the wreck and treasure. It's a great coffee table book, and my kids love to look through it.

[Ben Hecks]

"Any idea what he's doing now?"

I read the book soon after it came out but since then have never heard any reference to Tommy Thompson - it's as if he totally disappeared.