There is an interesting article in the 23 June issue of Coin World about the RMS Republic salvage efforts. The ship sank in January 1909 off Nantucket Island. The wreck is accessible to modern recovery methods. A company, the pompously named Lords of Treasure, has salvage rights and will begin soon. There was a shipment of U.S. Navy gold on board, but the biggest treasure is 45 tons (yes, tons!) of U.S. $10 gold coins on their way to Russia. So, 45 tons of eagles, and at about ½ ounce each, that’s about 2.9 million eagles. They would have to be dated 1908 or earlier. There would have been plenty minted in the 20th century by 1908 to provide that many. The mintage of the 1901S alone was 2.8 million. Of course, there could be 19th century eagles in the mix. Total value will depend on dates, mints and condition. However, melt alone is about $4 billion! Cal
Didn't something similar happen to the population of 1857-S double eagles after another shipwreck was salvaged a few years back? As in, a lot of coins were found in the wreck and a previously scarce issue became relatively common?
I don't find the recent article but part of me suspects they've misinterpreted something along the way. Articles of the time variously stated there was $3 million worth of either eagles or double eagles. At around $20/oz that would be 150,000 ounces, or about 4.7 tons. If those early statements got morphed into 3 million coins instead of dollars worth, it becomes 47 tons instead. I'll believe it when I see it I guess.
I reported accurately what was in the Coin World article. Their calculations on the value of the Russian gold match mine if the increase in gold price from the time the article was written until now are taken into account. I don’t know if they were accurate on the weight or denominations. For further research, try the two links below: https://lordsoffortune.com/catalog/...Path=8&zenid=504b2949a001921a38c388cec0f2b4a5 ttps://lordsoffortune.com/reference/Russian_State_Bank_Shipment_v3_2.pdf The above document indicates that far more than $3 million in face value was in the Russian shipment. LOF is trying to attract investors, so it’s possible their documents are overly optimistic and have a bit of puffery. Cal
I scanned one of the lengthy pdf's and my summary is that a Russian representative of the tsar took out a $3 million loan in New York, and then we leap to there being $3 million in gold aboard the Republic. I didn't see any direct evidence proving that such an amount was on board, just a lot of connecting dots to promote a conclusion. Thus I remain skeptical. The proof is in the pudding, as they say.
