Good afternoon and Happy Fourth of July to all! We came across a customer who is asking about the authenticity of an 'Atocha Reale 8' coin; I'm hoping someone has experience working with these type of coins? Any information is helpful!
In class, we learned that in many cases much of Authentication is done using powers of magnification much higher than you have posted. It will take an unusual expert on these coins to comment.
There is no real good way to authenticate any shipwreck coin unless there is proper paperwork. Atocha was found July 1985 and has been salvaged since then and still is today because the aftercastle(Captains Quarters) of the ship is still missing and it would of held the valuable emeralds and most of the gold. If your customer is really wanting to get the authenticity of the 8 Reales I recommend contacting 'Mel Fisher's Treasure' which is the company that is owned and operated by Mel's sons because if it is a real 8 Reales from the Atocha they are the only legal company to authenticate it because on 1 July 1992 the U.S. Supreme Court ruled that Mel Fisher is owner of all treasure found at the wreck because State of Florida claimed the wreck when they found it and was forcing Mel Fisher in giving 20% of what they found to the State of Florida.
There are several TPGS's that authenticate cobs. I have heard that the Fisher's can tell if a coin came from their wreck and I have seen sea salvage with "Atocha" paperwork. I have also heard claims made decades ago that the genuine treasure was "salted" with counterfeits. Perhaps that is why the Fisher documents are necessary. A TPGS will not put a specific "wreck designation" on the label without paperwork.
There's two things to consider: is it a genuine coin, and is it a coin that was recovered from the Atocha. Just as a coin, one in that condition wouldn't have any value to speak of really even if it is genuine (which I cannot tell based on your pictures). Just as a guess, $200 if you're lucky. And what value there is would be greatly lessened, probably by at least 50% and quite possibly more, because it's been made into jewelry. The other aspect of value is the provenance from the Atocha, what I've always referred to as the "cool factor". Now how much that premium that amounts to, that always depends on the buyer, and the seller. The buyer, well, most buyers of the Atocha coins didn't know squat about coins. And they paid absolutely ridiculous prices for most of them. To say they paid "stupid money" doesn't really come close to describing just how ridiculous those prices were. And the sellers, well they hype things up like some sellers do so as to be able to prey upon the unknowing and their asking prices can vary greatly. I've been in the tourist traps in the Keys, many times, and looked at the coins they offer to sell, sometimes asking as much as $2000-$3000 for them. And the whole time those coins aren't worth but a tiny fraction of that. But those who don't know often pay it anyway thinking they are really buying something. And in some cases the coins aren't even genuine. In other cases it might be claimed the coin has particular provenance - when it doesn't - but the claim is made anyway. As has already been mentioned the Atocha coins came with paperwork when they were originally sold. But many of those who originally bought them didn't bother to keep the paperwork, and in later years they might have sold the coins or passed them on to heirs. But without the paperwork, there is no provenance, and any perceived value (which in reality is minimal to begin with) for such disappears right along with the missing papers. And then there are the cases where the paperwork (just the paperwork) is found by somebody, and sold, and then put with another coin that came from someplace else entirely. And buyers have no idea, no clue, for there is no way, none at all, to say that this coin or that coin goes with this or that paperwork. So where does that leave you ? Well, you have a coin, that has been made into jewelry, and in its condition might be worth $100 or so. But, if you have the necessary paperwork, who knows what it might be sold for. For yes, the famous saying by Mr. Barnum applies Now you don't have to be an expert to know any of this stuff, it's all pretty much common knowledge. And I would never even pretend to be an expert on these coins ! But I did actually know Mel Fisher back in the 70's when I lived in the Keys. And there's a lot that can be said about the man, not all of it good. And I was also the original discoverer of a Spanish galleon from that period myself. Never got rich like Fisher did because I never found the mother lode, just a few coins, her anchor, and two of her big cannons, before I moved away and left the Keys. Point being I do know a little bit about this kinda stuff.
Only possible way to attribute that piece to the Atocha wreck would be to contact the Mel Fisher Maritime Museum and hope they can help. I know some of the stuff was made into jewelry and given to family and friends involved in the discovery so it's possible someone involved will recognize it. http://www.melfisher.org/
To be honest I doubt that coin came from the wreck, or any wreck - it's way to smooth looking. Granted the pics aren't the best, but if you have any experience with silver coins that have been salt water for several hundred years - they don't come out of the water smooth ! That thing should be covered with salt water corrosion - and it isn't.
One Jeweler I was using ...the key word is "was" he mount my cobs, but before he did he make a cast of them...he did several of mine from my 1715 fleet collection. After I found out he no longer got my business.
You got to understand they sit under ten feet of sand which shifts, some coins in shipwrecks get sandblasted and end up breaking. You can go on Mel Fishers website which they sell some of the coins and see that some are exactly like this coin. Yes his coin is in bad shape but it's exactly what Atocha coins with Grade 3 look like. example of a better looking one of his. Not all shipwreck coins are pretty nor can be cleaned and they have to sell them some how. Better pictures would help to see if a mint mark and date is still present on the coin.
Based on the size relative to the loop, I'd say it's more likely to be a 1 real than an 8. Weight would help. Generally the gold is 14k on these and a real world value is $125-150.
Beach wrecks often are sanded smooth , I have a 8 reales from the Johanna went aground in Cape Town SA. Smooth as butter.
BlackBeard_Thatch, posted: "You got to understand they sit under ten feet of sand which shifts, some coins in shipwrecks get sandblasted and end up breaking. You can go on Mel Fishers website which they sell some of the coins and see that some are exactly like this coin." Thanks for the image! The coin below is what some salvage coins look like. I've seen worse. What you need to understand Captain Thatch is the closest the OP's coin got to salt water is if someone spit on it. Of course they sell coins just like the OP's in the Treasure Museum. See if you can figure out how they do it. HO, HO, HO, I'll never tell...
I think it would also be helpful to ask the customer, why they think it is from the Atocha. Also, jewelers clean their jewelry so if they saw the coin as jewelry then they might have cleaned it too. Look for surface hairlines.
I have spent 10 hrs a day, for many, many weeks, on the bottom of the ocean running an air-lift while working a Spanish wreck. Point being I understand a whole lot more than you think I understand.
My 2001ish Atocha purchases (directly from Mel Fisher's gallery) all came with their certificate of authenticity and other paperwork. I've looked at selling them on eBay but the sold prices there were disappointing. When I visited their gallery over 15 years ago they showed chunks of silver coins all stuck together in a tank of water; gold coins, bars, etc I know nothing about preservation and what happens in the environment over hundreds of years. But it's pretty neat to see everything and own some of the history.
At Coins Since 1994, we appreciate all of the helpful information you all have provided. We have shared this thread with our customer. I hope you all enjoyed blowing stuff up last night (4th of July).