I am considering buying this 1857-S taking from the ship wreck of the S.S Central America..But

Discussion in 'US Coins Forum' started by mpcusa, Jan 24, 2025.

  1. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Here's the coin in question

    [​IMG]
     
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  3. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    I like this one and at present I have no ship wreck GOLD in my collection and this would make a great addition and at $6,600 I believe that to be a fair price.

    But what's keeping me from pulling the trigger is not the coin but the holder
    its in horrible condition and I have seen many of the same in this exact condition
    you can't even read the last two lines, I do have the option to beholder the coin
    but I would have to resubmit to not only PCGS but to CAC as well not sure I want to go through all that any thoughts or opinions ?
     
    GoldFinger1969 and 1776 like this.
  5. Marsden

    Marsden Well-Known Member

    Well the holder has been through a lot! What with the hurricane, ship sinking, salt water and whatnot. Consider the damage just additional pedigree! Awesome coin btw.
     
  6. Marsden

    Marsden Well-Known Member

    Yes that was a joke...
    In case anyone really fell for it...
     
  7. Marsden

    Marsden Well-Known Member

    Back here on dry land, I think the CAC risk isn't worth taking. Sure, it's not an A+ slab, but it could seriously be argued that it's patinated in a way that complements the antiquity and especially the history of the coin.

    So I'd keep it and enjoy it. If you buy it, that is. Or chisel another $100 for the slab condition.
     
    GoldFinger1969 likes this.
  8. ToughCOINS

    ToughCOINS Dealer Member Moderator

    I was consulted about a truly eye-popping MS62 the other day. The buyer was quoted $7200, and after looking at it myself I told him I didn't think that price was out of line for such a nice coin. He left the show without it, and later contacted the owner again, and ultimately bought it for $6800.

    There are a LOT of these around.
     
  9. EdGs

    EdGs Member

    I remember reading somewhere that the 1857 S was a pretty rare coin until the S.S. Central America was salvaged.

    I would love to have one, but unless I hit the lottery, it's not happening......lol
     
  10. Dynoking

    Dynoking Well-Known Member

    That's a biggg premium... Do you think the prices will come down when the hopper-la dies down? Or are prices for shipwreck coins fairly stable?
     
  11. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    from what I gather the first coins graded went to PCGS in the late 1990,s so were talking over 25 years ago and the gold color foil they used was a poor choice as many look like they have sun damage with all the fading in the wording.

    As far as value goes I dont think prices are going to come down especially on something so historic as the S.S Central America.
     
    GoldFinger1969 and Dynoking like this.
  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  13. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Have been looking around some more and found this example for roughly 2k more and the holder is nicely done even a little gold dust to boot and in a high63 grade.
    [​IMG]
     
  14. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

  15. fretboard

    fretboard Defender of Old Coinage!

    That would be my concern as well but I truly know nothing about sunken treasures! That said, S.S. Central America is the real deal just ask Tommy Thompson who is still in jail for his greed! :D

    https://en.wikipedia.org/wiki/Tommy_Gregory_Thompson
     
  16. KBBPLL

    KBBPLL Well-Known Member

    How can you verify the cert if you can't read it? Not that I think it's fake, but $6600 is a lot when you can't look it up. It renders the slab kind of pointless.
     
    rte and SensibleSal66 like this.
  17. GoldFinger1969

    GoldFinger1969 Well-Known Member

    The hoopla died down about 20 years ago. :D

    Coins now trade on natural supply and demand.
     
    alhenry92 and Dynoking like this.
  18. GoldFinger1969

    GoldFinger1969 Well-Known Member

    I think you want the gold foil (original), if not that one.

    Doug Winter has some great articles on the SSCA Coins....he's now bullish on them and recommends them after saying to stay away for years.

    Go back to his archived blog and articles...good stuff there.
     
    alhenry92 likes this.
  19. johnmilton

    johnmilton Well-Known Member

    There are so many Mint State 1857-S double eagles available that an AU would be a sort of “bottom feeder” given the number of Mint State pieces which are available. An 1857-S double eagles in AU-55 is on the Grey Sheet for $2,626. You are paying a large premium for the SS Central America source and a CAC sticker. Given that a Mint State piece can be bought for a couple thousand more, I believe that would be a better value.
     
  20. Tall Paul

    Tall Paul Supporter! Supporter

    In the book Ship of Gold Thompson describes the experiments that were performed to discover the best way to salvage the coins without damaging them. They enclosed the coins in latex that was then bought to the surface. The experiments were to find the best formulation for the latex to solidify at the temperatures and pressures where the treasure was located. A block of latex was created and then the coins were removed after the block of latex was brought to the surface. Thompson was very innovative in designing and engineering the technological systems and robotics without which recovery of the treasure could not have happened.
     
    johnmilton and GoldFinger1969 like this.
  21. EdGs

    EdGs Member

    So, Thompson is still in jail?

    That's been for a good while.
     
    alhenry92 likes this.
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