The sea yields up more gold. Civil War shipwreck, SS Republic, gives up its Golden Secret
A Tampa Company, Odyssey Marine Exploration Inc. has searched the depths of the ocean 100 miles east of Savannah for over 10 years, seeking an old wreck from the Civil War days, this ship SS Republic, was carrying a cargo which included gold coins.
The Company's diligence at last rewarded, divers recently have uncovered 80 gold coins, and at least, two wooden crates of gold coins, from the sediment at the site of a Civil War shipwreck.
It is believed this latest treasure extracted from the ocean floor came from the position where the side wheeler SS Republic went down in 1865, during a hurricane. Contemporary newspapers reports put the passenger list between 59-81, with up to 17 people dying in this disaster.
As we oft times read "Watch this space!"
See the National Georgraphic Article, "Sunken Republic Treasure May Be Most Valuable" Another National Geographic Article dates 1 December 2003 "Shipwreck Gold Found off U.S.—Worth $180,000,000?" See also "Famous Wrecks Worldwide"
Update on Civil War Wreck SS Republic. 15th. January 2004.
Odyssey Marine Exploration, Inc. have signed an agreement with Atlantic Mutual Insurance Company ( the Insurers who became the subrogated owner of both the hull of this ship and her cargoes. ) This agreement transfers any and all ownership rights Atlantic has or will have to Odyssey for the sum of $1,600,000. In addition, Atlantic will pass over to Odyssey copies of all research and data in their possession about SS Republic. Odyssey's CEO, John Morris indicated that this is the first agreement of its kind.
SS Republic en route from New York to New Orleans in 1865, sank after fighting a hurricane over two days, at that time, records show she carried " $400,000 in specie." She lays some 1,700 feet below the surface of the Atlantic Ocean about 100 miles off the coast of Georgia.
Amongst the coins recovered already are numerous gold eagles, gold double eagles, and silver half dollars, nearly all dating between the early 1850's and 1865. The Numismatic Conservation Services have conserved recovered coins and these have been graded by Numismatic Guaranty Corporation, this particular collection may already include several finest known examples of US gold and silver coins from this period.
Although several thousands of coins have been uncovered in this current excavation, it is still too early to predict what the total value of the shipwreck and its cargo may be. But it would appear, Oddysey are sufficiently confident of the final realisation value from SS Republic, to punt the considerable amount of $1,600,000 to secure the end prize.