Joined: 10 Oct 2004
Location: New York
|Posted: Thu Oct 21, 2004 8:45 pm Post subject: The Most Valuable Treasure Recovery? A Brief History
|There have been more than a few statements that the SS Republic/Tennessee (1865) will be the largest recovery of all time, better than white bread.
There's a good deal of, to be polite, puffery in this business, but to give you some perspective, here are just a few noteworthy, true treasure ships:
- SS Egypt
about 10-tons of silver and 5-tons of gold bars as well as a large amount of sovereigns! In 1922 a fortune estimated at £1,054,000
that's approximately $5 million when gold was $20/ounce, about $100 million today.
- SS Laurentic (WWI), 5 million pounds sterling, $25 million, when gold was $20/ounce, $500 million today.
- SS Niagara (WWII)
In June, 1940, when the 13,415-ton S.S. Niagara, on passage from New Zealand to Vancouver, hit a mine thirty miles from Whangarei she took with her to the bottom £2,500,000 worth of gold bars (8 tons) destined to pay for war material from the United States. The marine salvage men brought up from a record depth £2,360,000.
That's $12,500,000 when gold was $35/ounce, $142 million today.
- SS Edinburgh (WWII) - 5 tons of gold, $64 million today.
- SS Central America (1857) - $1.9 million, $20/ounce, that's $38 million in today's gold value. Coin value (as you know), would be higher, but is DIRECTLY comparable to SS Tennessee.
- SS Republic/Tennessee (1865)
$400,000 face value, $20/ounce, $8 million (coin values much higher)
- RMS Republic (OUR 1909 Republic, the BIG unknown)
$3 million eagles, $20 ounce, $60 million today (coin values much higher)
$265,000 Payroll, $20/ounce, $5.3 million (coin values much higher)
15 tons gold bars, " , $192 million
304 thousand troy ounces silver, $1.5 million
Relief Shipment, passenger valuables, unknown ...
Of course, nothing succeeds like success. RMS Republic's treasure is illusive ...