Shipwreck coins of the SS Republic

I did a search and did not find a discussion of this topic so here goes...

Recently, the coins from the SS Republic shipwreck were made available for purchase to the public. They are not exactly inexpensive to put it mildly...The least expensive coin I've seen so far, an 1858-O Seated Half, certified by NGC, sells for around a thousand dollars.

I discussed this with the local dealer here in town today and his opinion is that it is insane to pay that amount for these coins. I can't disagree with that but, I must ask...

Will these coins eventually become more reasonably priced or will they continue to increase in value as the supply becomes more scarce?

I know that no one has a crystal ball and can accurately foresee what is going to happen but I would enjoy reading some of your opinions regarding these coins.

The fact that these coins were retrieved from a shipwreck in 1865, 100 miles off of the Georgia coast is fascinating to me, but, $1000 dollars, for a single coin is somewhat steep. I can't go for that. No can do.

Thanks for your thoughts.

 

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Well this is not the first set of coins to be recovered from the merky ocean floor. The SS Central America was the biggest up to the discovery of this ship. The SS Brother John before that. With each wreck, new and exciting coins are offered to the public. While these coins fetch outstanding numbers, their values fluxuate with all coins. Many of the gold pieces recovered from the Central America are now trading at much lower levels than issue price.
I have been recommending that my customers stay away from the majority of these coins. A few are certainly rarities, and these will command a premium always.

 

Goldeagle, what was the grade on the coin? It will be interesting to know what the "pedigree premium" is.

 

Most are mint state. Nothing to write home and brag about.

 

Hmmm, it seems like a lot of hype to me. It should eventually drive down the prices of the coins recovered just because there is now a bigger supply.

 

The coins I've seen so far haven't been graded, only certified by NGC with "Shipwreck Effect" written on the label.

Here is a link with some info and history about these coins...

http://www.govmint.com/countrylistings/northamerica/usa/SS_Republic.aspx?shipwreck-treasure-coins

 

The coin pictured appears to have a very "cleaned" look with no original mint luster. However, because NCS cleaned the barnancles off them, they get graded by NGC. I guess that is the "shipwreck effect". Yuck!!
I wonder if PCGS would bodybag them?

 

The slave ship turned pirate ship "The Whydah" sank off the coast of Cape Cod in 1717. It was found in 1984 by Barry Clifford. Some of the coins are on display at the Whydah Museum on Cape Cod. The actual value of the haul is a mystery. None of it is for sale to the public.

 

The company that recovered these coins has a deal with the "Shop at Home Network" and recently introduced them on that program's "The Coin Vault."

The following excerpt is taken from The Coin Vault web site...

That means 77.3 percent of these coins haven't been found so the price of the remaining coins will depend exactly on how well the first 22.7 percent of them move at what price.

I think I will hold off for a while and watch what happens with the price of these coins.

 

Well, if they are on "the Coin Vault" then you know for sure you are paying too much.

 

No doubt about it.

There is a seller on ebay attempting to auction these coins too. I haven't seen a bid for these coins yet that has met the guy's reserve.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&category=11970&item=3914080973&rd=1&ssPageName=WDVW

I wonder if he is starting to sweat it, a little...

 

I have moved a number of the SS Central America pieces and here is my opinion...

1. The premium this coins demand is worth it only to the extent that you perceive there to be a tremendous historic value in addition to the normal numismatic value of the coin.

2. The coins are not good investments. In all likelihood, their value will decrease over time.

3. Every time a new wreck is found with gold coins, the novelty of every wreck is decreased, thereby negatively effecting the value of what is already on the market.

Personally, I am very careful in handling these coins as a dealer. When I have, I have purchased them and attempted to move them relatively quickly. I do not hold them in inventory for fear of price fluctuations.

 

Wow!! Look at that fancy case!!! Boy, if that is not putting lipstick on a pig, then I don't know what is!!

 

SS Central America coins sold in a similar wood case as well. Although the color of this lipstick looks a little better.

 

I have moved a few Central America pieces also, and still don't believe that they warrant the price. But who am I to tell someone what to pay?

 

The Red Book value of an 1858-0 Seated Half is around $400.00 in MS-60. I have a promotional DVD for these pieces, which is a National Geographic Explorer episode, documenting the history of the SS Republic shipwreck and the salvage of the cargo.

The coins recovered were restored to their original condition by NCS or the efforts were made to restore them to their original condition. Are they now considered to be "cleaned", technically, and would this ruin their numismatic value as far as grading them MS-60, for example?

National Dealer, cdcda...

Would you be willing to guesstimate how much dealers would have to pay for these pieces? Certainly not $999.00, would they?

On the DVD one of owners of the salvage company says that he expects the gold pieces found from this shipwreck to command around $7000 per coin.

 

My big problem with Coin Vault on ShopatHomeTV is that the bimbos who sell coins with P.T. Barnum are selling cookware and clothing on the next show. Absolutely no creditability here. Some of those women need to put on more clothing than skirts up to the crack of their butts. It might lend a little more professionalism to the act. Please be very careful purchasing any coins from the TV shows. The guy over on HSN (Mike Mesack(sp?), and Alan Skantz (another cookware and exercise equipment pitchman), on Friday nights, also seems to inflate the coin prices and exaggerate the scarcity of almost every coin they sell. The coins must not be selling, as they have some of the same old coins back week-after-week. Any one for gold plated state quarters, layed 7 times in 24 kt gold. HAHAHA.

Has anyone noticed that all coin shows are aiming their products at grandma and grandpa, and telling them to purchase the products for the grandkids. "Any time you have the whole set of anything, it is more valuable!", they tell their audience."

Everyone, please be a wise coin shopper!!! Jim

 

It would seem to me that cleaning off a coin from a ship wreck basically erases all the history? The coin becomes just like every other coin from that period.