Shipwreck Coin - A Plus Or Minus

I have mixed feelings on it. One of the reasons that I like coins is for the history behind them. You have to admit that a shipwreck coin has an interesting history that comes with it.

However, I don't think that I should have to pay a premium for that history. Many of our coins have amazing history behind them that you don't have to pay for - it just comes with the territory. The only difference with a shipwreck coin is that you know the details of what that particular coin was put through - neat, but not worth a high premium in my book.

Ahhh C'mon gang,
Ya get a free video and lovely brochure for all that extra dough!!
LOL.......Actually, those guys call my house 10 times a month......I have not purchased anything to date but they sure came close a couple times!!

ND it is really good to see a dealer with some common sense! I understand your goal is to HAVE what your customers want but there are times when a GOOD dealer will not have items from the world of junk or the world of hype and whether a collector realizes it or not that dealer IS DOING HIM/HER a really big favor. At times it is really hard to avoid getting caught up in the hype and a patient man/woman usually comes out the winner. You are a lot like my dealer and good old fashioned HONESTY is not readily available on the open market any longer. You have my respect!

Let's take the Titanic example I posted above...what if they found some nice ____ coins from deep within the ship. Maybe they were John Astor's coins. They get recovered. Some enterprising person thinks, "Hey, I'll get ____ grading service to slab/certify these Titanic finds and see what the market would bear."

Now, I would not have interest in them, but believe me, there would be a whole lot of people that would pay many times over typical Red Book values for them.

Me...I think it would be cool if they recovered a 1912 Lincoln Cent. Of course the salt water would have done a number on it, but talk about dating the coin to the event!

When Mel Fisher found the Atocha near Key West, all of the coins that were recovered either ended up in his museum (which is a must to see if you are in the Keys) or were sold with "certificates of authencity" for serious dollars.

Ahhhhh...capitalism...what a country!

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Originally posted by crystalk64

ND it is really good to see a dealer with some common sense! I understand your goal is to HAVE what your customers want but there are times when a GOOD dealer will not have items from the world of junk or the world of hype and whether a collector realizes it or not that dealer IS DOING HIM/HER a really big favor. At times it is really hard to avoid getting caught up in the hype and a patient man/woman usually comes out the winner. You are a lot like my dealer and good old fashioned HONESTY is not readily available on the open market any longer. You have my respect!

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Thank you for the compliment. It is very much appreciated. For those that know me, it is always the education that inspires and drives me. The buying and selling just provides the vehicle for me to accomplish that.

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Originally posted by national dealer

We have bought and sold coins from both of the big recoveries in recent years, and in my humble opinion they are not worth the extra money. With the exceptions of some of the truely hard to find dates, most of these coins can be found at a third less in price without the pedigree. Same logic works with all the major pedigrees though. For example, a slab marked with Bass on it, brings a nice 20 to 40 percent increase. Now this is all fine and dandy with key dates, condition rarities, or really tough to find, but paying too much for an 1881-S Morgan just to see the pedigree is just plain silly to me.

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I'm not sure I'd turn down a chance to buy a PCGS slabbed double Eagle with USS Republic on it as its provenance IF I had the money, which I dont. Such a coin has high historical value and is well known, so I wouldn't have any problem turning it over if necessary. I think it would be in the same league as an Eliasberg coin: high prestige, a cut above another coin of the same date and grade. Further, with a shipwreck like the Republic, there haven't been all that many recovered (maybe 10K?), so it's not like they're a glut on the market.

A thought just occurred to me: could a registry set be made of shipwreck coins? Might be tough defining such a registry.

You know ND,

This whole thread could be changed into a very interesting movie. The Legend of the Lost Dollars.

Imagine this. An old sailor dies and in his effects a piece of a note is found that describes a small chest containing the rare 1804 dollars. It starts to show where the ship went down BUT. There are two other pieces needed to find the dollars.

Now I can see murder, sex, and supense as the hunt begins and other people start getting involved in the search. GREAT Uh...?

catman

Okay guys stop giving me ideas. I have too many projects now. Get me started on reality tv and finding lost treasures and I will never get anything done.

For anyone who is visiting the east coast, swing by the beach just south of Rehobeth and you will find what the locals call "coin" beach. After any good storm Spanish cobs and reales wash onto the beach.