SS Republic Shipwreck Coins

They were mostly New Orleans Seated half dollars with AU detail. They were priced at multiples of their numismatic value and most were obviously showing the "shipwreck effect" (i.e. porosity and micro-pitting from seawater corrosion). The packaging was elegant and the historical background was pretty cool but those features came at a steep price; about $800 as I recall.

If collector demand had exceeded the supply there might have been profit to be made, but it didn't and there wasn't. If you want one now I think they are available at maybe half their issue price. Since I'm not that interested in shipwreck souvenirs or corroded half dollars the price would have to drop another 75% before I'd consider it reasonable.

Thanks all, I was looking at a slabbed 1861-O half with AU details. The seller wants $500 for it.

I'm not a fan of treasure salvages in general, but this particular wreck appeals to me for a few reasons. 1- The ship was built in Baltimore, which is where my family had established itself as late as the 1850s. 2- My g. g. grandfather was a schooner captain throught the War for Southern Indepenece, and was said to have been a private blockade runner. Given the SS Republic was once a Confederate blockade runner,...the history is just appealing. But I don't think $500 appealing at this point. THanks for all the input

The problem with shipwreck coins is that a date that used to be rare suddenly is flooding the market with hundreds or thousands of high grade examples.

Normally, this would mean a drop like $1500 to $30, as happened when a batch of 03o Morgans hit the market.

Instead, the promoters price them at a premium for their "history", so when buyers go to sell them, they lose both the premium plus the discount they should have sold for.