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 Replies: 18 / Views: 3,848 |
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Press Manager
 United States
1420 Posts |
Numismatic News - The S.S. Central America, the famous "Ship of Gold" that sank in 1857 carrying tons of California Gold Rush-era treasure, continues to reveal astonishing numismatic surprises. The latest find is an extremely rare mint condition 1856 San Francisco Mint Liberty Seated silver dime that is now tied for finest known and described as a "miracle" coin by one of its discoverers.  Retrieved from the S.S. Central America, this top rarity 1956-S dime is now graded PCGS MS65 CAC, tied for finest known. (Image courtesy of Professional Coin Grading Service) Recovered in 2014 with thousands of other dimes in the ship purser's iron lock box but only recently examined and cataloged, the coin now has been graded PCGS MS65 CAC. It is one of only two known at that grade and with none higher. "The 1856-S dime has an incredibly rare mintage of only 70,000; a mere $7,000 in face value. In fact, the Professional Coin Grading Service Population Report indicates only 11 uncirculated 1856-S dimes that weren't put into circulation or melted! This example stayed pristine with full luster after a century and a half in the ocean environment," said Dwight Manley, Managing Partner of the California Gold Marketing Group (CGMG). "It is among the crème de la crème, the best-of-the-best of coinage from this amazing sunken treasure," stated Manley. CGMG acquired all the coins retrieved in 2014 from the fabled S.S. Central America as well as most of the coins found in 1980s recovery expeditions. The group took possession in January 2018 of the sunken treasure recovered in 2014, and a meticulous coin-by-coin, ingot-by-ingot examination has continued since then. Read the entire article
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Pillar of the Community
United States
4692 Posts |
That's the risk of ultra-rare coins. This one has now doubled the number in MS-65 and typically finds like this tend to drop the value. For instance, the 1903-O Morgan dollar value took a steep drop in price once the GSA hoard was released. |
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Bedrock of the Community
13014 Posts |
Quote: This one has now doubled the number in MS-65 and typically finds like this tend to drop the value. For instance, the 1903-O Morgan dollar value took a steep drop in price once the GSA hoard was released. There's a huge difference between an ultra rarity and ANY Morgan. No business strike Morgan was ever actually rare, and huge numbers were released. There's a better chance of winning powerball twice than there was of finding that dime in MS condition much less top pop condition. It isn't doing the other one any favors, but things like that can get bought and dissappear from the market for generations and there's certainly no danger of it crashing prices like with the Morgan bags |
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Bedrock of the Community
United States
94367 Posts |
No argument, but investing in this coin doesn't seem like a good bet.  |
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Bedrock of the Community
United States
12057 Posts |
Compared to what, the people investing $100 or more in 2019-W mintmarked business strike quarters in MS65-MS66 holders?
The performance of ultra-rare coins continues to shine, with records being broken every year.
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Bedrock of the Community
United States
94367 Posts |
 But, I think, I will not pursue this one.  |
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Pillar of the Community
United States
3343 Posts |
I'm no great fan of dimes, but that is a nice one. How it survived that seawater is a mystery.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
06/29/2019 07:14 am
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Bedrock of the Community
United States
17884 Posts |
Very deep, low oxygen levels, and cold.
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Pillar of the Community
 United States
3098 Posts |
That is amazing that a silver coin survived in such a condition.
That photo of the bag that contained the dimes is every collector's dream. Just imagine coming across that and getting to go through it!
Paul Bulgerin
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Pillar of the Community
United States
9792 Posts |
Was just listening to the Coin Show podcast with Mike and Matt, where they discussed this coin at length, nice to see a photo of it along with the discovery bag, and wow is it ever as nice as any MS65 I've seen yet, they weren't jokinging saying this coin was pretty spectacular.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Moderator
United States
15437 Posts |
Very nice eye appeal - a lovely coin indeed. Quote:
How it survived that seawater is a mystery. The full length article agrees with Conder101: Quote:
That big bag sat in the dark, cold, swampy, anaerobic (lack of oxygen) interior of an iron safe for 157 years. Take a look at my other hobby ... http://www.jk-dk.art |
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Pillar of the Community
United States
789 Posts |
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Pillar of the Community
United States
1613 Posts |
With the number of these coins entering the market has anyone noticed a price shift on some of the top grades? By the question I'm referring to all of the denominations.
ANA member - PAN Member - BCCS Member There are no problems only solutions - the late, great John Lennon
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Bedrock of the Community
United States
12057 Posts |
I suspect any drops in market value have been correspondingly offset by increases in value driven by the pedigree (cf. Saddle Ridge Hoard gold for instance)
Member ANA - EAC - TNA - SSDC - CCT #890 "Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis |
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Pillar of the Community
United States
3343 Posts |
I can understand how cold anaerobic conditions would protect gold coins. But in my experience salt water eats up silver, and doesn't need any oxygen to do its damage. Perfect shipwreck Spanish silver is rare.
Ballyhoo, the coin to compare is the 1857-S double eagle. Every TV coin dealer has a pile to sell. Heritage sold an MS-64 for $16,500 in 1994 before the beginning of the hoard recovery, when the coin was genuinely scarce. Now that it is extremely common (PCGS survival of 1904 in MS64) I would expect a price much lower than the $9500 PCGS lists, or the $15,000 the TV hawkers ask. The 1857-S is now as common as a 1907 in MS-64, which prices at $2200, and more will be recovered.
But a 1907 doesn't come in a nice holder with a picture of a ship and a pinch of gold flakes....
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
07/01/2019 1:46 pm
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Bedrock of the Community
United States
17884 Posts |
Quote:
I can understand how cold anaerobic conditions would protect gold coins. But in my experience salt water eats up silver, and doesn't need any oxygen to do its damage. Perfect shipwreck Spanish silver is rare.
Most (if not all) recovered Spanish shipwrecks are in much shallower water, with much higher oxygen content and warmer temperatures. |
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Replies: 18 / Views: 3,848 |
Posted 06/28/2019 7:19 pm
