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Found Treasures: The S.S. Central America Gold Coinage And Bars

Found Treasures: The S.S. Central America Gold Coinage And Bars

By Jeff Garrett

Q. David Bowers, my fellow Redbook editor and legendary dealer and writer, once told me that the two biggest numismatic events of all time were the release of the United States Treasury hoard of silver dollars in the 1960's and the discovery of the treasure-laden S.S. Central America in the 1980's. It's hard to argue with his assessment, as these two events changed the landscape of coin collecting when they occurred. The discoveries were the King Tut events of their day. 

What was the S.S. Central America?

The S.S. Central America was a steamer ship that sank during a hurricane in September of 1857. The ship had been carrying gold that had been freshly secured from the goldfields of California. The gold was in every form possible from the era- gold dust, gold nuggets, coins, and ingots (many of which were massive). It has been estimated that the ship carried over $2.6 million in gold (in an era when gold was valued at just $20.67 per ounce). Much of the gold was bound for the coffers of the U.S. Treasury, and the loss contributed to the panic of 1857.  

The loss of the gold had serious consequences, but the loss of lives was equally profound. Of the 578 passengers and crew, nearly 425 perished. It was one of the worst maritime disasters in American history. 

What happened to S.S. Central America?

In an epic battle of survival, the crew and passengers fought the sinking during an intense hurricane from September 9th until the ship sank below the waves on the morning of September 12th. During the storm, another ship was miraculously able to rescue 153 (mostly women and children) into lifeboats. Later, another 50 were pulled from the waters by another passing ship. 

Where was the S.S. Central America found?

The ship sank off the coast of the Carolinas in over 7,000 feet of water and lay undisturbed from its watery grave for the next 130 years. Finding treasure at such a depth was unthinkable until the 1980's, when new underwater exploration technology made the search and recovery possible.

SS Central America Sinking Location MapSS Central America Sinking Location Map

S.S. Central America: The Ship of Gold


The story of the sinking of the S.S. Central America, its links to the California gold rush, and its later discovery in 1988 are indeed an epic tale. Several books have been written about the misadventures of the S.S. Central America, my favorite being The Ship of Gold in the Deep Blue Sea by Gary Kinder. This amazing work of nonfiction tells of the personal tragedy and epic battle fought by the passengers. The book later fully explores the search and ultimate discovery of the ship and its hidden treasures. One of the most poignant stories involves one gold miner on his way back from the goldfields who tosses his now seemingly worthless bags of gold onto the ship deck, realizing his fate has been sealed, and money no longer has value. The story of the S.S. Central America rivals, if not exceeds, the drama of the Titanic.

SS Central America: The Ship of Gold in the Deep Blue Sea by Gary KinderSS Central America: The Ship of Gold in the Deep Blue Sea by Gary Kinder
Gary Kindler's The Ship of Gold in the Deep Blue Sea

After the bulk of the gold and other artifacts were recovered in the late 1980's, nearly forty insurance companies filed a claim to the treasure, stating they had paid damages in the 1850's and were entitled to the recovered treasure. After a nearly ten-year battle, the insurance companies finally settled for about 8% of the gold in its various forms. The Columbus-America Discovery Group of Ohio, led by Tommy Thomson, spent millions in legal fees fighting the insurance companies.  

In 1999 Sotheby's auction house offered the insurance companies a share of the treasure recovered from the S.S. Central America. I personally attended the sale and bought large quantities of gold dust and nuggets. I was fascinated by this portion of the treasure, as this was the only gold nuggets that were documented to have been found by Forty-Niners. These were a tangible and affordable link to the California gold rush. My partners and I had over 10,000 units certified and holdered by Professional Coin Grading Service (PCGS). These still regularly appear on the market. 

Although there was an array of numismatic material found on the S.S. Central America, the coins stunned the most, as there were literally piles of gold double eagles. These had been freshly minted in the newly established San Francisco Mint. Over 7,000 gold coins were found in the initial discovery by Tommy Thompson and the Columbus-America Discovery Group. An additional 3,000 plus gold coins, plus other artifacts, were recovered by Odyssey Marine Exploration in 2015.  

Most had been struck in 1857, with some earlier vintage coins represented. Because gold does not corrode like silver and copper coinage, the coins were as glittering as the day they had been struck in 1857. Photos from the treasure as it lay on the ocean floor, piled in rows as they had been deposited, were a numismatic dream come true. As mentioned above, the images were as exciting for the team that discovered the gold as Howard Carter must have felt when first seeing the treasure of King Tut in 1922. 

The 1857-S double eagles are one of the most important tangible artifacts of the California Goldrush. The coins are included on the list of the 100 Greatest United States Coins, my most popular book that is now in its 5th edition. For anyone new to the hobby, the 1857-S double eagles from the S.S. Central America are one of the first coins I recommend. After reading the book Ship of Gold in the Deep Blue Sea, they become a "must-have" addition to their collection.

1857-S double eagles from the S.S. Central America1857-S double eagles from the S.S. Central America

The other staggering artifacts from the S.S. Central America were gold bars produced by assayers of the gold rush. Over 500 gold bars were recovered during the two expeditions, the largest being nearly 1,000 ounces in size (17,433.57 value in 1857). This gold bar, nicknamed the "Eureka Bar," sold for over $8,000,000 privately. Prior to the discovery of the S.S. Central America, the only surviving bars from the gold rush were less than 1 ounce in size. The gold bars show up at auction on a regular basis, but at over $100,000 each minimum, they are out of the reach of most collectors.  

SS Central America Gold Bars IngotsSS Central America Gold Bars Ingots

One of the final stunning mysteries of the gold from the S.S. Central America was revealed recently when Numismatic Guaranty Company (NGC) conserved and encapsulated 123 double eagles from the treasure. The coins had been found as they lay from an original box used for shipping in 1857. The coins had been fused together in a concretion until carefully removed by the expert conservation team of NGC. Most of the coins were dated 1857, many of which were in nearly perfect condition. One example graded Mint State 67 + and is one of the finest from the entire hoard found. NGC created a special label for this final release, and supposedly the coins all sold out within days of being offered. 

The SS Central America: The Story Of America's Greatest Gold Bars and Coins Treasure ShipThe SS Central America: The Story Of America's Greatest Gold Bars and Coins Treasure Ship
SS Central America Gold Coins Box Double EaglesSS Central America Gold Coins Box Double Eagles

More Deep-Sea Secrets of the 'Ship of Gold' to be Uncovered?

The saga of the S.S. Central America treasure is an ongoing tale of tragedy, greed, and human drama. The discoverer of the S.S. Central America, Tommy Thompson, allegedly defrauded the original investors from the 1980's and has been sitting in jail for contempt charges since 2015, the longest on record for such a charge. He refuses to reveal the whereabouts of gold coins supposedly in his procession. At this point, it's not hard to imagine that the stress of nearly 35 years of legal battles has taken its toll on the pioneering explorer.  

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