Gold and Silver Coins Recovered from the SS Republic Shipwreck

Many collectors of gold and silver coins value pieces that come with a compelling history. Few additions could be more intriguing than coins recovered from a sunken cache on the Atlantic floor. When the SS Republic wreck was located in 2006, recoverers brought up many gold and silver coins.

This is the account of the disaster, the coins that coin collectors are looking for, and the way collectors could own part of that cache at the time this article was published.

The Day the SS Republic Was Shipwrecked

On October 25, 1865, the sidewheel steamship SS Republic was traveling from New York toward New Orleans. Originally called the USS Tennessee, the vessel already had a notable history. It had crossed the Atlantic to England and returned, and it later carried ‘49ers’ during the California Gold Rush.

That night in 1865, however, the ship carried cargo intended to help rebuild and restock New Orleans after the war. Its load included consumer merchandise, supplies, and numerous gold and silver coins. Passengers, the captain, and the crew were all aboard the SS Republic.

At publication, A powerful and destructive hurricane then struck, and the ship was lost. Passengers and crew managed to reach lifeboats and rafts, but the event remained a devastating loss. Most nevertheless survived and were rescued from rough seas by another vessel, the Horace Beals.

The vessel itself sank, and its valuable cargo went down with it, including the precious-metal coins.

Recovering the Artifacts and Coins

In less than 140 years, against expectations, the wreck had been located.

About 100 miles off Georgia’s coast, Odyssey Marine Exploration encountered the SS Republic wreck. The team used advanced technology to excavate the site. Completing an archaeological recovery at a depth of 518 meters was an exceptional achievement that helped open the path for later deep-sea exploration.

Altogether, the team recovered more than 14,000 artifacts.

Of particular interest to coin collectors, the recovered cache included more than 51,000 United States gold and silver coins. Many of those pieces were in Mint condition, while some had never entered circulation at all.

Across the ocean floor, the recovery team located Seated Liberty half dollars that had been stored in a barrel. The complete recovery project required 12 years.

Displaying the Recovered Treasure

Many Americans first learned the SS Republic shipwreck story through a National Geographic television documentary about the archaeological artifact-recovery project, Civil War Gold.

When this article was originally published, a permanent collection and media presentations were available online. The original article also reported that readers could see these artifacts in person at several places around the country.

Gold and Silver Coins from the SS Republic Shipwreck

For coin enthusiasts, the most compelling part of the Republic wreck may be the gold and silver coins lifted from the Atlantic floor. How were these coins treated after recovery? Which coins were included in the cache? And what ultimately became of them?

Here is that portion of the account.

Conservation and Grading

Once the coins had been raised from the ocean, Numismatic Conservation Services (NCS) assumed responsibility for their professional conservation. NGC identified them as authentic shipwreck coins because their recovery followed sound archaeological practices and included an appropriate chain of custody.

Several gold coins remained in notably strong condition, whereas many of the silver coins were in very poor condition.

Why the contrast? As an inert metal, gold generally remains well preserved in saltwater. Silver coins, by comparison, were usually more damaged because silver chemically reacted with salt present on their surfaces.

NGC then graded every coin recovered from the SS Republic wreck. Some received the special “SHIPWRECK EFFECT” designation, which described saltwater’s effect on the surfaces. Higher-grade pieces carried a letter designation on the label, including “A,” “B,” and “C,” with “A” the highest of those three grades.

Which Coins Were Recovered?

The coins originally stored in the cargo deck had an approximate face value of $400,000 and, at that time, an estimated value of $180 million. Although not every coin was recovered, those found represented about $54,000 in face value. What coins made up this remarkable discovery?

The coins were largely grouped into these categories

• $10 Coronet Eagles
• $20 Coronet Double Eagles
• Seated Liberty Silver Half Dollars
• Capped Bust Half Dollars
• Silver Quarter Dollars

Many MS-60+ coins were recovered, along with certain rarities, including the 1853-O “Rays and Arrows” half-dollar.
Analyzing Seated Liberty Half Dollars

This group included a distinctive type of rare coin: Liberty Seated half dollars from the New Orleans Mint, struck in 1861. Notably, Liberty Seated half dollars were minted that year for three governments or governmental entities: the Confederate States of America (CSA), Louisiana, and the New Orleans Mint. Because of their scarcity, CSA coins generally command the highest premiums.

Before this recovery, numismatic specialists had struggled to determine which entity produced the 1861-O coins. Yet the large quantity of Liberty Seated half dollars recovered from the SS Republic wreck allowed coin-grading professionals at NGC analyzed the shipwreck coins.

NGC’s team could identify the variations and establish which government’s dies were used for the different coins. During that work, NGC graded a complete 17-piece set representing each die variation. That set and 28 other rare coins are displayed at the Louisiana State Museum.

Where Could SS Republic Shipwreck Coins Be Obtained?

Because the discovery and recovery yielded so many coins, obtaining a personal piece of the SS Republic shipwreck was not especially difficult at the time of publication.

At the time this article was published, Atlanta Gold & Coin Buyers sometimes received specimens that had been graded, encapsulated, and sold in sets. Some carried the Shipwreck Effect designation and others did not, but each was identified as originating from the SS Republic shipwreck.

When this article was originally published, readers wishing to add attractive shipwreck coins to a collection were invited to view our eBay store, where shipwreck coins and other certified coins and items were usually listed.

At publication, the original article stated that Atlanta Gold & Coin did buy gold and silver coins for shipwreck coins sellers. It described the pricing as reasonable and transparent, so buyers and sellers would receive a fair price.