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In addition to the seated liberty half dollars, eagles, and double eagles, there were also a few other coins recovered from the shipwreck. Among the lesser known coins recovered were a number of capped bust half dollars, two silver 25-cent pieces, and four silver British florins (i.e. one-tenth of a pound).

There were between 10-15 examples of the capped busted lettered edge and capped bust reeded edge half dollars with the dates ranging from 1831 to 1839.

The two silver 25-cent pieces were an 1857 Philadelphia coin and an 1859 New Orleans coin. Both were of the seated liberty design. The four silver British florins dated 1859 were of the Gothic type.

The British florins were sold early on, but as of a few years ago, Odyssey was apparently still holding on to the bust half dollars based on a private conversation with officers of the company at the ANA show in Milwaukee in August 2007.

Selling a Piece of History

Many of the over 47,000 Seated Liberty half dollars recovered were distributed widely by a network of coin dealers, collectible companies, and home shopping networks. Some were sold to collectors, but many others were sold to non-collectors who just wanted to own a piece of history. The quantity of these coins is so huge that the vast majority of the coins are still in possession of Odyssey several years after their recovery. You can still find examples for sale in the inventory of many dealers or direct from Odyssey.

The Auction

The first public auction appearance of SS Republic gold coins occurred on April 8, 2005. A Bower’s and Merena auction at the ANA’s National Money Show in Kansas City offered a small sampling of $10 gold eagles and $20 gold double eagles that were recovered from the shipwreck. Surprisingly, few of the top graded coins by date and mint mark made it into the auction, and even then, only one out of multiple coins in the top grade.

Private Treaty Sales

Odyssey apparently learned the lesson on how to release rare gold coins into the numismatic marketplace without depressing coin values too much. They were able to learn from the mistakes of previous shipwrecks such as the SS Central America and the SS Brother Jonathan. The SS Republic gold coins were released in multiple groups over time. The market would absorb each group before the next one would be released.

The vast majority of the top graded coins from the SS Republic were distributed to dealers such as Monaco Rare Coins and Blanchard. These dealers in turn sold the coins via private treaty sales to collectors. However, it was not only collectors that purchased these coins, but investors as well. As a result, many of the same coins have been bought and sold multiple times in private treaty sales.

It was through these private treaty sales that A.C. Dwyer was able to secure 18 of the top graded $20 gold double eagles for The Arlington Collection. These included the only examples of the 1860-O and 1861-O double eagles recovered with the 1860-O being the only example of any source being graded mint state.

Hurricane Katrina

Ironically, another hurricane 140 years later would strike the SS Republic as well. In August 2005 Odyssey Marine Exploration opened a museum in New Orleans to showcase the treasure of the SS Republic, as well as the technology to recover it. Literally within hours of the opening of SHIPWRECK! Pirates & Treasure, the infamous Hurricane Katrina devastated New Orleans causing the permanent closing of the museum in New Orleans. The museum would eventually reemerge as a traveling exhibit making appearances at various locations around the country such as Tampa, Oklahoma City, Detroit, and Baltimore.

Sources

Bowers and Merena (Firm). Treasures of the S.S. Republic: auction sale, April 7-8, 2005, at Kansas City, Missouri. Irvine, California: Bowers and Merena, 2005.

Bowers, Q. David, "The SS Republic Shipwreck Excavation Project: the Coin Collection," Odyssey Marine Exploration Papers 7. Tampa, Florida: Odyssey Marine Exploration (2009)

Vesilind, Priit J., "Lost Gold: Bounty from a Civil War Ship," National Geographic (September 2004)

Vesilind, Priit J., Lost Gold of the Republic: The Remarkable Quest for the Greatest Shipwreck Treasure of the Civil War Era. Las Vegas, Nevada: Shipwreck Heritage Press (2005)