S.S. New York Steamer Rare U.S. Coins Recovered From Shipwreck

After 161 years, the S.S. New York shipwreck has been recovered off the Gulf of Mexico. The ship was carrying an incredible treasure hoard of some of the earliest and rarest gold coins minted in the U.S. Southern Mints. Valued at over $1 million dollars, the U.S. gold coins will be released to the American public.

Amazingly, the coins on board the S.S. New York were some of the oldest gold coins struck at the long-closed and little-known Southern Branches of the U.S. Mint. Experts report that the discovery includes some of the finest known Pre-Civil War half eagles and quarter eagles in the world. Recovered from this historic 1846 shipwreck were coins struck during America’s first gold rush starting in 1803 in the Blue Ridge Mountains of North Carolina and during the next gold rush in the Cherokee hills of Georgia in 1828.

The recovered treasure also includes $10 Gold Eagles, as well as the $2.50 and $5.00 pieces issued by the Southern Mints of New Orleans, Charlotte, NC and Dahlonega, GA. These coins bear the mint marks of O, C, and D respectively and enjoy a strong base of American collectors. The latest reports are that some $10 Eagles were minted in New Orleans and others in Philadelphia.

Austin Rare Coins is proud to announce that we will again be among the first U.S. coin firms to release these authentic, shipwrecked coins from this extremely rare and valuable collection from the S.S. New York Shipwreck. In the past, the Austin Buying Trust was able to procure and release shipwreck coins directly to our Preferred Collectors. A brief listing of those releases includes:

• Seated Liberty Half Dollar 1861-O “S.S. Republic”
• 1857 “S” Shipwreck Gold Coins “S.S. Central America”
• 1858 “S” $20 Liberty Shipwreck Gold “S.S. Republic”

In 1846, news of the shipwreck was lost among stories of the Mexican-American War battles. Let’s put the shipwreck in its historical context. The Republic of Texas had only become a state a few months before the shipwreck. Texas was still America’s wild western frontier and settlers were still fighting Indians. There were few newspapers those days and the mail moved slowly by stagecoach. With the vast distances and the relatively low loss of lives, news of the shipwreck of the S.S. New York received little fanfare. Far more men were dying on the battlefields as America fought to defend Texas.

As a result, this was a shipwreck that was apparently overlooked by salvage firms. It wasn’t until 144 years after the shipwreck that a Louisiana oil field worker and an amateur diver read a newspaper article about the sunken ship and decided to start looking for it. As unlikely as it seems, the oil field worker used his electronic fish finder equipment and research gained from shrimpers in the area, to find the exact location of the shipwreck. For many decades, maps of the area in the Gulf of Mexico labeled an area in the water that was dangerous to dragging shrimp nets as “snag.” The snag proved to be the remains of the 160 foot steamer’s paddlewheel, smokestack, and heavy boilers.

The discovery of the S.S. New Yorker shipwreck led to excitement recently at the prospect of finally recovering some of the lost gold and silver coins minted before 1846. No doubt, the coins around the shipwreck would be worth a small fortune– sure to be highly prized by coin and shipwreck artifact collectors alike. At first, a contractor was hired to remove all of the sand from the hull of the ship, but barely any coins were found. Luckily, the oilfield worker appreciated the historical significance of the site and would not allow the contractor to demolish the wreck. Divers again examined the site in 1997 and 1998, but no one was able to find the lost silver and gold coins.

Finest Known Southern Gold
Finally, in 2007 the remains of the S.S. New York were explored again by the original discoverers in a full-scale salvage operation. Craig DeRouen, Avery Munson, and Gary and Renee Hebert (pronounced “a-bear” in Louisiana) had wisely obtained rights to the shipwreck from a federal court, including ownership of all the rare and valuable coins that might be rescued. The operation proved to be quite a success for the treasure hunters– the coins were finally uncovered and carefully brought to the surface.

After the recovery of coins from the S.S. New York Shipwreck, the Numismatic Guaranty Corporation (NGC) was chosen to certify the authenticity and grade each coin individually. Each one will bear the official designation of “S.S. New York Shipwreck.”

Thankfully, gold coins resist corrosion by saltwater and the rare coins from the Charlotte, Dahlonega, and New Orleans Mint were well preserved, some in high “Mint State” condition. A few of the coins have been appraised as “the most impressive Southern minted gold known to exist.”

Even the U.S. silver coins will be highly collectible despite the fact that silver coins are often etched by seawater. NGC denotes such coins as having a “Shipwreck Effect” rather than assigning them a specific grade. In recent years, these shipwreck coins have become highly prized among collectors who appreciate the history, rarity, and exclusivity of owning coins with such an amazing pedigree.

Exclusive Release for Preferred Collectors
Austin Rare Coins anticipates that none of these coins will be released to Preferred Collectors until August. In the meantime, a detailed book containing photos and a detailed history is being written. Certificates of Authenticity are being produced while the individual grading of each coin is being finalized by NGC.

As one of the premier firms to release Shipwreck Coins to the American public, Austin Rare Coins expects the total number of coins to be quite small but the demand from collectors to be extraordinarily high. Never before in previous shipwrecks have coins been found from the Southern Mints in this condition, with dates this old. The large base of collectors in the process of completing collections of Charlotte, Dahlonega, and New Orleans Mint coins are sure to want to add one of these coins.


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