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Odyssey Marine Exploration, Inc. (Amex: OMR) a leader in the field of deep ocean shipwreck exploration, will begin selling shipwreck coins from the SS Republic in May. The first silver coins available will be showcased during a 24-hour Coin Vault Marathon on Shop At Home Network on May 15. Additional information on availability of coins can be found at Odyssey's website.
Coins from the SS Republic have been divided into two categories. The "numismatic collection" contains coins that are indistinguishable from coins that have never been underwater. These will be priced to relate to their numismatic value and will not be offered for sale until Odyssey has completed sufficient coin recovery on the shipwreck site to provide information regarding the total population of coins in the collection.
The second category includes handpicked ungraded shipwreck coins that have been conserved and encased in a certified tamper-resistant holder by Numismatic Conservation Services (NCS) and Numismatic Guaranty Corporation (NGC). These coins will be the first available for sale and will be packaged in an impressive hardwood display case with an engraved SS Republic plate affixed to the cover. There will also be a vividly illustrated booklet describing the shipwreck's history; a DVD video of the National Geographic Ultimate Explorer one hour program and a certificate of authenticity in each case.
The archaeological excavation of the SS Republic shipwreck site and the recovery of coins are continuing. Among the coins already recovered are numerous gold eagles, gold double eagles, silver half dollars and even a few quarters, nearly all dating between the 1840's and 1865. Unlike other recent shipwreck finds, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by NCS and graded and encapsulated by NGC, this collection already includes over a dozen of the finest-known examples of United States gold coins from the period.
51,212 coins have been recovered to date, including 2,620 $20 Double Eagles, 1,496 $10 Eagles, 47,094 Half Dollars and 2 quarters. A detailed report on the coins recovered to date will be released shortly. According to John Albanese, Numismatic Marketing Strategist for Odyssey, the retail value of coins recovered to date should exceed $75 million dollars.
The Odyssey team has excavated about one third of the SS Republic shipwreck site. The face value of recovered coins represents 22.7% of the "$400,000 in specie" (face value in 1865) that historical research indicates was on board the Republic when she sank. Odyssey is now searching for additional deposits of coins as the excavation continues.
"The first cache of coins was lying in a tiny area that was laid open to us with no pieces of hull or decks obstructing the excavation. We have recovered all the visible coins in that location and are now expanding the excavation into the surrounding areas. We are finding some amazing artifacts, but have not located the rest of the coins yet." reported Greg Stemm, Odyssey co-founder.
The SS Republic was a sidewheel steamer that sank in 1865 while en route from New York to New Orleans after battling a hurricane for two days. Odyssey discovered the shipwreck 1,700 feet below the surface of the Atlantic Ocean approximately 100 miles off the Georgia coast.
April, 2004
AI
