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Shipwreck Yields Estimated $500M Haul

Friday, May 18, 2007 8:45:49 AM
By MITCH STACY

In this photo provided by Odyssey Marine Exploration, Odyssey co-founder Greg Stemm, left, examines coins recovered from the "Black Swan" shipwreck with an unidentified member of the conservation team Thursday, May 17, 2007, at an undisclosed location. (AP Photo/Odyssey Marine Exploration)  TAMPA, Fla. (AP) - Deep-sea explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.

A jet chartered by Tampa-based Odyssey Marine Exploration landed in the United States recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors.

"For this colonial era, I think (the find) is unprecedented," said rare coin expert Nick Bruyer, who examined a batch of coins from the wreck. "I don't know of anything equal or comparable to it."


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