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Sunken Treasure Worth $500 Million Found Off England
An anonymous reader writes "In a modern day (and underwater) version of Indiana Jones, the AP is reporting that Odyssey Marine Exploration has recovered an estimated $500 Million in colonial coins from a 400 year old shipwreck in the Atlantic. The exact location of the wreck is still undisclosed. Odyssey is a for-profit, publicly traded company. 'In seeking exclusive rights to that site, an Odyssey attorney told a federal judge last fall that the company likely had found the remains of a 17th-century merchant vessel that sank with valuable cargo aboard, about 40 miles off the southwestern tip of England. A judge granted those rights Wednesday. In keeping with the secretive nature of the project dubbed ''Black Swan,'' Odyssey also is not discussing details of the coins, such as their type, denomination or country of origin. Bruyer said he observed a wide variety of coins that probably were never circulated. He said the currency was in much better condition than artifacts yielded by most shipwrecks of a similar age. The coins -- mostly silver pieces -- could fetch several hundred to several thousand dollars each, with some possibly commanding much more, he said.'"
Yarrrr matey, thar be treasure..
what stops courts in other countries from giving other companies the right to also go salvaging for whatever is to be found there?
You never read about it, because no one ever catches ninjas! ~ninja grin~
~WBGG~ "And I'm so sad like a good book I can't put this Day Back a sorta fairytale with you" ~Tori Amos
Yeah you could follow them, but there are hundreds if not thousands of these modern day pirate types that go looking for lost treasures of pirates of old. So you'd still be taking a huge chance.
I'm willing to bet that anyone who spends enough money on gear and time to go tracking down treasures worth that much and finally finds one isn't about to share it with some noob that follows them around. Pirates and those that seek their lost treasure probably aren't the sharing type. Think pillage etc...
As far as where the treasure ends up in international seas, I'm sure these guys are fast at what they do and making a case against them will be hard. The crime scene is under several hundred feet of water. Probably most countries have more pressing issues to deal with when it comes to their naval fleets. Picking on pirates just doesn't seem to be worth the trouble. Its not like they're running drugs.
just mho though. ask my sister she's the one with the law degree.
Not that I have anything against pirates. ~wink~ I'm just more of a ninja type lady!
~WBGG~ "And I'm so sad like a good book I can't put this Day Back a sorta fairytale with you" ~Tori Amos
...It weighs 7.3 tonnes (in air)... I'm sure you mean that its mass is 7.3 tonnes...node-def: a tactical hacking sim. Now in open beta.
Presumably $500m is due to the historical value of the coins, not their mass. How do they go about making sure counterfeits are not slipped in? I would think that modern metallurgy is (IMNAM) advanced enough to fabricate any desired ratio isotopes in an alloy. Smells like Pump and Dump to me...
The coins -- mostly silver pieces -- could fetch several hundred to several thousand dollars each, with some possibly commanding much more, he said.
Not if there are thousands of them. Scarcity adds value. Hmmm 40 miles of the coast of England and they seek jurisdiction in a US courtroom? Sounds like a job for the SBS...
The coins -- mostly silver pieces -- could fetch several hundred to several thousand dollars each
Somehow I doubt that unleashing half a million of these '$1000' coins onto the market isn't going to drastically lower their going rate.
Supply and demand, anyone?
Yeah I wondered why so many coins would be worth so much because it'd drive down collectibility by flooding the market. I'm with #1, the metal must have some value. I'm sure some coins will be purchased by collectors. The rest will end up melted down for their materials value? Of course #3 could easily be part of it. Never underestimate the marketing ability of a blockbuster film and greedy corporations.
Why are the ninjas taking so long? Is there a run on hamburgers this morning?
~WBGG~ "And I'm so sad like a good book I can't put this Day Back a sorta fairytale with you" ~Tori Amos
Indiana Jones seemed to be more out there to uncover history for the world, and to keep artifacts out of the hands of private owners.
I'm curious to know how a US judge would have any jurisdiction over a wreck 40 miles off the English coast?
Bad analogies are like waxing a monkey with a rainbow.
> I'm sure this would extend to UK waters.
The coins weren't found in UK waters.