1857-S $20 Liberty Head Double Eagle 20H PCGS AU55 (CAC) Ex.SS Central America

The S.S. Central America went from being an almost-forgotten maritime disaster to an oft-told treasure tale after the discovery of the wreck -- and the golden cargo within. We highly recommend interested market participants read The Ship of Gold. It has a wonderful account of both the disaster in 1857 and the salvage operation that took place within the last thirty years.

HISTORICAL COMMENTARY

One of the foundations of coin collecting is the ideology of 'history in your hands.' Numismatists instinctively transport themselves back in time with each coin that they examine, whether it be a gold aureus of Julius Caesar from 46 B.C., one of America's first large 1793 copper cents, or even a more commonly encountered Franklin half dollar from the 1950’s.

That is the allure of this king of hobbies-!

Sometimes we visualize what a particular coin would have purchased back in the day, or we wonder if a famous person, such as Alexander the Great, Napoleon, a British Monarch or even a U.S. President, actually handled the very coin in our hand. But, for the most part, our coin fantasies are fueled by a vivid imagination and little else. Seldom are we afforded the opportunity to own a coin that has a confirmed lineage to the day it was struck. Seldom do we have a chance to own something left behind for future generations in a building cornerstone. Seldom do we ever get a chance to own a piece of history from a time capsule!

The discovery of the 1857 S.S. Central America shipwreck in September 1987 provided one such rare opportunity. The subsequent salvage efforts revealed a staggering treasure of thousands of freshly minted gold coins and other important artifacts. All of the recovered coins are veritable time capsules, embedded with not only the history of an important era in America's history, but also the blood of some 435 souls who met with a watery grave on that dreadful day in September 1857. The coins, which went down with most of the crew and passengers, also represent the courageousness and tenacity of the men onboard who showed no fear while managing to save many women and children from a similar fate.

Most of the coins recovered are preserved in amazing condition. That is not surprising, considering that most never had the chance to enter the channels of commerce. But some wonder how a coin, such as the current piece, could be so well preserved after being on the bottom of the ocean for 130 years. This question is easily addressed. The ship settled in 8,000 feet of water – a murky black, freezing and inhospitable environment where no current or agitation exists. In addition, gold is an extremely stable metal and saltwater exposure imparts little effect. But more important is the fact that most coins recovered were tightly stacked in wooden boxes as originally packaged, thus providing additional protection for coins at the centers interior of such a stockpile.

The recovery, certification and subsequent marketing of the S.S. Central America's golden cargo during the past two decades shattered old notions regarding the rarity and value of several issues and not only introduced new buyers into the market but also changed the manner in which existing collectors approached the design and scope of their collection.

It has almost become a mandatory necessity for a serious and astute collector to own a specimen of our nation’s history from an unanticipated time capsule like the SS Central America.