Sunday, August 17, 2003

Discovery of Civil War-Era Shipwreck Off Georgia Coast Could Yield Up to $180 Million in Coins
Explorers believe they have found the sunken remains of an 1860s steamer that could yield the richest cargo ever recovered from a shipwreck: thousands of gold coins worth as much as $180 million.

The S.S. Republic was carrying 59 passengers and 20,000 $20 gold coins from New York to New Orleans when it sank in a hurricane off Savannah, Ga., on Oct. 25, 1865, according to newspaper accounts and other historical records.

Odyssey, a publicly traded company founded in the mid-1990s, has a number of shipwreck search projects in various stages. Stemm and Morris have performed only one other deep-water excavation, that of a Spanish wreck in the Dry Tortugas that yielded about $5 million in gold and thousands of artifacts.

There is just something about treasure that captures the imagination.

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