Ocean Salvage Co. Finds Largest-Ever Shipwreck Treasure

By Anastacia Mott Austin

Deep-sea salvage company Odyssey Marine Exploration, Inc., announced Friday that its divers had located probably the greatest underwater shipwreck treasure ever discovered. Code-named "The Black Swan," the expedition is taking place at an undisclosed ocean location, believed to be in a Colonial-era shipping lane somewhere off the coast of England.

Thus far the Tampa-based company has reported recovery of more than 500,000 mint-condition silver coins, likely uncirculated, plus hundreds of gold coins, as well as other artifacts estimated to be from the Colonial era.

Nick Bruyer, a rare coin expert who examined a sampling of the coins, told reporters, "For this colonial era, I think [the find] is unprecedented. I don’t know of anything equal or comparable to it." The silver coins are estimated to be worth anywhere from several hundred to several thousand dollars each. The gold coins are in equally fine condition, says Greg Stemm, co-chairman of Odyssey. "The gold coins are almost all dazzling mint-state specimens," he told the press.

The discovery comes shortly after a U.S. district court in Florida gave Odyssey rights to a sunken shipwreck located in the Atlantic Ocean about 40 miles southwest off the coast of England. Odyssey representatives would not disclose whether the coins had been found at this same location, citing security concerns. A formal announcement will be made soon, Stemm reported to the press.

John Morris, co-founder and CEO of Odyssey, issued a press release in which he stated, "Our research suggests that there were a number of colonial period shipwrecks that were lost in the area where this site is located, so we are being very cautious about speculating as to the possible identity of the shipwreck."

Odyssey is currently conducting several simultaneous underwater salvage projects in various locations around the world, using state-of-the-art robotic equipment. Its last great find was in 2003, when the company recovered over 50,000 coins from the sunken ship the SS Republic, near the coast of Georgia. In January of 2007, Odyssey gained rights from Spain to continue a suspended search of the HMS Sussex, believed to have been carrying over nine tons of gold coins.

Although the SS Republic find made Odyssey millions of dollars, the company reported losses in 2005 and 2006. Because of the recent discovery, Odyssey’s stock rose nearly 60% between close of market this Thursday and Friday. It will have to share any gains, however, because of a contract with the British government – Odyssey will retain 80% of the first $45 million, and approximately 50% of any profits after that.

Greg Stemm feels that the latest treasure found by Odyssey validates the organization’s reputation as a legitimate deep-sea salvage company. "The outside world now understands that what we do is a real business and is repeateable and not just a lucky one shot deal. I don’t know of anybody else who has hit more than one economically significant shipwreck," he told reporters.

Adds company CEO Morris, "We have treated this site with kid gloves and the archaeological work done by our team out there is unsurpassed. We are thoroughly documenting and recording the site, which we believe will have immense historical significance."