In the News: Shipwreck Yields More than $1 Million in Gold

In the News

Shipwreck Yields More than $1 Million in Gold A marine salvage company has recovered nearly 1,000 ounces of gold worth $1.3 million from a historic shipwreck off the US east coast, but this is a mere fraction of what went down with the ship in 1857—and what the company will likely eventually raise from the depths. The ship was transporting an estimated 21 tons of gold ingots, coins, and raw gold as well as the personal wealth of its 477 passengers when it sank in a hurricane, contributing to the Panic of 1857, a US banking crisis. Discovered in 1988, the wreck was explored by a company that recovered some $40 million in gold before being driven off by lawsuits. More… Discuss