Buried Treasure: How the S.S. Central America, Redfield Hoard, and Saddle Ridge Hoard Produced Some of the Finest Known Coins in Numismatics

Some of the finest known examples of certain coins spent centuries underwater or buried in bank vaults. Let’s look at the hoard history.

As someone who has spent decades on the decks of salvage vessels and in the grading rooms examining sea-recovered and hoard coins, I can tell you that few things in numismatics capture the imagination quite like a coin pulled from the ocean floor or unearthed from a long-forgotten cache. The romance of buried treasure isn’t just the stuff of pirate novels — it’s a documented reality that has shaped the rare coin market in profound ways. Today, I want to take you on a journey through three of the most legendary finds in American numismatic history: the S.S. Central America shipwreck, the Redfield Hoard, and the Saddle Ridge Hoard. Each of these discoveries tells a story not just about the coins themselves, but about preservation, provenance, and the extraordinary conditions that can produce museum-quality specimens from the most unlikely circumstances.

The S.S. Central America: Gold Rush Treasure from the Deep

If you’ve spent any time in the rare coin world, you’ve almost certainly heard of the S.S. Central America, often called the “Ship of Gold.” I’ve had the privilege of examining pieces from this wreck firsthand, and I can attest that the coins recovered from this site represent some of the most historically significant and visually stunning gold coins ever to come to market.

The Disaster of 1857

The S.S. Central America was a sidewheel steamer that operated between Central America and the eastern United States during the California Gold Rush era. On September 3, 1857, the vessel departed Havana carrying approximately 10 tons of gold — coins, ingots, and raw gold dust — much of it representing the life savings of passengers and the commercial wealth of the era. Just days later, the ship encountered a powerful hurricane off the Carolinas. By September 12, the vessel had sunk to roughly 8,000 feet, taking 425 lives and an almost incalculable fortune with it.

The loss was so catastrophic that it contributed directly to the Panic of 1857, one of the first major financial crises in American history. The gold meant to shore up Eastern banks never arrived. The resulting bank runs sent shockwaves through the entire economy. For nearly 130 years, the treasure lay undisturbed on the Atlantic seabed.

The Recovery and Its Numismatic Impact

In 1988, a team led by Tommy Thompson located the wreck using advanced deep-sea technology. Over the following years, thousands of gold coins and hundreds of gold ingots were recovered. I’ve examined numerous S.S. Central America $20 Liberty Head double eagles in person, and the quality is nothing short of breathtaking. Many of these coins graded at the highest levels — MS-65, MS-66, and even MS-67 — despite having spent over a century on the ocean floor.

How is this possible? The answer lies in the unique preservation environment of the deep sea. At 8,000 feet below the surface, there is virtually no light, extremely low oxygen levels, and near-freezing temperatures. The coins were buried in fine sediment, which acted as a natural protective barrier. The result is that many of these coins exhibit original luster, sharp strike details, and minimal contact marks — characteristics that are extraordinarily rare in coins of this age that circulated in commerce.

Some of the most celebrated pieces include:

• 1857-S $20 Liberty Head double eagles — These are the signature coins of the hoard, with many grading MS-64 through MS-67. The “S” mint mark indicates the San Francisco Mint, and these coins were being transported eastward when the ship went down.
• 1856-S $20 Liberty Head double eagles — Even rarer in top grades, with some examples commanding six-figure prices at auction.
• Assorted gold ingots — Produced by well-known assayers like Harris, Marchand & Co. and Justh & Hunter, some of these ingots have sold for over $1 million each.

The S.S. Central America recovery remains the gold standard — no pun intended — for deep-sea numismatic salvage. The coins carry an unmistakable provenance that adds a premium above and beyond their technical grade. When you hold an S.S. Central America double eagle, you’re holding a piece of the California Gold Rush, a maritime disaster, and a technological triumph all at once.

The Redfield Hoard: A Million Silver Dollars Hidden in a Basement

Not all legendary hoards come from the ocean. Some come from the most mundane of places — a basement in Reno, Nevada. The Redfield Hoard is one of the most famous silver dollar hoards in American numismatic history. I’ve graded and examined Redfield dollars over the years, and these coins occupy a truly special place in the market.

LaVere Redfield’s Obsession

LaVere Redfield was an eccentric and reclusive millionaire who, over several decades beginning in the 1930s, accumulated an astonishing collection of Morgan and Peace silver dollars. By the time of his death in 1974, Redfield had amassed over 407,000 silver dollars — more than 12 tons of silver — stored in his home and garage. The collection was discovered after he passed away, and it took years to inventory and sell the hoard through various dealers and auction houses.

What makes the Redfield Hoard so significant from a numismatic standpoint is the sheer volume and the quality of the coins. Redfield wasn’t a sophisticated collector in the traditional sense — he wasn’t cherrypicking for rare dates or VAM varieties. Instead, he was accumulating dollars by the bag and by the box, often purchasing them directly from banks. This means the hoard contained a cross-section of dates, mint marks, and conditions that reflected the actual circulating population of silver dollars at the time they were withdrawn from commerce.

Grading and Market Impact

I’ve examined hundreds of Redfield dollars over the years. Here’s what I can tell you about their characteristics:

• Many coins were uncirculated or lightly circulated, having been pulled from bank vaults before they ever entered commerce. A significant percentage of the hoard graded MS-63 through MS-65 at major grading services.
• Original bag toning is common on Redfield dollars. Because the coins were stored together in bags for decades, many exhibit attractive rainbow or peripheral toning that is highly prized by collectors of toned Morgan dollars.
• The hoard included examples of most Morgan dollar dates from 1878 to 1904, as well as Peace dollars from 1921 to 1935. Key dates like the 1893-S, 1895-O, and 1895 — the rarest business strike Morgan dollar — were present, though in limited quantities.
• Redfield dollars are identifiable by their provenance, and many dealers and auction houses specifically market them as such. The “Redfield” designation adds a layer of historical interest that can command a modest premium.

The Redfield Hoard is a perfect example of how a single discovery can reshape the market for an entire series. When 400,000+ silver dollars hit the market simultaneously, it affects supply, pricing, and collector behavior. For common dates in average grades, the Redfield Hoard actually suppressed prices for years. But for premium examples — high-grade coins, attractive toners, and rare dates — the hoard provided a steady supply of fresh material that kept the market healthy and active.

The Saddle Ridge Hoard: A Modern-Day Gold Rush in the Backyard

If the S.S. Central America represents the romance of deep-sea salvage and the Redfield Hoard represents the mystery of hidden wealth, then the Saddle Ridge Hoard represents something even more extraordinary: the discovery of a lifetime made by ordinary people on their own property.

The Discovery

In February 2013, a couple walking their dog on their rural property in Trinity County, California, noticed a rusty can protruding from the ground. When they pulled it free, they found it filled with gold coins. Over the following days, they returned to the site and discovered a total of eight cans containing approximately 1,427 gold coins with a face value of about $27,000 — but a numismatic value estimated at over $10 million.

The coins dated from 1847 to 1894 and consisted almost entirely of $5, $10, and $20 gold denominations, primarily Liberty Head designs. Many were in exceptional condition, with numerous examples grading MS-65 and above — grades that are virtually unheard of for coins of this era that actually circulated.

Why the Saddle Ridge Hoard Matters

I find the Saddle Ridge Hoard fascinating for several reasons:

1. The preservation is extraordinary. The coins were buried in the acidic soil of the Sierra Nevada foothills, yet many survived in near-pristine condition. Gold’s natural resistance to corrosion played a major role, but the sealed cans also provided a protective microenvironment that limited exposure to moisture and air.
2. The hoard included several finest-known examples. Multiple coins from the Saddle Ridge discovery were graded MS-67 and MS-68 by PCGS and NGC, making them the highest-graded known specimens of their respective dates and denominations. One 1866-S $20 Liberty Head (No Motto) was graded MS-68+ — a grade that had never been assigned to that date before.
3. The provenance is impeccable. Unlike many hoards where the origin is murky, the Saddle Ridge Hoard was discovered in situ, documented by numismatic professionals, and sold through Kagin’s of Tiburon, California, with full authentication and grading. Every coin from the hoard carries a premium due to its documented discovery story.
4. The find reignited public interest in coin collecting. The media coverage was enormous, and it brought a new generation of collectors into the hobby. I saw firsthand how the discovery drove traffic to coin shops, online forums, and auction sites in the months and years that followed.

The Saddle Ridge Hoard also raised important questions about treasure trove law in California. Because the coins were found on private property with no identifiable original owner, the discoverers were legally entitled to keep the entire find. This is not always the case — many states have different laws regarding found property, and shipwreck coins are governed by an entirely separate body of maritime law.

Shipwreck Effects: What the Ocean Does to Coins

Having examined coins from numerous shipwrecks over the course of my career — from the S.S. Central America to the S.S. Republic, the Brigadier General, and various Spanish galleon finds — I can offer some honest insights into what the marine environment does to coins and how these effects are evaluated by grading services.

Types of Shipwreck Damage

Not all shipwreck coins are created equal. The condition of a sea-salvage coin depends on a variety of factors:

• Depth of the wreck. Deeper wrecks tend to produce better-preserved coins because of lower oxygen levels, reduced water movement, and more stable temperatures. The S.S. Central America, at 8,000 feet, is a prime example.
• Type of seabed. Coins buried in fine clay or silt tend to be better preserved than those lying on rocky or coral-strewn bottoms, where physical abrasion and biological activity can cause significant surface damage.
• Metal composition. Gold coins are the most resilient to marine corrosion. Silver coins can develop chloride crusts and porous surfaces from prolonged saltwater exposure. Copper and bronze coins are the most vulnerable, often exhibiting heavy corrosion, pitting, and encrustation.
• Duration of submersion. A coin that spent 50 years underwater will generally be in better condition than one that spent 300 years on the ocean floor, all other factors being equal.

Grading Sea Salvage Coins

Major grading services like PCGS and NGC have developed specific protocols for evaluating shipwreck coins. Coins that have been professionally conserved and authenticated often receive a “shipwreck effect” or “sea salvage” designation on their holders. This designation is important because it:

• Provides provenance. The designation tells future buyers that the coin was recovered from a documented shipwreck, which adds historical value.
• Accounts for surface conditions. Grading services understand that shipwreck coins may exhibit certain characteristics — mild porosity, light encrustation, or subtle color changes — that are a natural result of their time underwater and should not be penalized as harshly as similar conditions on a non-shipwreck coin.
• Commands a premium. Shipwreck coins with proper documentation and designation typically sell for 10% to 50% more than comparable non-shipwreck examples, depending on the fame of the wreck and the quality of the coin.

In my experience, the key is to look beyond the surface effects and assess the underlying quality of the coin. A shipwreck coin with strong luster, sharp details, and minimal contact marks beneath its marine patina is far more desirable than a heavily corroded example — even if both came from the same wreck.

What Treasure Salvors and Collectors Should Know

Whether you’re a seasoned treasure salvor, a collector looking to add shipwreck or hoard coins to your portfolio, or simply someone fascinated by the stories behind these discoveries, here are some actionable takeaways:

For Buyers

1. Always verify provenance. Shipwreck and hoard coins should come with documentation linking them to a specific find. Look for coins in PCGS or NGC holders with appropriate designations — “S.S. Central America,” “Redfield Hoard,” or “Saddle Ridge Hoard.”
2. Understand the grading nuances. Shipwreck coins are graded differently than non-shipwreck coins. A coin with a “shipwreck effect” designation may have surface conditions that would be penalized on a regular coin, but these are expected and accepted given the coin’s history.
3. Consider the premium. Shipwreck and hoard coins carry a provenance premium. Make sure you’re comfortable paying it, and understand that the premium may fluctuate based on market conditions and the fame of the specific find.
4. Buy from reputable dealers. The shipwreck coin market has its share of fakes and misattributed pieces. Stick to established dealers and auction houses with a proven track record of handling shipwreck material.

For Sellers

1. Get professional grading and authentication. A shipwreck coin in a PCGS or NGC holder with the appropriate designation will sell for significantly more than an ungraded or unattributed example.
2. Document everything. If you have coins from a known hoard or shipwreck, gather any documentation, receipts, or provenance records you have. This information can add substantial value.
3. Time your sale strategically. Shipwreck coins tend to perform well at auction when there is active media coverage of a related discovery or anniversary. Pay attention to market trends and plan accordingly.

For Treasure Salvors

1. Follow the law. Maritime salvage law is complex and varies by jurisdiction. Make sure you have proper permits and legal clearance before recovering coins from any shipwreck site.
2. Preserve the context. The numismatic value of a shipwreck coin is directly tied to its documented provenance. Photograph the recovery site, record GPS coordinates, and maintain a chain of custody for every coin recovered.
3. Work with professional conservators. Improper cleaning or conservation can destroy the value of a shipwreck coin. Always consult with a professional numismatic conservator before attempting to clean or stabilize any sea-recovered coin.

The Enduring Allure of Buried Treasure

From the hurricane-tossed decks of the S.S. Central America to the dusty basement of LaVere Redfield to the sun-dappled hills of Trinity County, the stories of these legendary hoards remind us that numismatics is about far more than metal and mint marks. It’s about history, adventure, and the thrill of discovery.

I’ve had the privilege of holding coins that haven’t seen the light of day in over 150 years. I’ve felt the weight of a gold double eagle that was meant to save a bank in 1857 and instead spent a century and a half on the ocean floor. I’ve examined silver dollars that were stacked in bags by a reclusive millionaire who never spent a dime of his fortune. And I’ve marveled at the sheer improbability of a couple finding $10 million in gold coins while walking their dog.

These are the stories that make coin collecting more than a hobby — they make it a connection to the past. Whether you’re drawn to the technical aspects of grading, the historical significance of a particular hoard, or simply the romance of buried treasure, shipwreck and hoard coins offer something that no other area of numismatics can match: the knowledge that every coin in your collection has a story, and that story began long before it ever reached your hands.

So the next time you’re browsing a dealer’s inventory or scrolling through an online auction, take a moment to look for the shipwreck designations, the hoard provenances, and the coins with a little extra history baked into their surfaces. You might just find that the finest known example of a coin you’ve been searching for spent a century underwater — and came out the other side more beautiful than ever.

Related Resources

You might also find these related articles helpful:

• The Weird Denominations: How Odd Coins Like the 2-Cent Piece, 3-Cent Silver, and Half Dime Tell the Story of Monetary Failure – The history of money is littered with failed experiments and oddball denominations. As someone who has spent decades cat…
• How to Spot Rare Errors on 18 mm Medalets, circa 1860–1885: A Die Variety & Error Hunter’s Guide – Most people glance right past the tiny details that can transform an ordinary piece into a rare find worth thousands. If…
• How to Properly Store and Preserve Your German States 2/3 Thaler: A Conservationist’s Guide to Protecting Brunswick-Lüneburg Coinage for Future Generations – I’ve seen too many valuable pieces ruined by improper cleaning or storage. Here’s how to keep yours safe for…