Buried Treasure and Hidden Hoards: What Famous Shipwrecks and Coin Caches Reveal About America’s Most Mysterious 18 mm Washington Medalets

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 a treasure salvor who has spent decades pulling coins and medals from the ocean floor — and cataloging the great hoards that have reshaped American numismatics — I can tell you that context is everything. A coin or medal pulled from a shipwreck, sealed inside a bank vault for generations, or unearthed by a lucky couple walking their dog carries a story that no mint-issued specimen ever could. Today, I want to take you on a journey through some of the most legendary finds in American numismatic history — the S.S. Central America, the Redfield Hoard, the Saddle Ridge Hoard — and connect them to an intriguing and little-known class of objects: the 18 mm Washington-Lincoln medalets that may or may not have been struck at the United States Mint.

The S.S. Central America: Gold Beneath 8,000 Feet

When the S.S. Central America sank in September 1857 off the Carolina coast, it carried tons of California Gold Rush treasure — coins, ingots, and raw gold, much of it from the San Francisco Mint. I’ve examined many of the recovered pieces firsthand. The experience is unlike anything else in numismatics.

These coins sat in near-freezing, low-oxygen water for nearly 130 years. The result? Extraordinary preservation. Many of the $20 double eagles and $10 eagles emerged looking as if they had been struck yesterday — bold luster, razor-sharp strikes, and surfaces utterly untouched by human hands.

What makes the Central America so important to the story of hoard coins is what it tells us about original surfaces. Sea salvage coins from this wreck display:

• Lustrous, untouched original luster — the kind you simply cannot replicate with artificial toning or cleaning
• Sharp strikes with full detail, because the deep-sea environment protected the coins from the handling and circulation wear that degrades most 19th-century gold
• Consistent grading premiums — Central America coins routinely command significant premiums over comparable non-shipwreck examples of the same date and grade

From a treasure salvor’s perspective, the Central America taught the market a critical lesson: provenance adds value. A coin with a documented shipwreck pedigree sells for multiples of an identical coin without that history. This principle applies equally to the medalets and tokens we’ll discuss later — the story of how a piece survived is often as valuable as the piece itself.

The Redfield Hoard: A Half-Million Silver Dollars in a Basement

If the Central America is the greatest shipwreck treasure, the Redfield Hoard is the greatest intentional hoard. LaVere Redfield, a reclusive Nevada businessman, accumulated over 407,000 silver dollars — primarily Morgan and Peace dollars — storing them in bags in his home for decades. When he died in 1974, the hoard was discovered and eventually sold through Paramount and other dealers.

I’ve graded and handled hundreds of Redfield dollars over the years. What strikes me about this hoard is the range of quality. Because Redfield collected indiscriminately — grabbing bags from banks and casinos — the hoard contained everything from heavily circulated examples to pristine, original-roll gems with spectacular eye appeal.

For collectors, the Redfield pedigree became a mark of authenticity. You knew the coins hadn’t been cherry-picked from the top of a roll. They were part of a genuine accumulation, and that honesty of origin shows up in the grading room.

The Redfield Hoard matters to our discussion because it illustrates how hoards preserve originality. Many of the coins retained their original bag marks, original toning, and original luster. In the world of grading, “original” is the magic word. A coin that has never been cleaned, never been dipped, never been mishandled commands a premium — and hoards are one of the primary sources of such coins.

What the Redfield Hoard Teaches Collectors Today

1. Original surfaces trump high grades. A Redfield dollar in MS-64 with gorgeous original toning will often outperform a technically MS-65 that shows signs of enhancement.
2. Provenance documentation matters. Coins with Redfield provenance sell at auction with a measurable premium because buyers trust the chain of custody.
3. Large hoards can suppress or elevate prices. When the Redfield Hoard hit the market, it temporarily suppressed prices for common-date Morgans. But for dates that were underrepresented in the hoard, prices actually rose.

The Saddle Ridge Hoard: Gold Coins Found in a Backyard

Perhaps the most romantic hoard discovery in American numismatics happened in 2013, when a couple walking their dog on their Northern California property discovered eight cans buried near an old tree. Inside were 1,427 gold coins dating from 1847 to 1894, with a face value of about $27,000 and a market value that eventually exceeded $10 million.

The Saddle Ridge Hoard is a treasure salvor’s dream. The coins were found in the ground — not underwater, not in a bank vault, but literally buried in the earth. And yet, many of them survived in remarkable condition. The soil chemistry, the sealed cans, and the relatively cool, stable underground environment combined to preserve these coins in ways that rival shipwreck salvage.

What I find fascinating about Saddle Ridge is the variety. The hoard contained multiple denominations — $5, $10, and $20 gold pieces — from several different mints. Some dates were represented by a single coin, while others appeared in quantity. This kind of diversity is exactly what you’d expect from someone who accumulated coins over decades and then hid them, possibly during a period of economic uncertainty.

For collectors and investors, the Saddle Ridge Hoard reinforced a lesson that every treasure salvor already knows: rare things are often found in unexpected places. The couple who found the hoard were not numismatists. They were not metal detectorists. They were simply property owners who got lucky. But their find changed the census for several dates and varieties of 19th-century gold coinage — and in some cases, the numismatic value of those pieces far exceeded their bullion worth.

Shipwreck Effects: How the Ocean Preserves (and Transforms) Coins

Before we return to the enigmatic Washington medalets, I want to address a topic that fascinates me as both a salvor and a grader: how does the ocean actually affect coins?

The answer is more nuanced than most collectors realize. Shipwreck coins are not simply “underwater coins.” Their condition depends on a complex interplay of factors:

• Water temperature: Cold water — like the deep Atlantic where the Central America rests — dramatically slows corrosion and biological growth. Warm tropical waters are far more destructive.
• Salinity and chemistry: Saltwater is corrosive, but in low-oxygen environments, the corrosion can be minimal. Some shipwreck coins show virtually no degradation despite centuries underwater.
• Depth and pressure: Deep-water wrecks often preserve coins better than shallow wrecks because of the cold, dark, low-oxygen conditions.
• Proximity to other metals: Coins stored near iron or copper objects may show galvanic corrosion. Gold coins, being relatively inert, tend to survive better than silver or copper.
• Encasement and protection: Coins sealed in chests, cans, or — as we’ll see — glass-covered bezels can survive in extraordinary condition regardless of the surrounding environment.

This last point brings us full circle to the medalets that inspired this article.

The Mystery of the 18 mm Washington-Lincoln Medalets

Now, let me share something I’ve been researching for years — a study of 18 mm medalets from the Civil War and Reconstruction era, including the so-called “Small Medal Big Cameo Washington Lincoln” piece that has generated so much discussion among advanced collectors.

These small medalets are among the most intriguing objects in American numismatics. They feature portraits of George Washington and Abraham Lincoln, often with striking cameo-like contrast between frosted devices and mirrored fields. They measure approximately 18.0 mm in diameter and weigh around 41.9 grains. But here’s the mystery: there is no definitive record that these were struck at the United States Mint.

The quality of these pieces is quite good — often superior to what you’d expect from a private or commercial issuer of the period. The die work is sharp, the surfaces are well-prepared, and the overall production quality suggests a professional minting operation. Yet numismatist Musante has classified these as non-Mint issues, and he may be right. The absence of Mint records is a significant argument against official production.

On the other hand, there is compelling circumstantial evidence for Mint origin. The strongest piece of evidence, in my view, is the bezel.

The Bezel Evidence

Several examples of these 18 mm medalets have been found sealed in their original period suspension bezels, covered in glass. These bezels feature black borders that are strongly indicative of mourning — a common motif in the years following Lincoln’s assassination in 1865.

Here’s why this matters: almost all of the medalets enclosed in these specific bezels are Julian-listed US Mint medals. I don’t have a complete census, but a quick review of the Stack’s archives shows bezels containing PR-25, PR-26, PR-28, PR-29, PR-30, PR-33, PR-35, and PR-41 — some with multiple examples. The Washington-Lincoln medalet is the only example I know of that was found in this style of bezel despite not being listed in Julian’s catalog of Mint medals.

Is this proof of Mint origin? No. But it’s a strong argument. The sheer number of known examples in these bezels — probably at least a few dozen — suggests a systematic production and distribution process, not a one-off private issue. That kind of consistency speaks to an organized source, and the United States Mint would be the most logical candidate.

Condition and Grading Observations

I’ve examined several of these medalets over the years, and I can report that they are often found in excellent condition when found at all. This is remarkable for objects that are over 150 years old, and it raises an interesting question: where were these stored for all those years?

Consider the example that sold at Stack’s with the following description:

41.9 grains. 18.0 mm. Brilliant and absolutely choice, with visually striking unbroken frost on the motifs and deeply mirrored fields. Patches of light die spalling have left faint marks in the fields and are as made. Almost no handling is noted save for a trivial mark on Washington’s cheek. This was long sealed in its original period suspension bezel, covered in glass, explaining the superb quality that is obviously better than the assigned grade indicates.

This description reads like a shipwreck coin report — a piece sealed in a protective environment, preserved in extraordinary condition, with surfaces that tell the story of their making rather than their handling. The glass-covered bezel functioned exactly like the sealed chest on a shipwreck or the buried cans of the Saddle Ridge Hoard: it created a micro-environment that protected the object from the outside world. The result is a level of luster and surface quality that is almost impossible to find on a piece that circulated openly.

There is also a larger version of this design — approximately 25 mm rather than 18 mm — that appears to be even scarcer. I’ve seen one example graded approximately PR-40, and it is a completely different object in terms of size and weight, though clearly related in design. The collectibility of this larger variant is hard to assess given the tiny population, but for the specialist, it represents a rare variety well worth pursuing.

Sea Salvage Coins and Hoard Coins: What Collectors Should Know

Drawing on my experience with shipwreck salvage and hoard coins, here are the key takeaways for collectors interested in these medalets and similar objects:

For Buyers

• Always examine the provenance. A medalet that comes with its original bezel and documented auction history is worth more than one without. Provenance is the numismatic equivalent of a shipwreck pedigree — it transforms a curiosity into a verified artifact.
• Look for original surfaces. On the 18 mm medalets, the “unbroken frost on the motifs and deeply mirrored fields” described in the Stack’s lot is the ideal. Any signs of cleaning, polishing, or artificial toning will significantly reduce both numismatic value and eye appeal.
• Understand the grading challenge. These medalets are not standard Mint issues, and the major grading services have limited population data. Only 2 examples have been graded by the host service, with the example shown being the top pop. Scarcity at this level means each new discovery is significant.
• Consider the bezel as part of the piece. Just as shipwreck coins are valued for their context — the wreck, the recovery, the documentation — a medalet in its original mourning bezel is a complete historical artifact, not just a coin.

For Sellers

• Document everything. If you have a medalet in a bezel, photograph it thoroughly before doing anything. If the bezel is intact and the glass is unbroken, do not open it. The sealed environment is part of the value.
• Seek specialized auction houses. Stack’s (now Stack’s Bowers) has handled several of these pieces and understands the market. A general auction house may not recognize the significance of the bezel or the Julian number connections.
• Be transparent about condition. If the crystal has been broken — as in the Stack’s example — disclose it. Collectors of shipwreck and hoard coins are accustomed to “as found” conditions and will value honesty over perfection.

The Bigger Picture: Why Hoards and Hidden Treasures Matter

Every major hoard discovery — the Central America, the Redfield, the Saddle Ridge — has taught us something new about American numismatics. They’ve revealed unknown varieties, established new condition censuses, and reminded us that the history of money is not just about mints and governments. It’s also about people: people who saved, who buried, who hoarded, who lost, and who — sometimes centuries later — were found.

The 18 mm Washington-Lincoln medalets sit at the intersection of all these stories. They may or may not be Mint products. They may or may not be mourning pieces for Lincoln. They were almost certainly produced in small quantities, and they survived — when they survived at all — because someone sealed them in a bezel and put them away. That act of preservation, whether intentional or accidental, is what connects these tiny medalets to the great hoards of American numismatics.

As a treasure salvor, I’ve learned to respect every object that comes out of the ground, out of the water, or out of a forgotten vault. Each one has a story. Each one survived something. And each one, if we’re lucky and diligent enough, can teach us something new about the past.

Conclusion

The world of shipwreck coins and buried hoards is one of the most exciting frontiers in American numismatics. From the gleaming gold of the S.S. Central America to the staggering volume of the Redfield Hoard to the serendipitous discovery of the Saddle Ridge Hoard, these finds remind us that great numismatic treasures can come from the most unexpected places. The 18 mm Washington-Lincoln medalets — with their mysterious origins, their exquisite preservation in period bezels, and their tantalizing possible connection to the United States Mint — are a perfect example of this principle. Whether you’re a collector, an investor, or simply a lover of history, these pieces deserve your attention. They are small in size but enormous in historical significance. And like all true treasures, they remind us that the best things are often found where we least expect them.

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