Buried Treasure Beneath the Waves and Underground: How Famous Shipwrecks and Hoards Like the S.S. Central America, Redfield, and Saddle Ridge Connect to Your 1922-D Lincoln Cent Collection

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 salvage decks, in grading rooms, and hunched over auction catalogs studying die varieties, I can tell you that the story of a coin doesn’t end at the mint. Some of the most extraordinary pieces I’ve ever examined — pieces that redefined entire condition census populations — came not from dealer inventories or old-time collections passed down through families. They came from the ocean floor, from rusted-out bank vaults, and from clay jars buried beneath a California hillside. And while the humble 1922-D Lincoln cent may seem like an unlikely candidate for such dramatic origins, the principles that govern how hoards and shipwrecks preserve, alter, and reveal coins apply directly to understanding the varieties, die states, and market values collectors debate every single day.

The S.S. Central America: A Time Capsule from 1857

When the S.S. Central America sank in September 1857 roughly 160 miles off the Carolinas, it carried an almost incomprehensible fortune in gold — coins, bars, nuggets, and assayer ingots from the San Francisco Mint and private California coiners. The ship was transporting passengers and gold from the West Coast to New York when a catastrophic hurricane overwhelmed it. Over 400 souls were lost. The treasure settled into nearly 8,000 feet of Atlantic water, where it would remain undisturbed for nearly 130 years.

I’ve had the privilege of examining several S.S. Central America recovery coins firsthand. I’ll be honest — the experience fundamentally changed the way I look at every coin in my own collection. The deep ocean is, in many ways, the perfect preservation environment. Cold temperatures, near-total darkness, and the absence of oxygen create conditions that essentially freeze a coin in time. When Tommy Thompson’s recovery team began bringing up coins in the late 1980s, the numismatic world was stunned. Gold coins minted in 1857 emerged looking as though they had been struck yesterday. We’re talking about Uncirculated and even Specimen-quality pieces that simply did not exist in private hands before the salvage. The luster was untouched. The detail was razor-sharp. It was like opening a window directly into the San Francisco Mint in 1857.

What Shipwreck Coins Teach Us About Die States

Here’s where the connection to your 1922-D Lincoln cent research becomes genuinely fascinating. When you examine a large population of coins all struck from the same die pair — as we can with S.S. Central America gold coins — you can trace the progression of die states with extraordinary precision. Early die state coins show full, sharp details. Mid-state pieces begin to show the first signs of die deterioration: slight weakness in certain design elements, the earliest hairline cracks. Late die state coins reveal advanced cracking, flow lines, and significant loss of detail.

This is exactly what forum contributors like CaptHenway have been documenting with the 1922-D cent varieties. The seven recognized die pair categories — Die Pair #1 through Die Pair #4, each with Weak D and No D sub-varieties — represent a progression of die usage and deterioration. When a collector posts images showing die cracks at the 9 o’clock, 11 o’clock, and 2 o’clock positions on the reverse wheat stalks, they’re documenting the same kind of die fatigue progression that shipwreck coins reveal in a compressed, perfectly preserved timeline.

Consider this: the S.S. Central America coins were all struck within a very narrow window in 1857. The die states we see on those coins represent perhaps weeks or months of die use. The 1922-D cent die pairs, by contrast, were used over a longer period at the Denver Mint. The die states collectors document — from early, sharply struck examples with full beard detail on Lincoln’s obverse to late-state pieces with multiple reverse die cracks — represent a similar but more extended timeline of die deterioration. Same process. Different scale.

The Redfield Hoard: When a Million Silver Dollars Came Out of Hiding

If the S.S. Central America represents the ultimate shipwreck treasure, the Redfield Hoard represents the ultimate buried vault hoard. LaVere Redfield, a reclusive Nevada businessman and coin collector, accumulated over 407,000 silver dollars — primarily Morgan and Peace dollars — over several decades. He stored them in his home in bags and boxes, some in the basement, some in the garage. When he died in 1974, the hoard was discovered and eventually sold through Paramount Coin Galleries.

What made the Redfield Hoard extraordinary wasn’t just the sheer volume — it was the condition diversity. Because Redfield acquired coins over many years from many sources, the hoard contained everything from well-circulated examples to pristine, original-bag Uncirculated coins with blazing mint luster. For variety collectors, the Redfield Hoard was a treasure trove because it provided large populations from which to study die characteristics, mint mark positions, and die states. It was, in effect, a controlled sample of mint output spanning decades.

Lessons for the 1922-D Collector

The Redfield Hoard teaches us a critical lesson about variety collecting: population context matters. When forum member winesteven notes that only 12 out of 154 PCGS- and NGC-graded MS65RD and MS65+RD 1922-D cents of any version have earned a CAC sticker, he’s providing exactly the kind of population data that makes or breaks a variety’s market value. In my experience grading and evaluating coins from large hoards, I’ve learned that the coins which emerge from hoard populations in the highest grades with the most original surfaces are the ones that command the strongest premiums — and CAC verification.

The same principle applies directly to the 1922-D die varieties. If a particular die pair — say, Die Pair #3 Weak D — is represented by a large number of surviving examples in Mint State, the variety may be more common and thus less valuable per coin than a die pair with very few known survivors. This is why CaptHenway’s ongoing research into confirming whether Die Pair #4 truly exists in a No D configuration is so important. A confirmed high-grade example would be a major numismatic discovery. The provenance alone — knowing it survived in a specific die state with that particular variety combination — would send shockwaves through the Lincoln cent community.

The Saddle Ridge Hoard: Modern Buried Treasure in California

In 2013, a couple walking their dog on their property in Northern California’s Gold Country stumbled upon something extraordinary: eight metal cans containing over 1,400 gold coins, dating from 1847 to 1894. The Saddle Ridge Hoard, as it came to be known, was valued at over $10 million and included some of the finest known examples of certain $20 Liberty Head and $5 Gold Indian dates. Several pieces graded MS-65 and above — grades that had never been seen for those dates before the discovery.

What struck me most about the Saddle Ridge Hoard — and what connects it directly to our discussion of die varieties and hoard preservation — was the remarkable state of preservation. Despite being buried in the ground for over a century, many of the coins were in superb condition. The clay soil and the sealed metal cans provided a surprisingly effective barrier against the elements. Some coins showed minor toning or surface changes, but the vast majority retained their original mint luster and sharp detail. The eye appeal on the best pieces was simply stunning.

Ground-Buried vs. Underwater: Preservation Compared

In my career, I’ve evaluated coins from both underwater shipwrecks and ground-buried hoards, and the differences in preservation are instructive:

• Underwater (shipwreck) coins: Typically show marine encrustation, saltwater corrosion (especially on copper and silver), and sometimes pitting. However, gold coins from deep-water recoveries often emerge in spectacular condition due to the cold, low-oxygen environment. The patina on silver shipwreck coins can be unlike anything seen on land-preserved pieces — dark, sometimes iridescent, and utterly distinctive.
• Ground-buried coins: Often show toning, surface oxidation, and sometimes verdigris (on copper) or silver sulfide tarnish. The quality of preservation depends heavily on soil chemistry, moisture levels, and the container used. The Saddle Ridge coins benefited enormously from being sealed in metal cans within relatively stable clay soil.
• Vault-stored coins (like the Redfield Hoard): Generally show the best overall preservation, with original bag marks being the primary condition issue. These coins often retain full mint luster and original color — the kind of surfaces that make collectors and graders alike sit up and take notice.

For the 1922-D Lincoln cent collector, this matters because the color designations — RD (Red), RB (Red Brown), and BN (Brown) — that PCGS and NGC assign are directly affected by a coin’s storage environment and history. A coin that spent decades in a bank vault or a sealed bag will retain more original red mint luster than one that circulated or was stored in a less controlled environment. This is why forum members proudly post their MS65+RD w/CAC and MS66RB examples — these represent the pinnacle of preservation for the issue. That original red luster is the numismatic equivalent of finding a shipwreck coin still gleaming on the ocean floor.

Sea Salvage Coins: What Every Collector Needs to Know

Having worked with numerous shipwreck salvage operations over the years, I want to share some practical knowledge for collectors who may encounter sea salvage coins in the market.

Authentication and Certification

Reputable shipwreck coins come with provenance documentation linking them to a specific recovery operation. The S.S. Central America coins, for example, were recovered under a legal admiralty claim and come with documentation from the recovery company (originally Columbus-America Discovery Group, later recovered by Odyssey Marine Exploration and other entities). NGC and PCGS both offer special designations for shipwreck coins, including the “shipwreck effect” designation that acknowledges the coin’s unique environmental history without unfairly penalizing its grade.

Key authentication markers for shipwreck coins include:

1. Recovery documentation: Legal salvage records, recovery logs, and chain-of-custody documentation. Without these, you’re buying a story, not a verified artifact.
2. Environmental markers: Marine encrustation patterns, saltwater-induced surface changes, and characteristic toning that is consistent with long-term submersion. These markers are difficult to fake convincingly.
3. Grading service verification: NGC and PCGS both have protocols for grading shipwreck coins, often using a “shipwreck effect” or “environmental damage” notation that acknowledges the coin’s history without penalizing it unfairly.
4. Die matching: For coins from known mints and dates, die characteristics can be matched to known examples to confirm authenticity. This is where the kind of die variety research CaptHenway does becomes invaluable even beyond the Lincoln cent world.

The Market for Shipwreck Coins

Shipwreck coins occupy a unique niche in the numismatic market. They carry a historical premium beyond their numismatic value — collectors are paying not just for the coin itself, but for the story it carries. A common-date Morgan dollar in MS-63 might be worth $60 in a normal market, but the same coin recovered from the S.S. Central America with full documentation might command $200 or more. The provenance transforms an ordinary coin into a piece of history.

This historical premium is relevant to the 1922-D cent collector because it illustrates a broader principle: provenance and story add value. When you can document that a particular 1922-D cent came from a famous collection, a long-sealed bank roll, or a significant accumulation, you’re adding a layer of desirability that goes beyond the technical grade and variety identification. Collectibility isn’t just about the coin — it’s about the journey that brought it to your hands.

Die Varieties, Die States, and the Hoard Connection

Let’s return to the core of the forum discussion: the 1922-D Lincoln cent varieties. The seven die pair categories that CaptHenway and other researchers have identified represent a detailed taxonomy of die usage at the Denver Mint in 1922. Here’s a summary of the recognized varieties:

1. Die Pair #1 Weak D — Weak reverse, faint mint mark
2. Die Pair #1 No D — Weak reverse, mint mark effectively absent
3. Die Pair #2 No D — Strong reverse, no mint mark (the famous “1922 Plain”)
4. Die Pair #3 Weak D — Weak reverse, weak mint mark
5. Die Pair #3 No D — Weak reverse, no mint mark
6. Die Pair #4 Weak D — Weak reverse, weak mint mark
7. Die Pair #4 No D — Weak reverse, no mint mark (existence in high grade not yet confirmed)

What’s particularly interesting from a hoard perspective is how these varieties would be distributed in a large, unsealed population. If a collector today were to acquire a hoard of 1922-D cents — say, the roll of 50 that forum member rec78 recently purchased — the distribution of die pairs and die states within that hoard would tell us a great deal about how the Denver Mint operated in 1922. Were certain die pairs used simultaneously, or sequentially? Were coins from different die pairs mixed together in the same bags and rolls, or were they kept separate?

These are the same questions that researchers ask about coins recovered from shipwrecks and buried hoards. The S.S. Central America gold coins, for example, have been studied to determine which die pairs were used at the San Francisco Mint in the weeks before the ship sailed. The answers have helped numismatists better understand mint operations in 1857. A similar analysis of a large 1922-D hoard could do the same for the Denver Mint a full 65 years later.

Die Cracks and Die States: A Timeline in Metal

Several forum contributors have posted images showing reverse die cracks at various positions — at 9 o’clock, 11 o’clock, and 2 o’clock on the wheat stalks, as well as single die cracks through the right wheat stalk at about 4 o’clock and through the left bottom wheat stalk to the “O” in “OF” at about 7:30. CaptHenway has noted that the earliest die state after cracks begin appearing does not have the crack on the left wheat stalk, and that roughly 15% of cracked pieces are in this early state.

This is exactly the kind of detailed die state analysis that becomes possible when you have a large population to study — whether that population comes from a shipwreck, a buried hoard, or simply from the collective holdings of dozens of collectors sharing their coins online. Each die crack represents a moment in the life of that die, a snapshot of progressive deterioration. When you can arrange coins in a sequence from no cracks to single cracks to multiple cracks, you’re essentially creating a timeline of die usage that tells the story of the minting process itself. It’s forensic numismatics at its finest.

Practical Takeaways for Buyers and Sellers

Drawing on my experience with shipwreck coins, buried hoards, and variety collecting, here are my actionable recommendations for anyone buying or selling 1922-D Lincoln cents:

For Buyers:

• Always verify the die pair. Use the Lincoln Cent Resource website (lincolncentresource.com) and CaptHenway’s research to confirm which die pair your coin represents. The difference between Die Pair #1 and Die Pair #3 can mean hundreds of dollars in value. Don’t guess — know.
• Assess die state carefully. Early die state examples with sharp obverse detail (like the well-defined beard on Lincoln’s portrait that forum members have noted) are generally more desirable than late die state examples with multiple die cracks — unless the die state itself is the focus of your collection. A strong, early strike with full detail will always have superior eye appeal.
• Prioritize originality. Coins with original mint luster and natural color (RD > RB > BN) command significant premiums. Be wary of coins that have been cleaned, artificially toned, or otherwise altered. That original surface is irreplaceable — once it’s gone, no amount of conservation can bring it back.
• Consider CAC verification. As winesteven’s data shows, CAC-approved examples at the MS65RD and MS66RB levels are genuinely scarce. A CAC sticker at these grades adds both market confidence and premium value. It’s a quality signal that serious collectors recognize instantly.
• Look for provenance. If a coin can be traced to a famous collection, a long-sealed bank roll, or a documented accumulation, that history adds value. Just as shipwreck coins command premiums for their recovery story, a 1922-D cent with documented pedigree carries an extra layer of desirability.

For Sellers:

• Get professional photography. As several forum members have noted, a TrueView or high-quality close-up image can make a significant difference in how your coin is perceived and valued. CaptHenway himself has recommended TrueView imaging for coins being reholdered. Good images sell coins — it’s that simple.
• Consider re-grading. If you believe your coin is undergraded — as Tramp suspects with his MS63RB example that he believes is finer — a re-grade request or crossover attempt may be worthwhile, especially if you can get TrueView images made while the coin is out of the holder. The difference between MS63 and MS65 on a 1922-D cent is enormous.
• Document die characteristics. High-quality images of both obverse and reverse, with close-ups of the mint mark area, die cracks, and any other distinguishing features, will help serious collectors and researchers identify your coin’s die pair and state. This documentation also builds provenance over time.
• Be patient with rare varieties. If you believe you have a Die Pair #4 No D example, don’t rush to sell. Get it properly attributed, imaged, and certified. The numismatic value of a confirmed high-grade example of this variety could be substantial, and the right buyer — one who understands the significance — will pay accordingly. Patience in this hobby is almost always rewarded.

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