Buried Treasure: How the Finest Known Examples of Shipwreck and Hoard Coins Were Discovered in the S.S. Central America, Redfield, and Saddle Ridge Finds

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 in the trenches of numismatic discovery—whether diving through the silt of a 19th-century shipwreck or carefully cataloging a massive accumulation pulled from a forgotten vault—I can tell you that the stories behind these finds are just as fascinating as the coins themselves. The recent forum discussion about seeking multiple professional appraisals for an estate collection reminded me of a fundamental truth in our hobby: the value of a coin is not just in its metal or its date, but in its provenance, its preservation, and the story of how it survived.

When a collector or an executor faces a large accumulation of coins—whether they are modern bullion pieces like Australian Kookaburras, Canadian Maple Leafs, or Gold 50th Anniversary Kennedy commemoratives—the instinct to get a second opinion is not just good practice, it is essential. But this principle applies with even greater force when dealing with the most legendary finds in numismatic history. The S.S. Central America, the Redfield Hoard, and the Saddle Ridge Hoard are not just accumulations; they are time capsules that have fundamentally altered the market for American coinage. Let me walk you through what makes these hoards so significant, and what every collector should know about shipwreck effects and sea salvage coins.

The S.S. Central America: The Shipwreck That Changed Everything

If you are a treasure salvor, the S.S. Central America is the holy grail. Known as the “Ship of Gold,” this sidewheel steamer sank in September 1857 during a Category 2 hurricane roughly 160 miles off the coast of the Carolinas. She was carrying an enormous consignment of gold from the California Gold Rush—coins, ingots, and raw gold dust—much of it destined for Eastern banks. The loss was so significant that it contributed directly to the Panic of 1857, one of the most severe financial crises in American history.

What Was Recovered

The wreck was discovered in 1988 by the Columbus-America Discovery Group, led by Tommy Thompson, using sophisticated deep-ocean technology. The recovery operation brought up:

• Thousands of 1857 Double Eagles ($20 gold pieces), many in astonishing condition
• Gold ingots weighing up to 80 pounds, stamped with assayer marks and values
• Assorted gold coins and dust from San Francisco and private mints
• Historical artifacts including letters, clothing, and personal effects from passengers

From a grading perspective, the S.S. Central America coins are extraordinary. Because they were sealed in a low-oxygen environment at the bottom of the Atlantic, many specimens survived in states of preservation that would be virtually impossible for coins that circulated in commerce. I have examined numerous examples graded by PCGS and NGC, and the difference is immediately apparent. These coins often exhibit:

• Original, undisturbed luster with no evidence of wear or cleaning
• Sharp strike details that are typically only seen on proof specimens
• Minimal surface disturbance despite decades or centuries underwater

Sea Salvage Coins: Understanding the Effects

One of the most important things a collector needs to understand about shipwreck coins is how the marine environment affects them. Not all sea salvage coins look the same, and the condition varies dramatically based on where the coin sat in the wreck, what it was in contact with, and how long it was submerged.

Here are the key factors that affect sea salvage coins:

1. Salinity and water chemistry: Saltwater is corrosive, but coins buried in silt or sediment are often protected from the worst effects. Gold coins, being chemically inert, fare exceptionally well. Silver coins can develop chloride corrosion or toning patterns that are unique to the marine environment.
2. Pressure and temperature: Deep ocean environments are cold and high-pressure, which actually helps preserve organic materials and can slow chemical reactions that degrade metal surfaces.
3. Contact with other materials: Coins that were stored in wooden chests, canvas bags, or paper wrappers often show different preservation characteristics than loose coins. The S.S. Central America coins that were found in intact treasure boxes were among the best preserved.
4. Post-recovery conservation: This is critical. Proper conservation by professional numismatic conservators can stabilize a coin and prevent ongoing deterioration. Improper cleaning or handling can destroy value instantly.

From a market standpoint, S.S. Central America coins carry a significant premium over comparable non-shipwreck specimens. A regular-issue 1857-S Double Eagle in MS-63 might trade for a certain price, but an S.S. Central America example in the same grade can command multiples of that value. The provenance is simply that powerful.

The Redfield Hoard: A Mystery in a Vault

While the S.S. Central America represents the romance of deep-sea salvage, the Redfield Hoard is a story of American eccentricity and the power of long-term accumulation. LaVere Redfield was a Nevada-based financier and coin collector who, over several decades, amassed one of the largest hoards of silver dollars ever discovered in private hands.

The Discovery

After Redfield’s death in 1974, his executors discovered that he had been storing massive quantities of silver dollars in his home and in bank vaults. The hoard eventually totaled approximately 407,000 Morgan and Peace silver dollars, along with other denominations. The coins were found in bags, boxes, and even hidden compartments throughout his property.

What makes the Redfield Hoard so significant from a numismatic perspective is the sheer volume and the condition range. Because Redfield was actively collecting for decades, the hoard contained:

• High-grade Morgan Dollars in MS-64 through MS-66, many with exceptional luster and eye appeal
• Key date specimens including 1893-S, 1889-CC, 1895-O, and other dates that are scarce in high grade
• Peace Dollars in various conditions, including many in mint state
• Original bank bags that had never been opened, preserving coins in their original mint-fresh condition

Market Impact

The Redfield Hoard was liquidated through several major auction houses and dealers over the years, with the primary marketing handled by Paramount International Coin Corporation. The dispersal had a significant impact on the silver dollar market:

1. Prices for common-date Morgan Dollars in high grade were temporarily depressed due to the massive supply entering the market
2. Prices for key dates were less affected because even 407,000 coins could not satisfy demand for the rarest issues
3. The hoard established a benchmark for what a truly large accumulation looks like and how it should be handled

As a salvor and appraiser, I can tell you that the Redfield Hoard taught the market an important lesson: even the largest hoards cannot satisfy collector demand for truly rare dates and conditions. The hoard’s impact was felt most strongly in the common dates, while key dates and exceptional specimens continued to appreciate.

The Saddle Ridge Hoard: Modern Treasure in the California Hills

While the S.S. Central America and Redfield Hoard are well-documented historical finds, the Saddle Ridge Hoard represents something different—a modern treasure discovery that captured the public imagination and reminded us that valuable coins can still be found in unexpected places.

The Discovery

In February 2013, a couple walking their dog on their property in the Sierra Nevada foothills of California discovered a buried can containing gold coins. What they initially thought might be a single cache turned out to be eight cans containing 1,427 gold coins with a face value of approximately $27,000 but an estimated numismatic value of over $10 million.

The coins dated from 1847 to 1894 and included:

• $20 Liberty Head Double Eagles in various dates and conditions
• $10 Liberty Head Eagles
• $5 Liberty Head Half Eagles
• Several exceptional high-grade specimens that graded MS-65 or higher

Authentication and Grading

The Saddle Ridge Hoard was authenticated and graded by PCGS, which encapsulated the coins in special holders identifying them as Saddle Ridge Hoard specimens. This is a critical point for collectors: provenance matters. The authentication process for the Saddle Ridge Hoard involved:

1. Metallurgical analysis to confirm the gold content and composition matched known mint specifications
2. Die variety attribution to identify specific VAM varieties for Morgan Dollars and other design types
3. Surface analysis to confirm the coins had not been artificially treated or altered
4. Historical research to establish the likely origin and burial date of the hoard

The discovery of the Saddle Ridge Hoard reignited public interest in coin collecting and treasure hunting. It also raised important questions about the legal and ethical responsibilities of finders, which is a topic I discuss frequently with clients and fellow professionals.

Shipwreck Effects: What Every Collector Must Know

Whether you are considering purchasing a coin from the S.S. Central America, the SS Republic, the SS Gairsoppa, or any other shipwreck, you need to understand the specific characteristics that define sea salvage coins. This is not academic knowledge—it directly affects the value, authenticity, and long-term stability of your purchase.

Positive Shipwreck Effects

Many shipwreck coins exhibit characteristics that collectors prize:

• Original mint luster preserved by the anaerobic environment
• Sharp, full strikes with no evidence of circulation wear
• Natural toning patterns that are unique to the marine environment and cannot be artificially replicated
• Historical significance that adds a premium beyond the numismatic value

Negative Shipwreck Effects

However, not all shipwreck coins are pristine. Some exhibit:

• Chloride corrosion on silver coins, which can appear as dark spots or crusty deposits
• Pitting and porosity caused by prolonged contact with saltwater
• Encrustation from marine organisms that attached to the coin surface
• Metal loss in severe cases, particularly for copper and bronze coins

Conservation Considerations

Proper conservation is essential for sea salvage coins. I always recommend that collectors:

1. Work with professional numismatic conservators who specialize in marine artifacts
2. Avoid amateur cleaning of any kind—no dipping, no polishing, no chemical treatments
3. Store shipwreck coins in stable environments with controlled humidity and temperature
4. Document the provenance carefully, including any conservation treatments that have been performed

The Importance of Multiple Appraisals: Lessons from the Forum

The forum discussion that inspired this article touches on a principle that applies equally to estate accumulations and to major hoard discoveries: always seek multiple professional opinions. The original poster was handling an estate with 110 line items of modern silver and gold coins, and he wisely sought appraisals from two different dealers. When the second dealer reacted negatively upon learning about the first appraisal, it revealed more about the dealer’s intentions than about the collector’s behavior.

In my experience, a professional dealer who is confident in his pricing and his integrity will not be threatened by the existence of a second appraisal. The fact that the second dealer in the forum scenario refused to deliver his appraisal and stopped communicating is a red flag. As several forum members correctly noted, this behavior strongly suggests the dealer was planning to lowball the offer and hoped to avoid competition.

This principle scales up to the largest hoards. When the Redfield Hoard was being liquidated, multiple dealers and auction houses were involved. When the S.S. Central America treasure was being marketed, several firms competed for the right to handle the coins. Competition among professionals benefits the seller and ensures fair market value.

Actionable Takeaways for Buyers and Sellers

Whether you are dealing with a small estate collection or a major hoard discovery, here are the key principles I recommend:

1. Always get multiple appraisals for any significant collection. This is not just good practice—it is essential for establishing fair market value.
2. Pay for professional appraisals when appropriate. A dealer who is compensated for his time and expertise has no excuse for withholding results or reacting negatively to competition.
3. Understand the specific characteristics of shipwreck and hoard coins before purchasing. The market for these coins is specialized, and knowledge is your best protection against overpaying or buying problem coins.
4. Work with reputable grading services like PCGS and NGC for authentication and encapsulation. For shipwreck coins, look for special designations that identify the provenance.
5. Document everything. Provenance, condition, conservation history, and chain of custody all affect value. The better your documentation, the stronger your position when selling.
6. Be wary of dealers who react negatively to the idea of a second opinion. A confident, professional dealer welcomes competition because it validates his own pricing.

Conclusion: The Enduring Allure of Hoards and Shipwrecks

The S.S. Central America, the Redfield Hoard, and the Saddle Ridge Hoard represent three very different types of numismatic discovery, but they share a common thread: they remind us that the most valuable coins are not just pieces of metal—they are pieces of history. Each of these hoards has contributed to our understanding of American coinage, has expanded the population of known specimens in various grades, and has created new categories of collectibility that did not exist before.

For the treasure salvor, these finds represent the ultimate reward for patience, expertise, and a willingness to invest in the search. For the collector, they represent opportunities to own coins with extraordinary provenance and historical significance. And for the market as a whole, they serve as reminders that the story behind a coin can be as valuable as the coin itself.

As the forum discussion illustrates, the principles of fair dealing, professional integrity, and informed decision-making apply at every level of the hobby—from a small estate appraisal to the marketing of a multi-million-dollar shipwreck recovery. Whether you are a seasoned collector or a newcomer to the field, the lessons of these great hoards are clear: do your homework, seek multiple opinions, and never underestimate the value of a coin with a story to tell.

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