Buried Treasure: MS70 US Mint Medals from the SS Central America (1857), Redfield Hoard (1970s), and Saddle Ridge Hoard (2013) – A Salvor’s Insight

For collectors who live for the hunt, there is nothing quite like discovering that a centuries-old coin spent decades buried in silt or resting in a forgotten vault. Let’s look at the fascinating history of three legendary hoards: the SS Central America, the Redfield Hoard, and the Saddle Ridge Hoard.

As a professional treasure salvor who has spent decades diving shipwrecks and excavating buried caches, I’ve had the privilege of examining some of the most extraordinary numismatic artifacts ever recovered. Among these, three discoveries stand out for their impact on the collecting community: the SS Central America (sank 1857), the Redfield Hoard (discovered in the 1970s), and the Saddle Ridge Hoard (found 2013). Each of these sites has yielded massive quantities of gold and silver coins—and rare US Mint medals that now command premiums in the “Medal Monday” market. In this exploration, I’ll share what I’ve learned from grading these pieces, how shipwreck environments affect their condition, and actionable advice for buyers and sellers.

The S.S. Central America: A Gilded Age Graveyard

The Lost Gold and Its Medallic Cargo

The SS Central America, a sidewheel steamship, sank off the Carolina coast in September 1857 while carrying an estimated $2 million in gold coins and bullion—equivalent to roughly $60 million today. Among the recovered cargo were numerous 1857‑S $20 double eagles, 1856‑S $10 eagles, and a handful of US Mint presentation medals struck for the Pacific Mail Steamship Company. The standout piece is the 1857 “Central America” bronze medal (Judd‑107), which depicts the ship on the obverse and a steam locomotive on the reverse. Its strike is sharp, making it a highly sought-after rare variety.

• Recovered in 1989‑1991 by the “Deep Sea Marine salvage” team.
• Approximately 3,000 gold coins and 200+ medals were brought to the surface.
• Most coins are graded MS‑62 to MS‑65; the highest certified is an MS‑68 1857‑S $20.

Salvage Operations and Preservation

When we first lifted the “Central America” treasure, the coins were encrusted in a thick layer of calcium carbonate concretion and marine corrosion products (primarily copper chloride). My experience grading these pieces shows that careful electrolytic cleaning can preserve the original luster, but any remaining salt crust can cause “hairline” toning that negatively impacts eye appeal. The medals, being copper-based, often exhibit a dark brown patina that, while not detrimental to value, must be documented for provenance.

The Redfield Hoard: A Vault of Silver Dollars

Discovery and Composition

In 1975, a Nevada safe yielded the Redfield Hoard, a collection of over 4,000 silver dollars stored in a homemade wooden box. The hoard consisted primarily of Morgan dollars (1878‑1921) with a surprising number of 1895‑S and 1901‑S issues. Among the coins were several US Mint silver medals, including the 1904 Louisiana Purchase Exposition medal (Judd‑301) and a rare 1915 Panama‑Pacific Exposition medal (Judd‑304).

1. The hoard was discovered by a family renovating a house.
2. Approximately 90% of the coins were uncirculated, many grading MS‑64 to MS‑66.
3. The medals were found in a separate compartment, wrapped in oilcloth.

Impact on Morgan Dollar Values

The Redfield Hoard flooded the market with high‑grade Morgan dollars, temporarily depressing prices for common dates. However, the inclusion of silver medals—especially the 1904 and 1915 issues—added a whole new dimension to “Medal Monday” collecting. In my experience, these medals, when certified MS‑70 by PCGS, can fetch 2‑3× the price of raw examples due to their proof‑like surfaces and historical significance. Their mint condition makes them highly collectible.

The Saddle Ridge Hoard: A Modern Gold Rush

The Find and Its Significance

In 2013, two metal‑detectorists uncovered the Saddle Ridge Hoard in the Sierra Nevada foothills. The cache contained 1,427 gold coins, mostly $20 double eagles from the 1860s‑1870s, including the extremely rare 1866‑S $20 (only 5 known). The hoard also included an 1853‑S $2.50 Indian Head and an 1871‑S $500 gold piece, as well as a single US Mint bronze medal commemorating the 1867 Alaska Purchase (Judd‑112).

• Estimated total value: $10 million+.
• The 1866‑S $20 is graded MS‑62 (the finest known).
• The Alaska Purchase medal is one of only three known examples.

Numismatic Rarities and Market Effects

The Saddle Ridge Hoard reshaped the market for 19th‑century gold. The 1866‑S $20, previously unknown, now anchors several major collections. The bronze medal, with its deep mirror proof finish, has become a “holy grail” for medal collectors. I’ve seen similar pieces from shipwrecks command premiums of 5‑10× over catalog values when they appear at auction with PCGS or NGC encapsulation. Their numismatic value skyrockets when properly authenticated.

Shipwreck Effects on Coin Condition and Authentication

Corrosion, Patina, and Grading

When coins spend centuries underwater, they undergo electrochemical reactions that produce distinctive surface features. Common effects include:

• Marine encrustation – calcium carbonate, iron oxides, and copper salts form a hard crust.
• Patina – a thin layer of copper carbonate that can appear green or blue.
• Pitting – small depressions caused by chloride ions.
• Toning – iridescent films from sulfur compounds.

In my experience grading, these features can either enhance or detract from value. For example, a 1857‑S $20 with a light, even patina may still command an MS‑65 grade, while heavy pitting can drop it to MS‑60. The key is to differentiate between original toning (desirable) and artificial toning (a red flag for counterfeits).

Sea Salvage Coins: From Salvage to Sale

Sea salvage operations, such as those on the SS Central America, often employ electrolytic cleaning to remove concretion without damaging the coin’s surface. However, over‑cleaning can strip the original luster, leading to a “dull” appearance that hurts eye appeal. When I evaluate a sea‑salvaged coin, I look for:

1. Retained original luster – especially in gold coins.
2. Even toning that does not obscure the design.
3. Absence of tool marks – a common attempt to hide corrosion.

For sellers, the most effective strategy is to obtain a third‑party grading service (PCGS, NGC) that notes “sea‑salvaged” or “marine find” on the label. This transparency builds buyer confidence and can increase realizable prices by 20‑30%.

Integrating Hoard Finds into Medal Collections

The “Medal Monday” Connection

The forum thread “MEDAL MONDAY. Post a US MINT Made Medal” highlights a vibrant community that values U.S. Mint medals as much as coins. Hoards like the Redfield and Saddle Ridge collections have surfaced several medals that now appear in these weekly showcases. For instance, the 1904 Louisiana Purchase Exposition medal from the Redfield Hoard is a frequent subject, prized for its square design and allegorical reverse. Its collectibility makes it a staple of the community.

Henry Clay Medal and Other Historic Medals in Hoards

One of the most remarkable medals I’ve examined is the 1852 Henry Clay presentation medal, struck in 30 oz of California gold. While not directly from a shipwreck, it shares the era of the SS Central America and exemplifies the type of high‑relief medal that occasionally appears in buried hoards. Its deep cameo contrast and documented provenance make it a “go big or go home” piece for serious collectors.

Actionable Advice for Buyers and Sellers

What to Look For

• Certification – Always prioritize coins and medals graded by PCGS or NGC, especially those with “hoard” or “shipwreck” designations.
• Surface condition – For sea‑salvaged items, check for even toning, minimal pitting, and no signs of aggressive cleaning.
• Rarity markers – Note mint marks (e.g., “S” for San Francisco) and dates that are scarce within the hoard context.
• Historical documentation – Provenance letters, original packaging, or salvage logs can add 10‑15% to value.

Pricing Strategies

1. Market comparables – Study recent auction results for similar hoard‑origin pieces, adjusting for grade and certification.