$1.3M in Gold Bars Pulled From 1857 Shipwreck Off South Carolina

The ship may hold another $86 million in gold

   

$1.3M in Gold Bars Pulled From 1857 Shipwreck Off South Carolina

On Monday, Odyssey Marine Exploration (OMEX) said it had recovered nearly 1,000 ounces of gold from the shipwreck of the SS Central America.

11103054 gold bullion 300x142 $1.3M in Gold Bars Pulled From 1857 Shipwreck Off South Carolina
Source: iStockphoto

OMEX indicated that during its initial reconnaissance of the shipwreck on Apr. 15, it collected five gold ingots with weights between 96.5 and 313.5 troy ounces and two $20 Double Eagle coins, minted in 1850 and 1857. During the dive, OMEX said that it the “gold ingots and other artifacts were clearly visible on the surface of the site” and did not require excavation, Bloomberg notes.

pacific ocean from space 200x200 $1.3M in Gold Bars Pulled From 1857 Shipwreck Off South Carolina
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At current prices, the gold recovered from the SS Central America shipwreck is worth about $1.3 million.

Prior exploration of the shipwreck between 1989 and 1991 recovered more than 2 tons of gold. OMEX estimates that the shipwreck still contains gold worth about $86 million.

The SS Central America shipwreck is more than a mile deep in the Atlantic Ocean about 160 miles off the coast of South Carolina. The vessel sank in 1857, killing 425 passengers.

Shares of OMEX gained more than 1% in Tuesday morning trading.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/1-3m-gold-bars-pulled-1857-shipwreck-south-carolina/.

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