150 Year Old Shipwreck Found With Millions of Lost Gold

A U.S. District Judge has finally settled an ownership dispute over the salvage rights to a shipwreck found off the coast of South Carolina that was discovered to contain millions of dollars worth of gold coins and bars.

The SS Central America steamship was en route to New York City on September 3, 1857 when a category 2 hurricane struck the eastern seaboard of the United States. During the storm, the sails of the ship were ripped to shreds by high winds and it began taking on water. After the boiler of the ship became flooded, it could no longer hold a fire. Without power, the ship was carried more than 150 miles out to sea, limiting rescue efforts. 425 people perished in the accident.

The ship was transporting an estimated 30,000 pounds of gold and was afterward referred to as "The Ship of Gold". The loss of gold was so catastrophic it contributed to the Panic of 1857, the first worldwide economic crisis. Another reason for this financial panic was the British government circumventing the Peel Banking Act of 1844, which required gold and silver to back up all currency in circulation.

The ownership of the gold has been tied up in the court system for several years. After the shipwreck was discovered, 39 insurance companies filed lawsuits against the recovery team, claiming that they originally paid damages for the losses in the 19th century. The salvage team claimed that the wreck had been abandoned. A judge eventually ruled in favor of the salvage team, awarding them 92% of the recovered gold.

The ship's manifest indicated a cargo containing 43 gold bars, 1,302 gold double-eagle coins, 37 $10 gold eagle coins, and over 9,000 10-cent silver coins.  The total value of the gold is estimated to exceed 100 million dollars. One recovered gold ingot weighing 80 lbs sold for $8,000,000.00, making it the most valuable piece of currency in the world at the time of sale. The brick was nicknamed "Eureka" and was made from gold nuggets found by Forty-Niners during the California Gold Rush.

Several personal items from the ship's passengers have also been discovered, including more than 60 "ambrotypes" (a type of glass-plate photograph), and restoration and preservation efforts are currently underway.