S.S. Central America Awash In Unprecedented Sales Demand

By Press Release - March 7, 2000

PCGS has graded the recovered coins

Another tide is sweeping over the S.S. Central America. A huge wave of unprecedented public demand to acquire a piece of the fabled sunken treasure is reported by the three dealerships selected to sell it.

In only four weeks since the first of the California Gold Rush era coins entered the marketplace, more than 2,000 1857-S Double Eagles have been sold, according to Dwight Manley, Managing Partner of the California Gold Group LLC, Newport Beach, California. His partnership purchased the $100 million treasure intact from Columbus-America Discovery Group, the team that discovered and recovered the historic cargo in the 1980s.

"We're actually five months ahead of schedule because of the unprecedented demand for these coins. We've already sold 40 percent of the available 1857-S Double Eagles," said Manley.

The first 525 of approximately 5,000 1857-S Double Eagles originally were scheduled to enter the marketplace March 1, but waves of orders for the historic gold pieces began arriving by phone, fax and e-mail in late January when news of their upcoming availability was made public.

In addition to extensive news coverage in the numismatic media, major stories about the treasure have appeared recently in The Wall Street Journal and Los Angeles Times, and on Dateline NBC, The CBS Evening News With Dan Rather, CNBC, and the Discovery Channel.

The coins are selling at prices ranging from several thousand to tens of thousands of dollars each, depending on grade.

"After less than one month on the market, Blanchard and Company has already sold nearly 25 percent of the exquisite and important 1857-S Double Eagles from the treasure. This represents sales of well over $11 million," said Christopher Holton, President of Blanchard and Company of New Orleans, Louisiana.

The other two dealerships now selling the 1857-S Double Eagles are David Hall's North American Trading of Santa Ana, California, and Bowers and Merena Galleries of Wolfeboro, New Hampshire.

"In my 38 years of selling rare coins I have never seen a major deal sell so fast and with so much demand and enthusiasm," said David Hall.

Q. David Bowers, Chairman of Bowers and Merena, emphasized the thrill of the treasure continues to grow: "They are selling as fast as we can get them. Everybody we've heard from has been very excited with the presentation and offering, and after they receive the coins their excitement is even greater.

"People realize this is a unique opportunity that combines numismatic appeal, visual appeal and the California Gold Rush all in one. We are selling to many people who have not purchased coins for years, or are buying for the first time, and are enthusiastic about the Central America treasure. I even bought one coin to place on my office wall," said Bowers.

The Central America was carrying tons of gold coins and gold bars when it sank in a hurricane in September 1857 during a voyage from Panama to New York.

More than 17,000 people saw the first "Ship of Gold" exhibit of previously unseen Central America treasure during the four-day Long Beach Coin & Collectibles Expo in February. The exhibit returns to Long Beach in June and October, and will be displayed in Philadelphia during the American Numismatic Association's World's Fair of Money in August. Exhibits in other towns are being planned, according to Manley.

Additional coins and gold bars will be made available over the next two years as the items are examined and cataloged by curators. For information, contact Blanchard and Company at (800) 880-4653, Bowers and Merena at (800) 458-4646, or David Hall's North American Trading at (800) 359-4255. Unique and finest known items from the treasure will be auctioned by Christie's at a future date.