500,000 + silver coins recovered (show from discovery channel)

Jimmy@romega

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Dec 4, 2008
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True story from discovery channel, these guys recovered over 500,000 rare late 1700 or early 1800 coins from ship wrecks. Also they found hundreds of rare gold coins all found on the bottom of the ocean. It was late at night so I didn't get to watch all of it. From the spot they recovered the coins was a big political issue with a country. They found it on their territory and it came to be a big legal battle. Their ship was seized by this country and I watch it right up when they try to sneek off with their ship and get to another part of another country but they end up getting caught by their government. Thats when I had to go to sleep it was late at night. All the coins they end up getting was transferred to some secured federal bank in america.

I wonder if these guys ended up with their all treasure they found?
 

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MUD(S.W.A.T)

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In most cases this happens with treasures like these the government says Holy Crap and steps in. In most cases the people fight them off and end up keeping a portion of the finds. The government has to tax them. Then they have to pay for ships and crew and leases and stuff like that. Then by the time they get to spend the profit money they have little left. :laughing7:

Keep @ it and HH!!
 

quick-silver

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Feb 26, 2009
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these coins are tied up now in a very complicated legal battle between Spain and Odyssey Marine Exploration. recently a judge in florida ruled that the coins be returned to Spain, but that was appealed on the grounds that this judge had no juridiction over the situation. I am not sure where the money is right now but what i am sure of is if Odyssey Marine Exploration wins the case stock holders will see a hefty little increase :wink:
 

airborne1092

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MUD(S.W.A.T) said:
In most cases this happens with treasures like these the government says Holy Crap and steps in. In most cases the people fight them off and end up keeping a portion of the finds. The government has to tax them. Then they have to pay for ships and crew and leases and stuff like that. Then by the time they get to spend the profit money they have little left. :laughing7:

Keep @ it and HH!!

it would seem prudent for any treasure hunter/detectorist to get basic Incorporation status. By incorporating, you would then be allowed to pay all taxes on only what you netted, not your gross haul. Basically after all of your other expenses were satisfied, you would then only be responsible for paying taxes on what was left.

You get my meaning? My mind is still carwheeling over the fact that I misspelled incorporation and I can't for the life of me remember how to spell it...

p.s. speel check is my freind!
 

jrf30

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There are many pitfalls in searching for treasure underwater. One of them is Spain. They declare that all ships that were theirs, or Might have been theirs, therefore IS theirs. And all coins still belong to them. They have sued and WON with that attitude on numerous occasions, including against Odyssey (OMEX on the stock ticker).

But there is a different way. I know of two companies that are diving in the Dominican Republic. The DR set up in their constitution when they declared independence that any ships found in their waters belonged to them, in spite of what Spain might say. And it looks like it has held so far. The DR has set up contracts with treasure hunting companies to allow them to dive and keep a split of the treasure found. The two I know of that are down there are both spinoffs from Burt Weber. One is MEXP, and the other is DPBE. One is trading at 18 cents, and the other at 18/100 of a cent. If either hits something big, the stocks would go up more than OMEX, because they won' t have to fight to keep it. But both are super risky stocks. I've played both, and been in and out of both around announcement times and when they have drifted down before announcements (even riskier). Anyway, if you are interested in this type company, all three are worth watching, to see what news comes out. As for investing in any of the three ... no comment. Make up your own decision. But those are three to watch if you want the news for reading sake. :-)
 

cyberdan

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jrf30 said:
One of them is Spain. They declare that all ships that were theirs......
Isn't it funny about Spain. The country was broke. They sent out their ships to the new world. They plundered, they robbed, they killed to get that gold. A lot of plundered gold made it back, some ships sunk. Now Spain still thinks the stolen gold belongs to them. Don't the judges watch the history channel? :dontknow:
 

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