Florida Company finds S.S. Connaught with 10,000 lbs of gold.

[SteveS]

Enduarance Exploration of Clearwater has identified the remains of the S.S. Connaught off Boston. Supposedly had 10,000 pounds of gold. All passengers and crew were saved after catching fire in 1860. Will have to wait and see what they bring up.

 

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[Tnmountains]

Oh yeah this will be good. I wonder who will lay claim to her. Some greedy insurance company I guess. You have any links to share?

 

[Mackaydon]

That's British pounds (money value) not weight; still a big haul if real and if recovered.
"The Connaught sank on her way from St. John's, Newfoundland to Boston, Massachusetts with a shipment of £10,000 of gold coins, possibly intended for the use by a visiting member of the British royal family, as well as the valuables of many of the passengers."
Don....

 

[ARC]

https://globenewswire.com/news-rele...easure-Liner-S-S-Connaught.html?parent=705030

 

[sandmartin]

£10,000, wonder what todays value would be?

 

[deepsecrets]

gold content value would be about $3 million - collector value could be as high as $10 million.

 

[Mackaydon]

Too often these announcements are made in an attempt to solicit additional capital. Equally, too often,these announcements do not mention certain risks. One risk is the lack of substantiation of the lost treasure. Was it on the manifest?Was it insured (and therefore, perhaps, belongs to the insurance company?) Claimants come out of the woodwork on each such salvage operation; a war-chest of cash is required to keep them at bay.
What was the purpose of making the announcement before the loot was seen or recovered?
Not a sole was lost, yet the cargo of gold was not recovered—seems strange (and 'fishy') to me.
Don......

 

[ivan salis]

please note that the British pound was equal to $ 4.85 American in 1860 --so 10.000 pounds British was equal to $48,500 dollars of US money * -- British gold coins of the time (1860) were called sovereigns and were worth the British money value of "1 pound" in value --so 10,000 of them were aboard the vessel-- 1860 British gold 1 pound cash value coins (not 1 pound in weight but rather in British money value )* -- in poorer condition traded at from $130 to $160 US normally (historically) --so at $130 x 10,000 --minimum value coin collecter wise --- is at least ---1,300,000 -- however better grade coins tend to run from $520 to $720 -- so from $5,200.000 to $7,500,000 in coin collector value ...also the coins at gold melt value .235420 troy oz of pure gold per coin (they are 22 k gold) x 10,000 that's 2, 354.20 troy oz of gold at $ current spot price of $1167 --scrap melt value of $2,158,801.39 for all 10,000 coins -- so bottom line is if all 10,000 coins are recovered -- scrap melt value minimum of the wreck coins would be $2,158,801.39 to a high value of say $7,500,000 at top end coin collecter value --so about $ 2,158,801.39 to say 7.5 million is its possible value range IF ALL THE COINS ARE FOUND AND NO INSURANCE COMPANY OR OTHER CLAIMER STEPS FORTH..

 

[SteveS]

I got the info from the reputable Sea Technology Magazine which said 10,000 pounds of gold coins. Looks like it is actually 10,000 British monetary pounds of gold coins after looking at some other sites. Worth allot less than actual pounds. One article said they believe there are 400-500,000 coins on board. I'm sure they've spent a good amount so far on the search. I see Ivan has put a good estimate of value on them. If you flood the market, the coin collector value will drop considerably. Be interesting to see what they come up with, and if any lawsuits emerge like with the Central America wreck..

 

[cjd1467]

This is an old news article from last year. They are still trying to shift monetary resources around with their stocks to raise money for this recovery expedition.

https://globenewswire.com/news-rele...Shipwreck-Find-SS-Connaugh.html?parent=670632

 

[Salvor6]

I see they are trying to sell 15,000,000 shares. If it's $1 per share they will have a difficult time paying the shareholders back.

 

[ivan salis]

the whole value * with all the coins in very nice condition coin collecter grade type coins is about 7 .5 million ---10,000 --1 pound value british money gold coins at a bit under 1/4 troy oz each (.23) .. that's at $750 per coin -- if they put out 15.000.000 shares at even $1 a share --there is no way possible to pay back the debt to the share holders for this project --unless each and every coin sells for at least 1500 each and that's just the break even point to repay the "investors" of 15,000,000 -- so for the company to turn a decent profiet --all 10,000 coins would have to be found and sell at about 2000 dollars each .. about 3 times what a standard very nice grade collector 1860 1 pound British coin -- currently goes for . and 10,000 coins hitting the "market" is likely to tank the coins collecter value ..yes the shipwreck angle might add a bit of value but not that much I dare to say ..

now if they put out say 5 million at $1 a share --with a 7.5 possible coin value and say a bump from the ship wreck angle to say 10 million --then the figures get workable to repay investors -- say 1.25 pay back for a $1 "stock" investment (25% return on a high risk investment ) -- that would be (6.25 million) back to investors -- with at least 1.25 mil (at 7.5 mill) -- (to 3.5 mil --at 10 mil) --and if the company comes in under the 5 mil budget they pull ahead whatever they save..


with a troy lb being 13 oz in weight and each of the coins weighing about 1/4 troy oz (.23) there would be 4 per oz x 13 ox per troy pound -- so about 52 coins per troy pound x 10.000 troy pounds (what gold is measured in) -- so about 520, 000 or so coins at a then current 1860 value of $4.85 each -- ( a vast sum for 1860 -- about 2.5 million dollars *) that's why they think there is 520.000 coins there by this fuzzy math -- much more likely its 10,000 1 "pound" value British coins -- $48,500 dollars in 1860 value -- spending cash for the British royals while traveling --unless it was indeed 10,000 "lbs" by weight going to help the south pre war * its well known historical fact that the royal brits were supporting the "break away south" and the war was just around the corner...

 

[buccaneer1961]

its .25 a share private placement...they are going out on phase 2 see their facebook

 

[Darren in NC]

While newspapers shouldn't be the primary source, the NY Times states in October of 1860, "The Connaught had £10,000 in gold on board, Government money, taken at St Johns, which was lost with the ship." I know little about this company, but at least they're trading more than double that of Odyssey.

 

[AUVnav]

If it was for the British Royal family, one can rest assured that there are impeccable records, and it may even have sovereign protection.

This is noteworthy:
"Endurance has petitioned the U.S. Federal Courts for the Middle District of Florida for an arrest of the shipwreck, an appointment of Endurance as substitute custodian of the shipwreck and a salvage award or title to the shipwreck and its cargo. If granted, Endurance plans to return to the site next spring or summer to begin a systematic and well-documented recovery of cargo and artifacts. The Company also intends to make a documentary film or television special to fully tell the remarkable story of the loss of the S.S. Connaught."

It appears that an Admiralty Arrest has not been granted to date. I cannot find any reference to the Admiralty Arrest on Justia.

This is interesting:

Guy Zajonc, Director:

Mr. Zajonc is the former President and CEO of Five by Five Media, Inc. (2008 to present). He served as Senior Manager and General Counsel to Odyssey Marine Exploration, Inc. (2003 to 2006). At Odyssey, he helped manage marine operations, helped build the research department, and founded and hired the researchers that were directly responsible for the location of the Mercedes, HMS Victory and the Gairsoppa.

• SS Republic. In August 2003 Mr. Zajonc joined Odyssey Marine Exploration, Inc.'s senior management team as General Counsel and was initially responsible for onshore support of Marine Operations. In November of 2003 gold was discovered on the wreck of the SS Republic in 1,600 feet of water. Over 51,000 gold and silver coins and 13,000 artifacts have been recovered with an estimated value of $75 million USD.

 

[ivan salis]

clearly the researcher is branching out on his own ... and knows how to make money ... the value of the shipwreck with full recovery of all 10,000 coins -----1 "pound"/ 240 pence value coins --- at say a value of $ 500 each would be--- 5.000.000 tops ---and 5,000,000 dollars divided by 15,000,000 shares is only 33 cents each at full recovery gross "pre tax" ... and the cost pf a share is 25 cents .. which only allows for a 1/3 profiet of 8 cents ...if all the coins are found and sold for a cost of 500 or more and this does not factor in any profiet for the company , taxes or expenses ... so basically --a invest at best case would be lucky to get their full investment of 25 cents per share back ... 15.000,000 shares at 25 cents each is 3.75 million dollars to recover say 5 million --75 cents to the dollar -- in vs out at best case 100% full recovery basically