SS Central America coins, ingots confiscated at Long Beach!!!

[AC-migration]

If you have any SS Central America coins in your registry set, you might want to remove them. The $10 million display at the Long Beach show last week was raided and six SSCA ingots and a 1857-S coin that were part of the display were siezed by US Marshals. Apparently there is a civil lawsuit between a company called International Deep Survey that did sonar work and Columbus-America Discovery Group, the company the discovered the treasure.

 

The scary part is that they are confiscating this stuff for the lawsuit even though the current owners have nothing to do with the dispute and the ingots and coin were not even purchased from Columbus-America. Five of the six ingots were on loan from collectors for the display. If this stuff isn't returned, what's that say for our hobby when any coin we buy could get seized because a few owners ago, someone owed someone else money. This would be the equivalent of all you people who have the Norweb pedigree on your coin and suddenly today US Marshals seize it because Mr and Mrs Norweb never paid off all their debts. Or any other pedigreed coin for that matter.

 

It also makes you think twice about participating in the registry if you have anything of value and pedigreed. I may have to rethink my participation depending on what happens with the Long Beach stuff. If the ingots and coin are not returned to their owners fairly quickly and instead remain confiscated while a lawsuit drags on for years, then I may even have to reconsider what I collect.

[TomB]

Of course, if your coins cannot be easily traced back to a source such as the SS Central America then the entire point is moot.

[Doogy]

yikes! thanks for the heads-up. I been considering a SS Central America double eagle purchase, i may hold off now. I noticed your wonderful Sig Set of shipwreck coins, and they had me drooling on the keyboard. I appreciate your info regarding this event.

 

 

Doug

[truthteller]

Unfortunately, these actions occur when large dollar numbers and easy liquidity are involved, more often than most might think.

 

 

 

TRUTH

[errorist]

Of course you always just buy them and hide them in the ground somewhere.

[Coin]

Why not hide them in the ocean ?

 

You know , like near a shipwreck or something !

 

[WinstonWare]

The Government can confiscate anything they want because they are government. My advice is, if you buy something that you think the government may at some time be interested in confiscating, pay for it in cash. That goes for all items, coins or otherwise.

[errorist]

If I put it in the ground somewhere how will they know where it is? They willnever pry it from me. Never!!!!

[MBA101]

You know, there is a whole pile of these SSCA coins up for the next Heritage Auction.

 

http://coins.heritageauctions.com/common...es:&stage=1

 

Fear mongering could provide opportunity for some real buy's if you want to take the chance!

[AC-migration]

Tom B is right, if your coins can't be easily traced, the point is moot. So basically we are only talking about coins with some sort of pedigree.

 

But don't crack out your SSCA coins from their holders just yet. I did some calling today and it appears that the court in NY that issued the order to confiscate the stuff was under the impression that Tommy Thompson (the founder of Columbus-Discovery) owned the items on display. Someone apparently didn't do their homework and the items are going to be returned. Now this is what I was told, until I see something in the news to this affect, I officially don't own any SSCA coins. But if this last news is true, then I guess I will continue to list my shipwreck coins on the registry. (except, of course, SSCA coins which I don't own)

[the_Thing ®]

The whole SS Central America recovery and marketing was a fiasco to begin with. It was nothing more than the Home Shopping Network on the high seas. The powers that be should of spent some time, even money, talking to Treasure Salvors INC. They could of learned a thing or two and not made such fools out of themselves. And thats the way it is.