Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) a pioneer in the field of deep ocean exploration, was named in several U.S. State Department cables obtained by WikiLeaks and furnished to the media worldwide. Some of the released cables suggest that the State Department offered special assistance in the “Black Swan” case to Spanish officials in exchange for assistance in acquiring a French painting confiscated by the Nazis during World War II and now controlled by Spain.

The cables indicate that the U.S. Government also provided confidential documentation on Odyssey to Spain.

Other State Department cables contradict Spain’s claims and support Odyssey’s previously stated version of events relating to the company’s activities in Spain, including the HMS Sussex project and the boarding of Odyssey’s vessels.

“While we are obviously concerned about these implications regarding the ‘Black Swan’ case, we are attempting to obtain additional information before taking any specific actions. I have personally sent a letter to the Secretary of State, Hillary Rodham Clinton, requesting additional information and a review of the position taken by the U.S. in the ‘Black Swan’ legal case,” stated Greg Stemm, Odyssey CEO. “The possibility that someone in the U.S. Government came up with this perfidious offer to sacrifice Odyssey, its thousands of shareholders, and the many jobs created by the company in exchange for the return of one painting to one individual is hard to believe. The WikiLeaks cables clearly show that we have worked cooperatively and transparently with both Spain and the State Department for many years, in spite of claims to the contrary. That fact makes the revelations all the more disappointing. The cables also make us wonder what other agreements may have taken place between U.S. Government officials and Spain regarding the amicus brief filed in support of Spain’s position in the ‘Black Swan’ case.”

“We’ve wondered why the United States changed its long standing position on sovereign immunity, which prior to this case was consistent with U.S. law, international law and U.S. naval regulations that in order for a foreign country’s ships and cargo to be immune from the jurisdiction of the U.S. courts they must be engaged in military, non-commercial activities,” stated Melinda MacConnel, Odyssey Vice President and General Counsel. “These released cables do call into question the motivation behind the amicus brief filed by the Executive Branch supporting Spain in the ‘Black Swan’ case.”

Additional cables released support Odyssey’s statements that, contrary to allegations of certain Spanish officials, the company always cooperated with the Spanish Government and that permits from the Spanish government were granted for work on the HMS Sussex project. The cables also demonstrate the obstructionist activities carried out by certain Spanish officials who had personal reasons for trying to prevent Odyssey from working on the Sussex. These obstructions took place even though Odyssey has an exclusive contract for the archaeological excavation of this UK sovereign immune warship (which was on a strictly military mission when it sank in 1694 off the coast of Gibraltar). Odyssey filed an affidavit in 2007 with a chronology of Odyssey’s interactions with the Spanish Government since 1998. It can be accessed at http://shipwreck.net/pdf/ExhibitE.pdf. The document contains entries that are corroborated by information in the State Department cables, which directly contradict claims by some Spanish officials and the Spanish media.

About the “Black Swan”

In May 2007, Odyssey announced the discovery of the “Black Swan,” a Colonial-period site located in the Atlantic Ocean which yielded over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold, and other artifacts. Odyssey completed an extensive pre-disturbance survey of the “Black Swan” site, which included recording over 14,000 digital still images used to create a photomosaic of the site.

The coins and artifacts were brought into the United States with a valid export license and imported legally pursuant to U.S. law. Odyssey brought the artifacts under the jurisdiction of the U.S. District Court by filing an Admiralty arrest action. This procedure allows any legitimate claimant with an interest in the property to make a claim.

The Kingdom of Spain filed a claim to the treasure alleging that the coins originated from the Nuestra Senora de las Mercedes, a Spanish naval vessel which sunk in 1804. Spain claimed that it owned all of the coins and that the treasure was immune from the jurisdiction of the U.S. Court under the Foreign Sovereign Immunities Act (FSIA). Although it has not been conclusively proven the recovered cargo came from the Mercedes, Odyssey presented clear evidence to the trial court (including the ship’s manifest) that shows the primary purpose of the Mercedes’ last voyage was commercial in nature and the vast majority of coins on board were owned by private merchants, not by Spain. The United States filed an amicus brief in the case changing its previous position and supporting Spain in the “Black Swan” case by setting forth a re-interpretation of the language in the Sunken Military Craft Act (SMCA) to allow government owned vessels on commercial missions to enjoy sovereign immunity.

A number of individual private descendants (whose ancestors were transporting goods on the Mercedes) as well as the country of Peru have filed claims in the case.

Without conducting a hearing, the district court sided with Spain and ruled that the treasure should all be turned over to Spain. The case is currently on appeal at the Eleventh Circuit.

For more information on the “Black Swan,” visit www.shipwreck.net/blackswan.php.

Odyssey’s significant legal filings in the “Black Swan” case can be viewed at http://www.shipwreck.net/blackswanlegal.php.

Related posts:

1. Odyssey Marine Exploration Files Appellate Brief in “Black Swan” Case
2. Odyssey Marine Exploration Challenges Claims by Spain in Its “Black Swan” Appellate Reply
3. Odyssey Marine Exploration Files Admiralty Arrests on Two Shipwreck Sites

Ponterio & Associates, a division of Bowers and Merena Auctions, is pleased to present the January 2011 N.Y.I.N.C. Auction at the Waldorf Astoria in New York on Jan. 7-8. The auction will feature 2,558 lots including Part I of the Len Novotny Collection of Mexican Coinage, the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes and a superb selection of Fussli specimens.

“After wrapping up our December Hong Kong auction with the Wa She Wong Collection, we are excited to offer another extremely diverse selection of ancient and world coins and paper money,” said Rick Ponterio, executive vice president of Bowers and Merena. “Sure to be the center of attention, the 1854 Guatemala 8 Reales, lot 1036 and graded AU-55 by NGC, is perhaps the rarest crown-sized type coin for all of Latin America.”

Shortly after the production of this coin, the Republic of Guatemala adopted the decimal system and began producing coinage in Pesos and Centavo-equivalent denominations. This marks the coin as the first, last and only 8 Reales produced by the Republic of Guatemala.

Another anchor of the sale is lot 827, an extremely rare and important 1897 Anhwei Pattern Dollar, graded MS-62 by PCGS. “This particular specimen is clearly intended for special presentation purposes as it exhibits a bold, full-bodied strike with all special characters and sharp details,” said Ponterio.

Furthering the significance of the piece, the short-lived Anhwei mint only produced silver coinage for approximately two years before operations ceased and the mint was dismantled.

Additional coin and paper money highlights of the auction include:

· Lot 116, 1784/3 Mexico 8 Escudos, Key Charles III Proper Portrait, Choice Extremely Fine

· Lot 131, 1823 Mexico 8 Escudos, Hookneck Eagle, AU-55 (NGC)

· Lot 258, 1835 Belgium 40 Francs, MS-64 (NGC)

· Lot 357, 1850 Costa Rica ½ Onza, SP-61 (NGC), (Ex: Fredrick Mayer Collection)

· Lot 464, 1883 Honduras 10 Pesos, , AU-50 (NGC)

· Lot 549, 1926 Italy 50 Lire, MS-64 (NGC)

· Lot 550, 1926-R Italy 20 Lire, MS-65 (PCGS)

· Lot 2031, 264 B.C. Siculo-Punic Silver Dekadrachm, Time of First Punic War, Sicilian Mint, Choice Very Fine

· Lot 2536, 1892 Bank of Greece 100 Drachmai, P-45

· Lot 2611, 1913 Imperial Bank of Persia 2 Tomans, P-2, About Uncirculated, Consecutive pair

· Lot 2613, 1890-1923 Imperial Bank of Persia 1,000 Tomans Specimen, P-10s, Choice Uncirculated

The first day of the two-day auction will feature Part I of the Len Novontny Collection of Mexican Coinage and an array of world gold coins, world crowns and minors. The second day will host the Michael Demling Collection of Ancient Coinage, David Ian Wright Collection of Italian Banknotes, and ancient and world paper money including Fussli specimens. Lot viewing will be conducted before the sale at the Waldorf Astoria in the Morgan Suite, floor 18, Jan. 5-8.

All lot descriptions and images can be viewed online at the firm’s web site by visiting www.bowersandmerean.com. Bidding is open and pre-auction bids can be placed through the firm’s web site, by email at auction@bowersandmerena.com, via fax at 949-253-4091, by calling a representative at 800-458-4646 or by postal mail addressed to Bowers and Merena, January 2011 N.Y.I.N.C., 18061 Fitch, Irvine, CA 92614.

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1. Ponterio & Associates to Conduct January 2010 N.Y.I.N.C. World Coin Auction
2. Ponterio & Associates Realizes $1.6 Million in Baltimore Auction
3. Ponterio & Associates Realizes $2.5 million+ at Official N.Y.I.N.C. Auction

The new www.medallic.com is intuitive, which lets a site visitor navigate with ease, letting visitors examine Medallic Art Company’s custom medals, institutional chains and maces, stock and collectible medals, specialty items, lapel pins, and spinning medals and plaques. The ten new galleries feature outstanding creations of renowned sculptors such as James Earle Fraser (the Buffalo Nickel), Victor David Brenner (the Lincoln cent), and Augustus Saint-Gaudens (the ‘double eagle” coin). Since its creation, great artists have always been affiliated with Medallic Art Company.

The new website also provides a fascinating look at the entire minting process from concept to finished medallion, underscoring the complexity and artistry demanded of the sculptors, artists, die-makers, and production specialists in the creation of a fine work of art. Highlighted for visitors is the complete film, “The Medal Maker.” First shown to the Society of Medalists in 1929, it features multi-award winning coin and medal designer, sculptor Laura Gardin Fraser in her famous New York Studio in 1929 creating the models for the Special Medal of Honor for the National Sculpture Society, America’s highest sculptural award. Every step of creation and production is shown, including sketching, preparing background plate, transferring the drawing and applying clay pellets to the model, foundry casting of the pattern, die making and striking the medal at Medallic Art Company. This exceptional movie is narrated by Elizabeth Jones, sculptor, and former United States Mint Chief Engraver, from her studio in Philadelphia.

About Medallic Art Company

Medallic Art Company was formed in 1903 by Henry Weil, a highly respected French sculptor living in New York City. Through the years, the company has reproduced bas relief work of some of the most famous 20th century American sculptors, as well as many of the important medals and awards in the United States, including the Pulitzer Prize, Congressional Medal of Honor, National Medal of Science, President’s Medal for Freedom, the Newbery and Caldecott Medals, and the inaugural medals for 11 United States Presidents.

Medallic Art grew in size and prestige in New York before moving to Danbury, CT in 1972. It relocated to Sioux Falls, SD in 1991 and to Dayton, NV in 1997. In 2009 Medallic Art Company came under the stewardship of Northwest Territorial Mint, which moved its minting operations to the Medallic facility in Dayton, NV.

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1. Northwest Territorial Mint Acquires Historic Medallic Art Company
2. United States Mint Sculptor-Engraver Receives ANA Award for Excellence in Medallic Sculpture
3. FIDEM Medallic Sculpture Exhibit to Close Sept. 15

Customers who had been on the preorder queue, many for several months, were instantly impressed with the heft and sheer beauty of the book which tips the scales at just short of ten pounds. Amazon and Facebook fan page reviews continued praise in monolothic response with the common denominator being the breathtaking scope of the information covered and the eye candy of so many thousands of rare coins reproduced in high resolution color photography; a welcome departure from the customary fuzzy gray images otherwise so prevalent in numismatic literature.

The sizzle may sell but ultimately it’s the steak that feeds. ERIC II’s content catalogues a dizzying 60,000+ coin varieties far outclassing all previous Roman reference works in this critical metric then adds current market pricing and rarity data in an innovative approach that is considerably more accurate than the vague price guides published up until now.

Besides the text dealing directly with the coinage, the author has crammed every nook and cranny with biographical and historical notes relevant to each of the reigns. Even in this capacity, where photographs are not essential, the author nevertheless spares no opportunity to include even more of them in a bid to make each of its almost 300 sections a tidy, self-contained database of all the knowledge pertinent to that domain thus earning it the encyclopedia status of its namesake title.

First printing limited to 3,000 units, $149.95. Autographed and numbered copies of ERIC II: The Encyclopedia of Roman Imperial Coins may be ordered from the publisher’s website at dirtyoldbooks.com

About the Author

Rasiel Suarez is owner and co-founder of Dirty Old Coins, LLC, a company founded in 2002 with the vision of bringing the hobby of ancient coin collecting to a broad demographic largely unaware that owning genuine ancient coins was both possible and affordable. 2005 saw the release of his first book, The Encyclopedia of Roman Imperial Coins, which broke new ground in making the subject much more accessible to those entering the hobby.

By 2007 the company had sold over one million Roman coins by way of retail-ready coin kits that taught thousands of families how to restore these ancient artifacts using the same methods museums use. His success as an author and recognized expert in the field of Roman numismatics was cemented by the release of the second edition of his Encyclopedia in the Fall of 2010. An avid traveler and photographer, Rasiel lives with his family in Olympia, Washington.

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1. “Brand New” Ancient Roman Gold Coins in Heritage January 2009 NYINC Auction
2. ‘Exceptional’ Roman coins hoard
3. The Bishop’s Wood Hoard of Roman Coins To Be Sold By Baldwins

The $5,000 bill is one of 800 lots which also includes a 1934-Star $1,000 Federal Reserve Note (165,372 said to be remaining in circulation), and a 1934-A $500 Federal Reserve Note (Unc.), Brown & Green Seal Notes, 8 Gold Coins including an 1898 Unc. Gold Liberty Head Coin, and more in an auction also offering Furniture and Furnishings, Jewelry, a Vintage Nickel Slot Machine, Bronzes, Art, 1893 Columbian Exposition and 1933 Century of Progress items, and much more.

The last printing of high denomination bills ($500 to $100,000) was in 1945. Giving way to advancing and secure technologies, the large bills had been used by banks and the U.S. government primarily for bank transfer payments, and the Federal Reserve officially discontinued these notes and began removing them from circulation in 1969.

The rare $5,000 bill in this auction is graded approximately AU condition and has James Madison, the 4th president of the United States (1809-1817), the “Father of the Constitution” and chief architect of the Bill of Rights on it.

An interesting footnote about President Madison, he also helped establish the departments of war, treasury, and state, and also tried to establish a national brewery; and even a cabinet position for a secretary of beer, as reported on a recent “Sunday Morning” on CBS. Whoever has the winning bid for this item might be toasting with more than beer!

Direct Auction Galleries is a Chicago auction house specializing in estates and fine antiques, founded in 1962 by Mike and Barbara Modica, located at 7232 N. Western Ave. in Chicago. Auctions are held every other Tuesday with inspections Monday prior to auction day from 3:30-7:30pm and 2-3pm before the sale. For more information, call 773-465-3300 or for full listing, photos, and catalog, visit www.directauction.com.

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1. U.S. Treasury Unveils The New $100 Federal Reserve Note
2. Bowers And Merena To Auction Rare National Bank Note Sheet In November
3. Alberta collector sells rare $5 note from Bank of Vancouver