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All Posts Tagged With: "Treasure coins"

Odyssey Marine Exploration Comments on WikiLeaks Information

“Black Swan” and HMS Sussex projects named in Government Communications

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. (more…)

Wikileaks Reveals State Dept Deal with Spain In Black Swan Treasure Lawsuit

For years, Odyssey Marine has been in litigation with the Spanish government over a 17 tons of gold and silver coins that Odyssey discovered from “The Black Swan”.

The 19th-century shipwreck at the heart of the dispute with Odyssey Marine Exploration is the Nuestra Senora de las Mercedes — a Spanish warship sunk by the British navy southwest of Portugal in 1804 with more than 200 people on board.

The Legal Proceedings:

Odyssey announced in May 2007 it had discovered the wreck in the Atlantic and raised 500,000 silver coins and other artifacts worth an estimated US$500 million (€324 million). 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.

Spain went to the U.S. federal court claiming ownership of the treasure and the case is currently set for Oral Arguments tentatively scheduled to take place during the week of February 28, 2011 at the United States Court of Appeals for the Eleventh Circuit.

Additional appeals have been filed by groups who have presented documentation indicating that if Spain is correct, and the recovered cargo originated from the Mercedes, they are descendants of the owners of Mercedes’ cargo and have legitimate property rights. Those claimants have recognized Odyssey’s archaeological recovery efforts and have acknowledged Odyssey’s right to a salvage award. (more…)

Sea Search Armada Seeks Rights to 1708 Shipwreck and Treasure Coins Worth $17 Billion

Sea Search Armada, a US-based salvage company, claims the Republic of Colombia owes it $4 billion to $17 billion for breaching a contract granting it the right to salvage the galleon San Jose, sunk by the British Navy on June 8, 1708.

The Spanish galleon San Jose was trying to outrun a fleet of British warships off Colombia on June 8, 1708, when a mysterious explosion sent it to the bottom of the sea with gold, silver and emeralds owned by private Peruvian and European merchants, and lies about 700 feet below the water’s surface, a few miles from the historic Caribbean port of Cartagena, on the edge of the Continental Shelf.

Jack Harbeston, managing director of the Cayman Islands-registered commercial salvage company Sea Search Armada, who has taken on seven Colombian administrations during two decades in a legal fight to claim half the sunken hulk’s riches.

“If I had known it was going to take this long, I wouldn’t have gotten involved in the first place,” said Harbeston, 75, who lives in Bellevue, Wash.

The 41-page federal lawsuit outlines a long, tortuous jpurney through the Colombian courts after the Glocca Morra Co. identified six shipwreck locations, between 1980 and 1985, operating with permission of Colombia’s Direccion General Maritima.

Harbeston claims he and a group of 100 U.S. investors – among them the late actor Michael Landon and the late convicted Nixon White House adviser John Ehrlichman – invested more than $12 million since a deal was signed with Colombia in 1979 giving Sea Search exclusive rights to search for the San Jose and 50 percent of whatever they find.

Colombia tried to weasel out of the deal after Sea Search recovered materials from the ship, proving it was down there. Colombia “delayed signing the written agreement it had drafted, and eventually refused to sign the offer it had made to SSA,” the complaint states. But nonetheless Colombia refused to let it salvage the shipwreck.

All that changed in 1984, when then-Colombian President Belisario Betancur signed a decree reducing Sea Search’s share from 50 percent to a 5 percent “finder’s fee.” (more…)

Sedwick Auction To Feature Shipwreck Treasure, Gold Cobs and World Coins

Daniel Frank Sedwick, LLC announces the release of their Treasure and World Coin Auction #8, scheduled for October 21-23, 2010, comprising 2789 lots, by far their largest sale to date. For the first time Sedwick has incorporated “World Coins” into the title, as the auction features almost 1000 lots of general world coins.
As usual the auction will start with Gold Cobs, more than 50 of them this time (mostly from shipwrecks), including several of the finest known 1715-Fleet specimens: a full-date and exceptionally struck Mexican 8 escudos 1714 and 4 escudos 1715; a near-perfect Lima 2 escudos and probably the finest known Lima cob 1 escudo, both dated 1710 and encapsulated PCGS, the latter MS-64. Also there are no less than nine Fleet “bogeys” (Bogotá 2 escudos) in this sale.

The next section, World Gold Coins, contains over 300 lots, most of them Spanish Colonial “busts,” including: the finest known Mexican 1 escudo 1733/2, recovered by Marty Meylach from the 1733 Fleet and the inspiration for his book Diving to a Flash of Gold; a unique Santiago, Chile, 1 escudo, 1755/4, from the famous Eliasberg collection; and well over 100 Spanish colonial bust 8 escudos by date, most of them starting below melt value.

The Ingots section features a collection of large, natural gold nuggets, as well as several important 16th-century ingots (including “tumbaga”) and a unique silver “piña” ingot from the Atocha (1622).

“This is not just a treasure auction–it is also a world coin auction, our first big offering of gold and silver coins from countries all over the world.
Daniel Frank Sedwick

In Shipwreck Silver Coins bidders will find hundreds of Atocha (1622) silver coins, both rarities and wholesale lots, in addition to coins from dozens of shipwrecks around the world assembled by two different collectors.

The Silver Cobs sections for Mexico, Lima and Potosí contain no less than four Royals (round presentation specimens) in various denominations. The Lima listings are dominated by the collection of Robert Mastalir, including a nearly complete date-run of 1R that contains several unlisted overdates. Featured in Other Cobs is a Santo Domingo 4 reales of Charles-Joanna (one of very few ever offered at auction), as well as a large collection of dated cobs from mainland Spanish mints.

Following a short but varied Ancient Coins offering (the first for Sedwick), the expanded World Silver Coins section comprises over 600 lots, with particular emphasis on Colombia (featuring Part II of the Herman Blanton collection) and the British Isles (Great Britain, Ireland and Scotland). There is also a large collection of British Admiral Vernon medals.

“Our most important items are in shipwreck artifacts, however,” says Sedwick’s assistant Agustin “Augi” Garcia, whose new book The “Tumbaga” Saga about some conquest-period silver bars is being released at the same time. “Of particular significance is a unique Tarascan (Mexican) silver rodela (plate) from the “Tumbaga wreck” (ca. 1528), featured in my new book and the important link for figuring out what the silver ingots of that time were made of.”

The Shipwreck Artifacts section also features a large gold-and-emerald pendant and a gold religious medallion and chain from the 1715 Fleet, followed by many lots of small artifacts from the 1733 Fleet, the collection of Marty Meylach himself. Non-shipwreck Artifacts include a large selection of colonial-era weapons, mainly flintlocks and swords, as well as several natural history items like fossils and scrimshaw.

The auction is rounded out by Documents and Media (books and catalogs), ending with a special, full-color, hardbound, limited edition #1 of 50 copy of Augi’s much-anticipated book The “Tumbaga” Saga, which the author will personally inscribe to the winning bidder. (more…)

Odyssey Marine Exploration Challenges Claims by Spain in Its “Black Swan” Appellate Reply

Odyssey Marine Exploration, Inc. today filed its Reply to Spain’s Response in the “Black Swan” case, currently pending in the United States Court of Appeals for the Eleventh Circuit in Atlanta, Georgia. This is expected to be the last round of written pleadings at the appellate court level. Odyssey’s filing is available for review at http://www.shipwreck.net/blackswanlegal.php

Odyssey is appealing the district court’s dismissal of the case based on the court’s finding of lack of federal jurisdiction. Odyssey’s Reply presents the following documented facts that debunk the misrepresentations made by Spain that contributed to the clear error in the district court’s earlier ruling and that have been repeated in Spain’s appellate Response:

  • there was no vessel and there were no human remains located at the “Black Swan” site
  • Odyssey acted legally and appropriately in the recovery of the “Black Swan” artifacts
  • evidence, including accounts from Spain’s “experts” and Spain’s own contemporaneous diplomatic communications, prove that the Mercedes (the vessel Spain associates with the site) was on a commercial mission on her final voyage — a fact that legally voids Spain’s claim of immunity under settled international law and conventions
  • a distinction between cargo and vessel is allowed and even required by settled admiralty law; and — according to the manifest of the Mercedes, the vast majority of cargo on board did not even belong to Spain — even Spain concedes the cargo was “articles of Spanish citizens.”

“The emotional and inflammatory language used in Spain’s appellate response serves to distract from the truth and the relevant legal issues. The story Spain tells mirrors the one it told at the district level, where the court made clearly erroneous factual findings,” said Melinda MacConnel, Odyssey Vice President and General Counsel.

“Spain’s filing has painted a negative portrait of Odyssey, but the company has always acted in full compliance with the letter and spirit of the law. We brought the artifacts to the U.S. courts for proper adjudication of claims, but we didn’t even receive a hearing on the jurisdictional facts. If the court did not have jurisdiction, it would have no legal authority to order transfer of the property to Spain, who did not have possession of the coins. (more…)

Daniel Frank Sedwick Treasure and World Coin Auction #7

In three sessions, Wednesday-Friday, April 7-9, 2010

As usual our latest Treasure Auction is full of surprises, but this time we feel it is also very well balanced across many fields, with more general world coins than ever before. Here are some highlights:

In great deference to the Sedwick patriarch, for the first time ever we are offering selections from the Frank Sedwick study collection of 1715-Fleet gold cobs, including plate coins from past editions of the Practical Book of Cobs and other pieces never seen or offered for sale, coins that the pioneering “Dr. Cobs” kept as the best examples among thousands that passed through his hands.

The unique opportunity to own a “Frank Sedwick” specimen will start in this auction with just two 1715-Fleet masterpieces: The finest-known Lima 4 escudos 1711 and one of the best Lima 8 escudos 1712 ever offered.

In the same category of quality as Frank Sedwick’s 1715-Fleet gold cobs is a choice Cuzco cob 2 escudos 1698, a plate coin in Marty Meylach’s classic book Diving to a Flash of Gold.

But perhaps most intriguing in the gold cobs this time is a 1715-Fleet Mexican 1 escudo that was flown aboard Apollo 14 in 1971, the only one of its kind. Before this specially engraved coin came to us, we had no idea that the Apollo astronauts included genuine shipwreck treasure in their “flown” souvenirs on their trips to the moon, but apparently the link between NASA and the Real Eight Co. was more than just geographic. We have come to understand that medallions made of 1715-Fleet silver flown to the moon are very hot with space collectors, who will no doubt go crazy for this genuine coin as well, but perhaps the treasure collectors will win out in the end.

Highlights in shipwreck silver coins include large offerings of lion daalders from the Campen (1627), Potosí cobs from the Consolación (1681) and the Boticaria site of the 1681 Fleet off Panama (first-ever offering, also with some artifacts, with updated history), and hundreds of choice (and some interestingly shaped) 1715-Fleet Mexican cobs from the estate of Karl H. Goodpaster (Real Eight Co. conservator), as well as hundreds of Mexican cobs from the Rooswijk (1739). The Goodpaster collection in particular will be fun to watch, as nothing is hotter today than Fleet silver cobs! (more…)

Sedwick’s Sixth Treasure Coin Auction Realizes Over $1.6 Million

Daniel Frank Sedwick, LLC held their 6th overall and 2nd fully live internet auction of numismatic and shipwreck treasures on October 15-16, 2009, realizing a record price of over $1.6 million* in 2082 lots. Featured in the sale were coins and artifacts and printed materials from around the world, including the prestigious collections of Mark Bir, Louis Hudson, Herman Blanton and Thomas Sebring.

sedwick_auction6_results“This was by far our best auction, and the feedback from both consignors and bidders has been overwhelmingly positive. We greatly exceeded our goal of $1 million, and over 94% of the lots sold,” said Daniel Sedwick, company principal and founder.
“We were honored to present for sale several great collections of coins and artifacts, including a few significant coins that are rarely offered at auction. This is proof that our relatively new and rapidly growing Treasure Auctions are a competitive specialized option for consignors, with an unparalleled level of personalized service from beginning to end for both bidders and consignors alike.”

Setting the tone for the sale was lot 1, a Mexican cob 8 escudos fully dated 1709, which found a home with a private collector for a record price of $46,000*. Some 70+ gold cobs followed thereafter.

A couple of exceptional Panama cobs also set records: Lot 1176, the finest known 4 reales, sold for an impressive $22,425*, and lot 1178, a choice half real, sold for $19,550*, both to significant private collections.

Aggressive prices were also encountered in the Louis Hudson Collection of Potosi Countermarked Coins, over 70 lots of the rarest examples of a short-lived and controversial period in the colonial coinage of Potosi (1649-51). Also heavily contested were many dated shield-type minors of the early 1600s. A large selection of silver cobs from the Atocha (1622), including several from the famous Research Collection, saw spirited bidding as well. (more…)