ATOCHA_COINS

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Specializing in precious metals, including gold, silver, platinum, bags of US coins, silver eagles, gold eagles, bars. Also collectible coins, military medals, swords, autographs, jewelry estate & new, diamonds, sterling silver flatware & paper money 888 436 6463 (toll free) or 888 GEM MINE

THE REAL SCOOP ON ATOCHA COINS

by Art Arbutine UPDATED 9/21/2006

ATOCHA coins are those recovered from the shipwrecked, "Neustra Senora de Atocha", a Spanish galleon that was carrying gold and silver coins and bars from the new world to Spain. On September 6, 1622, the Atocha was sunk by a hurricane while sailing near the Florida Keys. The coins that were recovered by Mel Fisher's company, "Treasure Salvors Inc.", are called cobs as an abbreviation of the Spanish phrase, "Cabo de Barra", which means cut from a bar.

"Cabo" was eventually shortened to cob. These irregularly shaped coins were made by cutting coin blanks from a bar that resembled an old tire iron, and then hand hammered. The front of the coins all have a large cross, and the reverse a shield of the Spanish Kings. The location on the coins where the date would be visible is out near the rim, and due to poor minting techniques the dates are rarely visible. The denominations of the coins were 8 real (dollar sized); 4 real (half dollar sized); and two real (nickel to quarter sized). When minted, eight reals weighed 27 grams. Many more eight reals were recovered than all the other sizes.

GRADING: Coins that were recovered in a "clump" were those that went to the bottom in boxes or leather bags. The outer covering and subsequent coral encrustation gave the coins quite a bit of protection from the corrosive salt water. Coins that were scattered on the sea floor were less protected and tended to be badly eaten up. Coins that are badly corroded are worth much less than the nicely preserved coins in the clumps, so Treasure Salvors Inc. devised a grading system and priced the coins accordingly. The following analysis of their grading system is based on my observations having handled thousands of Atocha Coins:

Grade 1.. Nice coins. Only slight corrosion and nice strong strikes; probably weigh close to minted weight of 27 grams.

Grade 2.. Still nice coins but a little less attractive than grade one because of some small but noticeable problems.

Grade 3.. A definite, noticeable drop-off from grade 2 coins. These are sometimes poorly struck or have very noticeable corrosion or other obvious problems.

Grade 4.. Some of these are so terrible it's hard to make out many details, yet others are eaten-up on just one side but not all that bad looking. Smart buyers will always want to look before buying a grade four coin.

When the Atocha was discovered in 1985, there were many thousands of coins to be processed and graded, and things were done in a hurry. It is general consensus among dealers that Mel Fisher's coin graders made a few mistakes. I have seen many Grade 1 coins that I felt should have been in the Grade 2 category and visa versa, and the same with all denominations.

PRICES: Treasure Salvors displays Atocha treasure and artifacts at the Treasure Museum in Key West. At the gift shop there Atocha coins are sold, mostly to tourists at prices much higher than at coin shops. Following are our prices vs. Mel Fisher's prices. The gift shop prices were obtained by calling (305) 296-6533, and asking for quotes on eight real Atocha coins.

Our Mel’s

                     Price       Price

Grade one    $895        $2400

Grade two $595        $1800

Grade three $395        $1200

Grade four   $250        $ 750

Note: This was updated Sep 06. When this article was first written Atocha coins were available everywhere. They are less plentiful now. However the information here is accurate and reliable.

"Our coins" are the exact same as those being offered by Treasure Salvors. They come with official Atocha photo certificates signed by Mel Fisher. These are coins processed by Treasure Salvors and then distributed to investors, who in turn have sold them to dealers like me. Our coins are hand selected from many and represent the finest coins available with those grades. We strongly try to avoid buying ugly coins, regardless what the certificate says.

ATOCHA SILVER BARS: Many huge loaf of bread sized silver bars have been salvaged from the Atocha shipwreck. Most weigh around 800-1100 troy ounces and sell for 20-100% over the silver price, depending upon the markings on the bars, and supply and demand. The nicest ones are designated by Fisher’s grading as Class Factor 1.0, and are dated. Class factor .9 are not as sharp but still very nice and no dates. Class factor .8 bars are fairly washed out but marking still visible. Bars .7 are really washed out, barely identifiable.

ATOCHA GOLD COINS: Very few two escudo gold coins have been recovered from the Atocha. The few that are available sell in the $5000+ price range.

MEL FISHER'S DEATH: Mel Fisher died in early 1999 and this has not affected the price of Atocha coins. His family continues salvaging and marketing treasure coins and artifacts. Their operation in Key West continues.

COMMENTS: We buy and sell all Spanish and Spanish Colonial coins. We sell authentic treasure and ancient coins set in 14K hand made frames at very reasonable prices. We are full-time, knowledgeable dealers in treasure coins and jewelry. We know this market and are very competitive. Call us at 888 436-6463 for any questions or inquiries.



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