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Specializing
in precious metals, including gold, silver, platinum, bags of US
coins, silver eagles,
Located in Largo, Pinellas County, Tampa Bay, Florida. |
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Specializing
in precious metals, including gold, silver, platinum, bags of US
coins, silver eagles,
Located in Largo, Pinellas County, Tampa Bay, Florida. |
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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.
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.
1350 West Bay Drive,
Largo, Florida
33770 USA
toll free 1 888 436
6463 local 727 585 4502
FAX 727 586 0822
