U.S. salvage firm, Colombia and Spain battle over rights to ‘holy grail’ of shipwrecks

May 24, 2016

It’s been called the holy grail of shipwrecks. A 300-year-old ship was found off the coast of Colombia carrying gold and jewels worth $17 billion.

But that discovery is causing a bitter battle that spans three countries.

While Spain and Colombia clash over who owns right to the galleon San José, which sank in 1708 while carrying billions of dollars worth of gold and jewels, a U.S. salvage company is also calling dibs.

According to the U.K. Guardian, the San José was the flagship of a Spanish treasure armada that in 1708 was transporting treasures from its South American colonies back to the court etoro of King Philip V. The ship came under attack by a British warship near the coast of Cartagena, Colombia, and it sank to the bottom of the sea. Only 11 of the 600 people aboard survived.

Then, according to Colombian President Juan Manuel Santos, a team of international experts and the country’s navy found the remains of the ship off the coast of Colombia.

But a U.S. salvage company called Sea Search Armada says it pinpointed the shipwreck in 1982 and claims it negotiated with Colombia to receive a 35 percent cut of the findings if it was eventually recovered. Colombia says it plans to lay claim to the entirety of the wreckage – with the exception of a 5 percent finder’s fee, according to CNN.

Colombia is also battling Spain for the contents.

Spanish Foreign Minister José Manuel García-Margallo said Monday, during an interview with EFE, that his government will seek a “friendly” accord with Colombia about the galleon.

He said a U.N. convention stipulates that this kind of shipwreck is “of the state, of war, not a private ship,” so that “ownership belongs to the state where the ship was flagged.”

Not everybody agrees, however.

A Spanish expert in marine archaeology, Miguel San Claudio told EFE, “A find of this kind is an opportunity for everyone. It’s an opportunity to acknowledge a common past which we can make the most of,” San Claudio said.

He also said that the two countries shouldn’t get into a dispute over who owns the vessel, emphasizing that if there is a treasure on board, “It would be a cultural asset, not something to be sold.”

San Claudio went on to say that “the best solution” is for Spain and Colombia “to seek a route of collaboration.”

The country’s foreign ministers are set to meet this weekend at the Ibero-American Summit, which is being held in Cartagena.

“We’re going to talk,” said García-Margallo, who has described relations with Colombia as “sensational,” adding that if the matter cannot be resolved in a friendly manner “they will understand that we will demand and defend our rights, just as I understand that they will defend and demand their rights.”

Sea Search Armada claims the shipwreck was first located in the early 1980s by the Glocca Morra Company, which transferred its rights to the galleon to Sea Search a year later.

According to a post on the Washington-state-based company’s Facebook page, at the time Colombia’s statute on rescued treasure read, “Treasure found in outlying territories will be equally divided between the territory’s owner and the person who made the discovery.”

Subsequent legislation changed the percentage, which led to the 35 percent agreement, but the government and the company have engaged in decades of legal wrangling to determine the company’s rightful share.

Colombia’s Garcés has claimed since the confirmation of the shipwreck’s find that his government won all legal challenges, but Sea Search Armada disputes that.

Jack Harbeston, managing director of Sea Search Armada, told CNN that Colombian officials “keep repeating the Big Lie (which is unfortunately repeated by the press) that [it] ‘won the case’ in federal district court, and SSA had lost its rights to the treasure. Nothing could be further from the truth.”

Given the size of the San José booty, it seems unlikely that there won’t be a vigorous and prolonged legal battle.

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Canadian 2016 Star Trek Collector Coins and Stamps Launch

May 24, 2016

Celebrating the 50th anniversary of one of the most successful entertainment franchises in history, the Royal Canadian Mint on Thursday launched Star Trek? collectible coins in gold, silver and three-ply nickel finish plated steel.

Leading the officially license products is a $20 Star Trek: Enterprise Silver Coin sold at its legal tender face value under the RCM Exchange $20 for $20 program. Also released is a $200 pure gold coin struck in the shape of the Star Trek insignia.

The $20 silver and $200 gold coins are joined by other new Star Trek numismatic products showcasing characters and images from the original science fiction television show which launched in 1966.

Summary information on the new coins is offered below.

$20 for $20 Star Trek: Enterprise Silver Coin

Each new $20 Star Trek: Enterprise Silver Coin depicts an image of the starship Enterprise on its reverse (tails side). The collectible is composed of 99.99% pure silver to a weight of 7.96 grams.

Mintage is capped at 300,000. Each is sold at its legal tender face value of CAD $20 with no tax and free ground shipping. US pricing is about $15.60.

$200 Star Trek: Delta Pure Gold Coin

Struck from 99.99% pure gold to proof quality, the Royal Canadian Mint has issued the new $200 Star Trek: Delta Gold Coin. Each is featured in the unique delta shape of the Star Trek insignia which marks a world?s first.

No more than 1,500 of the coins will be sold. Pricing is listed as CAD $1,299.95 or about US $1,013.

Star Trek: Crew 1/2 oz Colored Silver Coin Subscription

Characters of the Star Trek franchise are featured in color on the reverse of this unique four-coin subscription program. Buyers of the bluehost subscription will be shipped the coins as they are issued. Designs featuring Captain Kirk appear in May, Scotty in July, Uhura in August and Spock in September.

Composed of one-half ounce of 99.99% pure silver, the mintage limit for each coin is 12,500. Pricing per coin is CAD $54.95, or about US $42.80.

Star Trek: Enterprise 1 oz Pure Silver Colored Coin

Showcasing a colorized scene from the classic I, Mudd episode of the Star Trek series which debuted in 1968, these coins are struck from one ounce of 99.99% pure silver. The design shows the starship U.S.S. Enterprise as it orbits a colorful planet.

Only 11,500 of the coins will be sold. Pricing is CAD $109.95, which is about US $85.70.

Star Trek: Scenes 1 oz Colored Silver Coin Subscription

Three coins are issued as part of the Royal Canadian Mint?s new Star Trek: Scenes Silver Coin subscription program. Each depicts a different colorful reverse design taken from one of the television show?s classic episodes.

The first coin, The City on the Edge of Forever, ships in August. The second, Mirror, Mirror, appears in September. The third and final coin of The Trouble With Tribbles debuts in October. Price per coin is CAD $109.95, or about US $85.70, with a mintage of 11,500.

Star Trek: U.S.S. Enterprise Coin and Stamp Set

Star Trek stamps and a coin combine together to create this unique new set. Found inside are stamps showcasing the Canadian actor William Shatner in his portrayal of Captain Kirk along with a stamp of the U.S.S. Enterprise and a stamp depicting a Klingon battle cruiser.

They join a colored Star Trek specimen quality coin which offers varying view of the starship U.S.S. Enterprise. The coin and stamp set is available for CAD $34.95, which is about US $27.23.

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Counterfeit gold and silver coins burning buyers

May 24, 2016

The price of gold is heading up again in 2016, as investors worry about the safety of the stock market. As a result, you may be noticing more radio commercials and online ads for gold coins.

But before you invest, coin experts are warning you to beware counterfeits that are flooding the market right now.

Counterfeits Showing up Everywhere

At Coins Plus — a downtown Cincinnati landmark for 40 years — owner Brad Karoleff now spends a lot of his time checking for counterfeits.

In one hand, he held up a one ounce US Eagle gold coin, worth over a thousand dollars. In the other: an identical looking Chinese knockoff, worth maybe a dollar.

“Some off them are getting pretty good,” Karoleff said. “They will fool the average person, and, worse, even some professionals have been fooled.”

Can’t Spot the Difference

Many collectors –who order these coins online, or buy them on eBay or at flea markets — are unable to tell the difference.

One burned investor who came into the shop, but did not want to give his name, said “I was tricked, it looked real to me.”

Karoleff says he is seeing this more and more. “The problem is you will invest $1,200 or $1,300 in a worthless piece of metal.” he said.

The American Numismatic Association says counterfeit silver coins and fake one ounce gold bars are flooding the US market this year.

Worse, coin dealers say some of these new reproductions are so good, they weigh almost as much as the real gold coin. So weighing them on a scale may not catch that they are counterfeit.

Even the packaging is identical.

What Can You Do?

Karoleff says the only way to tell is to do a scratch or acid test, which in the case of one coin he has, found dull gray lead underneath.

Mist important, though, he says, is to deal with a reputable seller.

“You need to deal with someone who is reliable, who has been in the business, who knows what the difference between counterfeit and real is, and who will stand behind what they sell you,” Karoleff said.

Bottom line: do your research before paying hundreds of dollars for any “rare” gold or silver piece, or that coin may be worth less than the cost of a game token at the nearest Check E Cheese pizza parlor.

And that way you don’t waste your money.

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