They have an interesting write up located here: http://www.jmbullion.com/silver/shipwreck-silver/ The prices are reasonable too. What I want to know is why did they (I'm assuming) melt it down into new coins and bars? Simply because the condition was bad from being underwater? Seems like that defeats the purpose of selling an item for its history. Now where's the proof, and where's the history/character to the items? It's just melted down silver, so it could've been any silver with "shipwreck" stamped onto it. I was considering buying some until I got a closer look and saw that. That's like completely tearing a house down and rebuilding it and selling it as "a piece of history." The only historical thing would be the location, same as with this. Also, with the supply coming from 240 tons, I wonder if the collectibility will ever rise that much. It's also interesting and a bit puzzling why they waited several decades when they knew 240 tons were down there. I am sure we've had the technology to retrieve it before 2010. Perhaps this is a sign that surplus supply is extremely low, and/or mining is producing less, and now the powers that be are weighing their options and grabbing what they can from other sources like the bottom of the ocean.
I also wanted to buy a bar and couldn't understand why they would melt them down. But looking at the info, My maths is terrible but if I show my working someone might be able to spot any errors 1203 bars weights 1.4 million troy ounces So 1 bar = 1.4 million troy ounces / 1203 =1163.75 troy ounces per silver bar = 32Kg per silver bar $674.31 per Kilo = 32 x 674.31 =$21,500 per bar, give or take... Waaaay out of my budget, but if they sold it for spot my SMSF would love to have one
That was going to be my point, they'd all be 1,000oz bars, and to the original post, you think they're going to make 1.4million of these?
I'm not sure I follow. I'll have to read more about this but from this article they claim there is 240 tons at this location, and from the same quote, "As of 2013 the Odyssey had recovered a total of 1,203 silver bars." So I can only assume they're still working on retrieving all these, and the 10oz bars and 1oz rounds are being made from the 48 tons retrieved in the form of these old 1000oz bars. So I'm not sure I know what you mean by asking me if I think they're going to make 1.4 million of what? But to be honest, I didn't pay that close attention when I first read it and I didn't know they were 1000oz bars.
That's what I understand from this. Loads left down there, including stuff that might not have made it onto the manifest. There is going to be a lot left over. Who knows what is going to be done with it, it would be nice if they offered it as they found it (After the barnacles have been removed).
The question is is the whole load nothing but 1000oz bars? I'm willing to bet they are, if 50 tons of it were, the whole thing was probably one gigantic cargo load that made a lot of people really sad to see swallowed up by the ocean all those years ago.
Previous discussion and photos of SS Gairsoppa bars (yes, they're 1000oz bars) http://forums.silverstackers.com/to...-ss-gairsoppa-at-the-baltimore-coin-show.html http://forums.silverstackers.com/topic-54836-ss-gairsoppa-shipwreck-silver.html http://forums.silverstackers.com/topic-44960-ss-gairsoppa-silver-becomes-a-1-4oz-britannia.html
I bought the 10 oz. bar during JMB sale on these bars, and when silver prices had dropped to the mid fifteens,paid $185 US .wish I had bought 10 at this price, very nice bar for a collection. This could just be me but I would not pay the high premium on the rounds or coins made from the recovered silver.
