SS Central America
SS "Central America, known as the Ship of Gold, was a sidewheel steamer that operated between Central America and the East Coast of the United States during the 1850s. She was originally named the SS "George Law, after George Law of New York. The ship sank in a hurricane in September 1857, along with 425 of her 578 passengers and crew and 30,000 pounds (13,600 kg) of gold, contributing to the Panic of 1857. Sinking. On September 3, 1857, 477 passengers and 101 crew left the Panamanian port of Colón, sailing for New York City under the  command of William Lewis Herndon. The ship was laden with of gold prospected during the California Gold Rush. After a stop in Havana, the ship continued north. On September 9, 1857, the ship was caught up in a Category 2 hurricane while off the coast of the Carolinas. By September 11, the winds and heavy seas had shredded her sails, she was taking on water, and her boiler was threatening to fail. A leak in one of the seals between the paddle wheel shafts and the ship's sides sealed its fate. At noon that day, her boiler could no  longer maintain fire. Steam pressure dropped, shutting down both the bilge pumps. Also, the paddle wheels that kept her pointed into the wind failed as the ship settled by the stern. The passengers and crew flew the ship's flag inverted (a distress sign in the US) to signal a passing ship. No one came. A bucket brigade was formed, and her passengers and crew spent the night fighting a losing battle against the rising water. During the calm of the hurricane, attempts were made to get the boiler running again, but these failed. The second half of the storm  then struck. The ship was now on the verge of foundering. Without power, the ship was carried along with the storm and the strong winds would not abate. The next morning, September 12, two ships were spotted, including the brig "Marine". Only 153 passengers, primarily women and children, made their way over in lifeboats. The ship remained in an area of intense winds and heavy seas that pulled the ship and most of her company away from rescue. "Central America" sank at 8:00 that evening. As a consequence of the sinking, 425 people were killed. A Norwegian bark, "Ellen", rescued  an additional 50 from the waters. Another three were picked up over a week later, in a lifeboat. Aftermath. In the immediate aftermath of the sinking, greatest attention was paid to the loss of life, which was described as "appalling" and as having "no parallel" among American navigation disasters. At the time of her sinking, "Central America" carried gold then valued at approximately (2021 value of $765 million, based on a gold price of $1,738.70 per troy ounce = $56,087 per kg). The valuation of the ship itself was substantially less than those lost in other disasters  of the period, being $140,000 (). Commander William Lewis Herndon, a distinguished officer who had served during the Mexican–American War and explored the Amazon Valley, was captain of "Central America", and went down with his ship. Two US Navy ships were later named USS "Herndon" in his honor, as was the town of Herndon, Virginia. Two years after the sinking, his daughter Ellen married Chester Alan Arthur, later the 21st President of the United States. Search and discovery. The ship was located by the Columbus-America Discovery Group of Ohio, led by Tommy Gregory Thompson, using Bayesian search theory . A remotely operated vehicle (ROV) was sent down on September 11, 1988. Significant amounts of gold and artifacts were recovered and brought to the surface by another ROV built specifically for the recovery. The total value of the recovered gold was estimated at $100–150 million. A recovered gold ingot weighing sold for a record $8 million and was recognized as the most valuable piece of currency in the world at that time. Thirty-nine insurance companies filed suit, claiming that because they paid damages in the 19th century for the lost gold, they had the right to it . The team that found it argued that the gold had been abandoned. After a legal battle, 92% of the gold was awarded to the discovery team in 1996. Thompson was sued in 2005 by several of the investors who had provided $12.5 million in financing, and in 2006 by several members of his crew, over a lack of returns for their respective investments. In 2009 he had an off-shore account in the Cook Islands of $4.16 million. Thompson went into hiding in 2012. A receiver was appointed to take over Thompson's companies and, if possible, salvage  more gold from the wreck, in order to recover money for Thompson's various creditors. In March 2014, a contract was awarded to Odyssey Marine Exploration to conduct archeological recovery and conservation of the remaining shipwreck. The original expedition had only excavated "5 percent" of the ship. Thompson was located in January 2015, along with assistant Alison Antekeier, by US Marshals agents and was extradited to Ohio to provide an accounting of the expedition profits. In November 2018, Thompson agreed to surrender 500 gold coins, but then claimed he has no access to the missing coins. On November 28, 2018 , a jury awarded Investors $19.4 million in compensatory damages: $3.2 million to the Dispatch Printing Company [which had put up $1 million of $22 million invested] and $16.2 million to the court-appointed receiver of the other investors. Universal Coin & Bullion, a precious metals dealer based in Beaumont, Texas, exhibited gold and silver coins recovered from "Central America" in May 2018. Heritage Auctions sold several gold pieces recovered from the "Central America" at auction in 2019, highlighted by the very large size 174.04-ounce (4.93 kg) Harris, Marchand & Co. gold ingot which sold for $ 528,000. See also. Other successful treasure recoveries include: