SS Central America

Description

SS Central America

The SS Central America was a was a 280-foot (85 m) side-wheel steamship (2,141 tons, 278′ loa) of the United States Mail Steamship Company, that operated between Central America and the eastern coast of the United States during the 1850s.  She was originally named the SS George Law, after Mr. George Law of New York.

The ship sank in a hurricane in September 1857 along with about 400 passengers and crew, 30,000 pounds of gold was lost. The shipwreck was recently discovered off the Carolina coast, and much of the gold was recovered. At the time of her sinking, the Central America carried gold then valued at approximately $2 million USD. The loss shook public confidence in the economy, and contributed to the Panic of 1857.

The ship was located by the use of Bayesian search theory and a remotely operated vehicle (ROV) operated by the Columbus-America Discovery Group of Ohio, on 11 September 1987. Significant amounts of gold and artifacts were recovered and brought to the surface by another ROV built specifically for the recovery.

39 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.

The total value of the recovered gold was estimated at $100–150 million. A recovered gold ingot weighing 80 lb (36 kg) sold for a record $8 million and was recognized as the most valuable piece of currency in the world at that time.