Shipwrecked Silver to be Made into Coins

The Guardian reported that commemorative silver coins are being made from bullion recovered from the wreck of the SS Gairsoppa, which sank in February 1941 after being hit by a German torpedo. Altogether, nearly 100 tonnes of silver valued at as much as 150 million pounds were brought up from the wreckage.

As quoted in the market news:

The wreck is still sitting upright and remarkably well-preserved on the seabed 300 miles off the west coast of Ireland, its cargo hatches open and the gaping hole left by the torpedo clearly visible in its side.

The US salvage firm Odyssey, working under contract to the UK government, recovered the record amounts of silver over the past two summers using remotecontrolled vessels. In 2012, 1,218 ingots weighing 1.4m troy ounces were brought to the surface, and last July a further 1,574 ingots, adding up to 1.8m troy ounces, were recovered.

Under the terms of the contract, Odyssey keeps 80% of the silver, the rest goes to the Treasury, and a small amount is being returned to the Royal Mint for which it was originally intended.

Click here to read the full report from The Guardian.