Silver coins salvaged from SS City of Cairo on ocean floor

[pmbug]

A British-led team has recovered a $50m (£34m; €47m) trove of silver coins that has lain on the seabed since the steamship carrying it from Bombay to England was sunk in 1942.

The SS City of Cairo was torpedoed 772km (480 miles) south of St Helena by a German U-boat and sank to 5,150m.

The 100 tonnes of coins, recovered in the deepest salvage operation in history, belonged to HM Treasury.
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The coins have now been melted down in the UK and sold, with the undisclosed sum divided between the treasury - which technically owns the coins - and the salvagers, who take a percentage of the sale.

The salvage was completed in September 2013, but DOS has only now been given permission by the Ministry of Transport to announce it.
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More: http://www.bbc.com/news/world-africa-32316599

I find it rather odd that the coins were melted down. I would have figured them to sell to collectors with a premium for their historical value. :shrug:

 

[rblong2us]

100 tonnes of coins would be hard to shift in a small time frame and could distort prices ?

 

[pmbug]

Actually, I would think dumping 100 tons of refined silver in the bullion market would have more potential for distorting prices than selling the coins retail to the numismatic markets.

 

[Golsil]

PMBug.....

I find it rather odd that the coins were melted down. I would have figured them to sell to collectors with a premium for their historical value.
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:clap: :clap: :clap:

Absolutely agree with you. Strange indeed. Well then as always, some decisions just don't make any sense and this is one of them. At least when I refer to myself.