At about 11 p.m. on June 14, 1838, the steamboat Pulaski, traveling from Savannah, Georgia to Baltimore, Maryland, sank off the coast of North Carolina, killing 128 passengers and crew in what is referred to as one of the greatest maritime disasters ever in the United States.
The luxury ship was carrying some of the country's most affluent families when it is thought to have been pushing its boilers too hard, resulting in a starboard boiler explosion that ultimately sank the ship in 45 minutes.
About 60 people survived to tell the tale, but the location of exactly where the ship went down was lost, creating a great sea mystery. After nearly two centuries, the mystery is being solved.
Early this year, Blue Water Ventures (OTCPK:BWVI) said that it thought it found the Pulaski about 40 miles off the coast under 100 feet of water.
The remains didn't resemble a ship, according to Blue Water Ventures, with it looking more like a pile of copper from the explosion and 180 years of sea water erosion. Historians remained skeptical until BWVI and its partner Endurance Exploration Group (OTCQB:EXPL) in May discovered artifacts stamped with "Pulaski" that provided definitive proof they had indeed found the wreckage.
The search initially is centered on a small area about half the size of a football field, with plans for continued expansion in a larger radius of several miles referred to as the debris area. The company has so far dug up more than 600 gold and silver coins, all dated prior to 1838, ornate pocket watches, candlestick holders, brass wall sconces and more.
The coins represent early American coinage, Spanish colonial and British coins. All coins are being conserved by the experts at Numismatic Conservation Services (NCS) and graded by their affiliate, Numismatic Guaranty Corporation (NGC).
Many of the coins are very valuable, according to Mark Salzberg, chairman of NCS and NGC. "Their history and provenance, coupled with their rarity and condition, will make them prized by collectors," said Salzberg in a news release last month.
"We’ve just scratched the surface on the Pulaski recovery...Each trip to the site reveals a little more of the Pulaski secrets," commented Blue Water Ventures' president and chief executive Keith Webb.
On Thursday, it became official that Blue Water Ventures is the owner of the artifacts, with a U.S. Federal District Court in Tampa, Florida adjudicating title to the Green Cove Springs, Florida-based company.
Endurance is being awarded a portion of recovery for its efforts. With ownership in tow, Blue Water Ventures says it will start the process to monetize the treasures as it hunts for more.
Perhaps collecting some cash through the sale of the recoveries will provide some buoyancy to shares of BWVI in the future. Shares are basically flat in Thursday trading at 23.9 cents. Similarly, shares of EXPL haven't budged in Thursday action, holding at 14.95 cents.
