Gold treasure salvaged from 1846 steamship

The New York was a 165-foot sidewheel steamer built in its namesake city in 1837. By 1846, it was making regular commercial runs between Galveston, Texas and New Orleans. A storm took the ship to the bottom, killing 17 of the 53 people aboard. The other 36 were rescued.

A group of four hobbyists, who enjoyed looking for sunken vessels in the Gulf, discovered what was left of the SS New York around 1990. After several trips in the ensuing years and bringing up a handful of coins at a time from the mud that virtually covered the ship, the four invested in a full-scale salvage operation in 2007.

Of particular interest to coin experts — numismatists — are gold pieces known as quarter eagles and half eagles, which carried face values of $2.50 and $5, respectively, in the days before the United States printed paper currency.

Those coins were struck at mints in New Orleans; Charlotte, N.C.; and Dahlonega, Ga. The Charlotte and Dahlonega mints operated from 1838, when the first significant U.S. gold deposits were found in those areas, until the start of the Civil War in 1861, said Douglas Mudd, curator of the American Numismatic Association's Money Museum in Denver. Neither mint ever reopened.