Page 12 - Treasure, World & U.S. Coin Auction 17

LU: Twenty to 30 feet. they will go out of business.
DFS: But the mud overburden is a lot more? DFS: That leads into your experience with Ecuador. Did you
LU: Nine or 10 feet of mud. partake in any of the negotiations with the government of
DFS: Is that the only promising site that’s being looked at down Ecuador?
there? LU: Joel Ruth did most of that. Now we have a good relationship
LU: Four or 5 other sites. with that government.
DFS: But that one’s getting the main attention. DFS: I see that as an example of a government that is doing things
LU: That’s the first, yes. properly and constructively, working with the divers and the
DFS: How about the Capitana [of 1654]? Has that been worked salvage company.
out, do you think? LU: True. The Ecuadorians feel the Spanish stole from them
LU: I think it’s been worked out. anyhow.
DFS: Where I want to go now is into your numismatic interests over DFS: Good point. Are there any other governments that seem to
the years. You’ve been accurately known as an accomplished have a good mindset like Ecuador?
numismatist among divers, kind of a rare breed; could you LU: Cuba does.
please describe some of the things you’ve had an interest in DFS: Cuba does? That’s surprising. You never see shipwreck coins
over the years. from Cuba, though. Do they just stay in Cuba?
LU: Thanks to Bob Nesmith, soon as we started finding all the LU: Mostly stay in Cuba.
silver coins, we decided we needed to keep a record of them. DFS: Do you see a future for shipwreck salvage in Cuban waters?
When we first found them, we’d take them in to coin shops, LU: I think once the United States gets its head out of the sand,
but they never saw them [before], didn’t know what they were. then it’ll become a very fertile ground.
So we decided we needed to put them up for auction. Henry DFS: Well then at that point do you think Cuba will allow the
Christensen and Harvey Stack set up auctions, started selling coins to go elsewhere?
the coins, trying to get people interested in them. When we LU: I think so.
first started selling the coins, they’d sell for $25-$30 apiece. DFS: To bring in revenue for their country?
Today a good 1715[-Fleet] coin, undated, will bring $125. LU: I think so.
A full dated coin will bring $400 or $500. What’s amazing DFS: That’s interesting. What about the Bahamas? Do you see any
is that of the nearly 100,000 coins we picked up, it’s hard future for the Bahamas? They’ve been kind of off and on.
to find 1715[-Fleet] coins. They disappeared into collectors’ LU: I’m not sure what’s going to happen there.
hands. DFS: What was your relationship with the Maravillas salvagers,
DFS: What was your role, then, in the auctions that took place? Humphreys and them? Did you assist them in any way
LU: I helped attribute the coins. Also I found…different ways to numismatically?
clean coins, learned how to clean coins (I think) better than LU: I attributed the coins and cleaned them. Very interesting story,
anyone else. how I got involved with them. Herbo Humphreys sent John
DFS: Did you have numismatic interests before the coins were de Bry a box of jewelry coins they were going to sell for about
found on the 1715 Fleet? $100 apiece. John gave them to me to attribute. I found one
LU: I used to collect American large cents. I had some numismatic coin there worth about $5000. I called Herbo Humphreys
interest in American type-coins and large pennies. and said “do you really want to sell these for $100 apiece?
DFS: Do you still collect anything besides the shipwreck coins? I’ll buy them all. I got one coin in here that is worth four or
LU: Not really. five thousand dollars.” He says “you’re kidding!” He flew me
DFS: What do you see as the future of shipwreck salvage in up there, and I sold the coin for him the next day.
general, particularly concerning government involvement DFS: [Laughing] So did you get to buy the whole box for $100
and deepwater salvage with robotics? each?
LU: Well, I think deepwater salvage is here…[S.S.] Central LU: No. About 40 coins, half of them were worth two-three
America [1857] is a good example of that. I think the hundred dollars.
government sees it as a new source of money. They’re going DFS: What role have you taken in marketing over the years for the
to try to grab control of it. Spain has competed with the various shipwreck coins you’ve handled.
United States over warships here to the north of us. LU: I’ve worked with Stack’s, Henry Christensen, Ponterio, Frank
DFS: What do you think that means for collectors? and Dan Sedwick.
LU: They just want to collect coins. What’ll happen is it’ll go DFS: Of course! It pays to know what you’re doing and know the
underground. right people to deal with, I guess.
DFS: When it becomes a situation, though, where you have to LU: That’s for sure.
salvage in deep water and spend a lot of money to run a DFS: I’m sure a lot of divers over the years have depended on your
robot and crew and that kind of thing, these days we seem connections.
to be seeing companies that spend a lot of money and have LU: I’ve enjoyed it. Still work with Dan Sedwick a lot [laughs].
big companies to manage and do things very promotionally DFS: Do you miss the diving much? Was that one of your favorite
to make up for it—do you think that’s the future of it, or do aspects?
you think it will go underground, as you say, with that type LU: Yeah I do miss the diving.
of operation? DFS: It sounds like camaraderie with the Real Eight gentlemen
LU: The governments…will put unreasonable rules and was also quite enjoyable.
restrictions on them and it will go underground. If they don’t, LU: Sure was.
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