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The E-Sylum: Volume 10, Number 46, November 11, 2007, Article 27 MORE ON ODYSSEY MARINE: ARCHEOLOGISTS VS EXPLORERS, NEW YORK POST ARTICLE Larry Gaye writes: "Regarding the article on the 'Odyssey Situation' it is interesting to note the comment by the archeology community calling the undersea explorer's skills in question and condemning their activities. Underwater archeologists are not able to conduct deep water exploration; they stick to the shallow coastal regions. "They are however the first to condemn that which they are not able to do. The fact that money is being made is their main concern; they fail to understand that we as a community are learning more because of the activities of the Odyssey Group because they are able to explore these areas of the ocean. The Odyssey Group and the others that explored the SS Republic and Central America gave us a wealth of information. Had the exploration been done by the archeologists, we would still be waiting for information as 95% of digs done by the archeological community are never published and the materials taken from sites by them never see the light of day. "Balance and cooperation could lead to some very different results." [Last Sunday (November 4) the New York Post published an article of its own on the Odyssey Marine situation, and it addresses some of the technology and cost issues Larry mentions. Several numismatic personalities were interviewed for the article headlined "Booty Call". Here are some excerpts. -Editor] "An estimated $3 billion worth of treasure lurks in the deep, according to marine archeologists. And each time a famous shipwreck is found, waves of excitement wash over the industry. "'The sky is the limit,' says Dan Sedwick, a professional numismatist. 'Something was lost nearly every year in history.' "'It's all about the hunt,' says Sean Fisher, 29, whose grandfather, Mel Fisher, made history in 1985 when he discovered the Nuestra Senora de Atocha, with its $400 million haul of coins and artifacts. 'We could have retired the year we found the Atocha, but what's the fun of that?' "Shipwreck recovery goes back as far as ancient Greece, and the industry got a huge boost in the 1940s with the popularity of scuba diving. But the last 10 years has seen a dizzying advance in technology, from the improvement of remotely operated vehicles that can plunge deeper and search larger areas, to digital side-scanners that reveal clear images in thousands of feet of water. "Most of the prized ships that explorers are currently hunting, including Odyssey's 'Black Swan,' would have been impossible to pursue without these advances. Technology is turning what was once unfathomable fathoms into a reachable, if incredibly expensive and dangerous, treasure chest. "'People are going into deeper waters, and that takes money,' says James Delgado, executive director of the Institute of Nautical Archaeology at Texas A&M University. 'Titanic submersibles run about $35,000 to $50,000 a dive. What are you going to find that makes it worth that?' "Well, tons of ancient gold bars, for one thing. Along with emeralds, silver and other pretty prizes. Even if the overhead is ridiculously high, the promise of a dead man's chest stirs something potent in treasure seekers - including the land lubbing, stock-holding kind: Odyssey began trading on NASDAQ in July, a sign that hunting gold is a growth industry. "Marine archeologists like Delgado tend to loathe treasure hunting, saying the practice destroys archeological sites and keeps valuable historical artifacts out of the hands of scholars. Plus, they say, indulging in childhood pirate fantasies is no way for anyone to get rich. "'People think that every shipwreck has treasure, and that's not the case. The majority of wrecks may have artifacts, but there is not a lot of real treasure, Delgado said. 'Very people actually hit the motherload.' "But when they do, it's spectacular. "Mel Fisher was a scuba shop owner drowning in bills, when a friend asked for help trying to locate the sunken Atocha. He decided to give treasure hunting one year. Day after day, the family's expensive endeavors yielded nothing. Then, on the 363rd day, Fisher dug a hole and pulled up 1,300 gold coins, Sean Fisher says. "Odyssey's 'Black Swan,' might eclipse Fisher's find as the largest shipwreck of all time. But critics are skeptical. "'You have to wonder what's going on there,' says Robert W. Hoge, curator of North American coins and currency at the American Numismatic Society. 'This company has found important numismatic finds in the past, but instead of publishing the information about them, they've hidden in hopes of making more money for their finds.' "Other historians and collectors say they doubt the Black Swan's booty will be as grand as Odyssey predicts. "'I'm having a real hard time (believing) that value of $500 million,' says coin dealer Rick Ponterio, who has sold Mexican coins from the early 1700s for as much as $97,750 each - and some shipwreck coins for as low as $5. 'Rarity, quality and demand are the three factors in determining what a shipwreck coin is worth. If they have that big a cargo of coins, they're no longer worth that much. What was one of the criteria? Rarity.' "Regardless of the eventual yield, Odyssey and other treasure-seekers will likely keep looking for bigger and bigger finds. They can't help it. Like eight-year-olds who never stopped playing pirate, shipwreck explorers say the allure of finding something that was 'lost forever' never lets them go. "'When you discover something, and the last time it was touched by human hands was in a hurricane in 1692, it send tingles from the tips of your toes to the top of your head,' Fisher says. 'You never want to do anything else.' " To read the complete article, see: Full Story Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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