Friday, November 30, 2012

11/30/12 Report - $1 Coin, Erosion & Tons of Silver

Written by the Treasureguide for the exclusive use of

Congress is considering doing away with the one dollar bill and replacing it with a $1 coin.   It is said that doing away with the one dollar bill would save $4.4 billion over 30 years. 

It seems people generally don't favor the $1 coin, but some, such as vending machine operators, do.  And of course you would expect that to increase the face value of detecting finds at the same time as the value of our money continues to decrease.
Here is the link to that article.

It seems there are still some of those Susan B. Anthony dollar coins around.  People certainly didn't take to them.

Here is a great explanation of how barrier islands are formed and eroded.  You'll see much of what I've mentioned in the past, but this article puts it all in one place, well organized and with helpful illustrations.   It would be one part of my beach detectors degree program.

It is a pdf file and will take a little time to load.

It is a little long, but well worth it if you are interested.

Thanks to Will B. for sending me that link.

Here is part of a 11/25/12 Reuters report.

Odyssey Marine Exploration Inc. said it would delay retrieving millions of ounces of silver from two shipwrecks in the North Atlantic until next spring due to weather conditions, sending its stock down 20 percent.

Odyssey, famous for finding the $500 million Black Swan wreck off Portugal in 2007, posted a loss in the quarter ended June and had said it expected to recoup its losses from selling the silver it recovered from the SS Gairsoppa and SS Mantola.

The SS Gairsoppa was a 412-foot steel-hulled cargo ship torpedoed by a German U-boat during World War Two off the coast of Ireland. Mantola met the same fate in the same area during World War One.

The salvage firm has not disclosed the exact location of the wrecks.

Odyssey, which has already recovered about $44 million in silver bullion from the Gairsoppa, said it believes the ship still holds about 1.8 million ounces of insured silver and a large amount of uninsured silver.

At current prices, the insured silver is worth about $60 million.

The company said it believes there may be 600,000 ounces of insured silver, worth about $20.4 million, on the SS Mantola.

The wind changed direction at least a couple of times yesterday, blowing pretty good at times.   Seems a front came through.  Still blowing nicely this morning.

The surf is running three to five feet this morning.  That won't change much this week.

It is enough to keep the front beach stirred up a little but not enough to significantly improve conditions. 

The wave period is only like 7 seconds.  That means that there is not much scouring of the sea bottom.

I haven't seen a low low tide for months.  I've been waiting for a good low tide for quite some time.

Low tide today is around 3 PM.

Happy hunting,