Showing posts with label Bowers and Ruddy. Show all posts
Showing posts with label Bowers and Ruddy. Show all posts

Wednesday, July 5, 2017

7/5/17 Report - Forty Years Ago: 1715 Fleet Treasure. Serious Storm Developing in Atlantic.


Written by the TreasureGuide for the exclusive use of TreasureBeachesReport.blogspot.com.

Forty years ago (Feb. 1977) Bowers and Ruddy Galleries auctioned 720 lots of 1715 Fleet treasure, mostly cobs, many gold and silver, but also some bars and artifacts from the 1715 Fleet. I decided to take a look back today.

It was in the 1950s that a hurricane ripped the Treasure Coast beaches and Kip Wagner was at the right place at the right time and started finding silver reales from the 1715 Fleet on the Treasure Coast beaches.  You know the story.  Kip and seven others formed the Real Eight Company.  Recoveries were sporadic and slow at times.  On one occasion in the 1960s, their blower exposed gold dubloons, and in 1974 another amazing day resulted in more than a thousand dubloons being recovered.

13 Pound Encrusted Clump of Pieces of Eight.
Source: 1977 Bowers Ruddy Auction Catalog.

Back in 1977 the clump of coins sold for $2000.


9.5 Ounce Gold Splash
Source: 1977 Bowers Ruddy Auction Catalog

The above gold splash sold for $2200.


37.25 Inch Gold Chain.
Source: 1977 Bowers Ruddy Auction Catalog


The gold chain sold for $2200 as well.

The auction house offered the following price guide for escudos in the auction catalog. 

Eights - $800 to $1300
Fours - $600 to $1000
Twos - $200 to $500

From a quick look at the page of realized prices, it looks like the realized prices were not far off the suggested prices.

To give some perspective, the price of gold in 1977 ran around $161.

According to one inflation calculator, it would take about $403 today to buy what $100 would buy in 1977.  That would mean the dollar was worth about four times more back then.

I was lucky to pick up the Bowers Ruddy auction catalog with realized prices in a local thrift store for $1 a number of years ago.

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Source: MagicSeaWeed.com
This disturbance has a 70% chance of becoming a cyclone in the next 48 hours.

It is still far out there, so it is difficult to tell where it might go.  Earlier predictions I saw had it going east of us.

According to the surf predictions, we'll just get a small bump in the surf around next Wednesday.

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I appreciated all responses to the blog poll.

Happy hunting,
TreasureGuide@comcast.net

Sunday, June 5, 2016

6/5/16 Report - Storm Headed For Florida. Escudos: Then and Now. Find Face App.


Written by the TreasureGuide for the exclusive use of treasurebeachesreport.blogspot.com.

Tropical Depression Three
Source: nhc.noaa.gov
Tropical Depression Three is expected to become a storm that passes over North Florida next week.  Don't expect any big surf on the Treasure Coast though.

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We all know about the fantastic 2015 treasure finds made by the savage crews along the Treasure Coast last year.  While those finds are unprecedented, there were definitely big days in the 1900s too.  

First, in the early 1960s the the famed "carpet of gold" was found.  Over 1000 gold cobs were uncovered.

And in 1974, after an otherwise unproductive day of diving, over a thousand escudos were found.

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The chart above shows the realized prices of 18 Mexico-minted 1714 8-escudos that were sold in a 1977 Bowers and Ruddy auction.  The label on the horizontal axis incorrectly says 17 instead of 18.

That is a fairly good sample size for one auction, especially of one specific date.

I'll be analyzing various samples of treasure coins from time to time.

As you can see from the chart, the highest priced 1714 Mexican 8-escudo in the 1977 auction sold for $1500.  The lowest priced of the same mint and year was $550.  There were two that sold at $1350 and two that sold at $550.

That seems like a low prices for 1714 eight-escudos.  One thing that has to be taken into consideration is inflation.  It would take just over $40 in 2016 to buy what $10 would buy in 1977.  So if you wanted to compare 1977 prices with 2016 prices, you might multiply the 1977 prices by four.  That would make make the high price for those sold in 1977 equivalent to $6000 in 2016 dollars, and the low price would then be about $2200 in 2016 dollars.

Why such a range?  One of the neat things about cobs is that they are all different.  Some varieties are more common and others more rare, some are better struck and are in better condition, etc.  The highest priced 1714 Mexico 8-escudo in the 1977 auction, while being nice overall, had one outstanding feature that undoubtedly added significantly to the price.  It was the only one of the 18 that had a partial date showing on the reverse (cross side).

Things were different 40 years ago.  Many more cobs have been found in the last forty years, and I suspect that people looked at collecting cobs a bit differently in the early days.

There was only one Mexico-minted 1714 8-escudo in the most recent Sedwick Coins auction, and the winning bid on that escudo was $10,000.  Without adjusting for inflation, that is a price that is over six times greater than the highest priced Mexico 8-escudo sold in the 1977 auction.  With an adjustment for inflation the 2016 price is still nearly twice the price of the highest priced Mexico 8-escudo  in the 1977 auction, and more than four times the price of the lowest priced Mexico 8-escudo in the 1977 auction.

To be more precise I'd have to take into account a variety of factors, but I'll just look at the comparisons in very general terms for now.   Without getting more specific, I will say that the Mexico 1714 8-escudo in the 2016 Sedwick auction was the second lot in the auction and a fine example.  It undoubtedly compares fairly well to one of the higher priced Bowers and Ruddy Mexico 8-escudos.

I'll do a more complete analysis in the future.

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I thought this Market Watch article was interesting.  Here is an excerpt.

A new app called FindFace, recently released in Russia, gives us a glimpse into what this future might look like. Made by two 20-something entrepreneurs, FindFace allows anybody to snap a photo of a passerby and discover their real name — already with 70% reliability. The app allows people to upload photos and compare faces to user profiles from the popular social network Vkontakte, returning a result in a matter of seconds. According to an  interview in the Guardian, the founders claim to already have 500,000 users and have processed over 3 million searches in the two months since they’ve launched.

What’s particularly unsettling are the use cases they advocate: identifying strangers to send them dating requests, helping government security agencies to determine the identities of dissenters, and allowing retailers to bombard you with advertisements based on what you look at in stores.

Here is the link.

Friday, August 28, 2015

8/29/15 Report - Mystery Solved. Bogota Escudos: New and Old Finds. Real Eight Co. Changes For Erika Forecast.


Written by the TreasureGuide for the exclusive use of treasurebeachesreport.blogspot.com.

Another Group Of Recently Discovered Escudos
This grouping shows some escudos from Bogota, Columbia.  There are two signs that provide clues.

On the cross side of some of these, you see a design feature that some have refer to as "scissors."  I can see why they refer to it that way.  They do look a little like scissors, but not a whole lot.  That mark appears in each quadrant of the cross.  The scissors, are just a distinctive type of rendering of one type of Fleur-de-lis.  On some escudos they appear much larger than on others.

On the other side of the escudo, in the upper right quadrant of the shield, where Naples and Sicily is represented, you see two dots instead of two birds.  That is also a tip off.

You might remember how I was surprised to see lions and castles of Leon and Castile in the upper right of a shield that I pointed out yesterday.  I thought that was unusual and possibly an error.  It was not an error.  Well, it wasn't an error on the cob.  It was my error.

That is what you see on some of the shields of Bogota escudos.  I hadn't seen that before, but found it listed in an old auction catalog in which a lot of Kip Wagner's escudos from the 1715 Fleet were being auctioned.

Illustration From Bowers & Ruddy 1977 Auction Catalog.
In the illustration from the auction catalog shown immediately above, the Naples and Sicily symbols are in the upper left of the shield, and the Leon and Castile symbols in the upper right.

I'm only aware of 2-escudos and a few 1-escudos from the Bogota mint, and no other denominations. The auction listed 75 2-escudos from Bogota and five 1-escudos.  The catalog shows many more escudos from other New World mints and is a very good reference source.

There were eleven different shield designs for Bogota escudos illustrated in the auction catalog.  Two had the Sicily and Naples symbols on the left side of the shield rather than the right.  So it was not an error or anything like that, just a design that I didn't know about and didn't remember seeing anywhere before.

It was in the early sixties that the Real Eight Company found the famed "carpet of more than 1000 golden dubloons."  They hit big again in 1974.

Most of the Bogota escudos sold in the 1977 auction averaged around $150, which adjusted or inflation would be just over $600 in 2015 dollars.  The price of gold that year averaged around $150 an ounce.  I think you would actually expect to pay something more like $2000 for similar escudos today.  That gives some historical perspective to the money aspect.

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Different subect: I feel a duty to provide the following warning.

Hurricanes are dangerous.  I don't want you to take the danger too lightly.  I don't want a hurricane.  I just want a storm that stays out at sea and churns up some waves.

Hurricanes do too much damage.  And people die in hurricanes.  I'd have to be a raving fool to want that.

Many of you have been through hurricanes.  Some who have been through a hurricane have been on the out skirts where you didn't get the full force.  I want to tell all of you, and especially those of you who plan to come in from other areas, (I've heard from a few that plan on doing that already) don't drive into a hurricane.  It is not a party.

They do a good job of forecasting these things anymore, but they are not totally accurate. Make sure you know what you are doing.  Don't do anything stupid.

You never know what you might be getting into.  There can be downed electric lines, blocked roads and closed bridges.  If we get much of a hurricane, you might not even be able to get to the beach for a few days.

I don't want to unnecessarily alarm anyone by saying that all or any of that will happen this time, yet it could.  Storms can do strange things.  They can take unexpected turns.

Play it safe on the beach too.  If you haven't been in a big hurricane before, you simply don't know what you might be getting into.  When the surf is high and the waves big, you might not be able to get on the beach anyhow for a few days.  The bridges will be closed.   And it will be too rough and dangerous to get down on the beach anyhow.  Wait until it is safe.

Some of the best beach finds have been made days after a storm.  People who have made really big beach finds have told me they thought they were too late and it was all over.  But that is when the big find was made.

Even after the water has gone down some, a big wave can easily catch you unprepared and sweep you off your feet.  It can be very dangerous.  Trees and other large debris can be washing in an out in the surf.  You can lose or have your equipment damaged.  I've known more than one person who was experienced with rough weather detecting that lost a detector or scoop to an unexpected wave.  Don't take this too lightly.  Err on the side of caution.  It isn't worth losing your life.

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In support of the above, I received this message from Robert H.

You are 100 percent spot on. Those treasure coast barrier islands could be completely submerged under water with a full moon and big tides that were predicated the storm surge is what mainly kills people. As a survivor of one of the worse hurricanes being Andrew and being right in the heart of the storm many were lucky the storm surge wasn't any higher. I know certain areas did see that 15ft rise in sea level but I think most all were evacuated from those storm surge areas in advance thankfully. In all reality we were extremely lucky to survive that storm. If it slowed down and lasted another hour or two with that intensity many more lives including mine could had been lost. Would hate to think of any fellow Detectorist going to wait it out in there car right there ocean side and get swept in the ocean or the ocean swallows them and there car.

Thanks for sharing Robert.

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There are two changes with the forecasts or Erika.  The track has moved more south.  She is now expected to land down at the southern tip of the penisnsula, and she is expected to remain a tropical storm rather than developing into a hurricane.

Predicted Track of Erika As Of 8 AM 8/28
The surfing web sites are now predicting only around a five foot surf now.  That means that it might not move much sand or stir up much of anything on the Treasure Coast.

Keep watching for any additional changes.

Happy hunting,
TreasureGuide@comcast.net