Many people know that rare coins come in various shapes and sizes, but did you know they come in effects too? For some collectors, the most treasured ones can are at the bottom of the ocean. When coins sit in salt water, it can determine a lot about their condition and value once brought back to the surface. Whether you’re a beginning collector or have a seasoned eye for currency, learning about the shipwreck effect can help you accumulate more unique treasures. 

A Guide to the Shipwreck Effect

What is it?

This phenomenon happens to coins after years of exposure to salt water. Over time, a surface disturbance occurs and can be minimal to severe. The Numismatic Guaranty Corporation® (NGC®) Coin Grading Scale rates the specimens up to 70 points for coins without damage, but they use a different system when there’s corrosion from salt. 

Are there standards for the shipwreck effect?

The NGC® rates the condition of currency found in salt water as follows: A, B, C, and Shipwreck Effect. Coins in the “A” category display the least amount of exposure and surface disturbance. Ones with “B” ratings appear slightly damaged from the exposure to saltwater, but the main designs are still visible. Money rated “C” still has visual-appeal, but it also has a moderate disturbance on the surface. If a coin is given a Shipwreck Effect grade, it’s been too damaged to be accurately identified and cannot be graded as a proper coin.

How are gold and silver coins affected?

When exposed to saltwater for any period, gold coins retain their form and surface details better than silver. Silver ones tarnish and lose their surface designs because of corrosion. However, not all silver currency sustains damage, and perfectly preserved pieces are some of the rarest and most sought-after specimens on the market. 

Are coins with shipwreck effect more valuable?

Collectors from around the world seek out the shipwreck currency. Most of these rare pieces of gold or silver date back to a specific place, time, or historical event, making them more valuable. For example, while sailing near the Panama Canal on September 12, 1857, a hurricane sank the SS Central America, which was well-known between ports in San Francisco and New York—the ship’s cargo is highly sought-after.

If you want to buy rare coins, see the staff at American Trading Company in Cincinnati, OH. With more than 50 years of experience, this knowledgeable team can help you find what you’re looking for including United States American Eagles, Krugerrands, or Maple Leafs. To talk to an associate today, call (513) 661-3633. Visit them online for more information about their bullion inventory.