1806 Half Dollar - 1806 50C Point 6, No Stem, S.S. New York, O-109  NGC SE. This shipwrecked 1806 half dollar is crisp and bold with Uncirculated details. The SE or Shipwreck Effect or salt water etching is seen most noticeably at the tops of the letters of LIBERTY and on the obverse stars. Overall the surfaces are free of abrasions except for a mark on Libertys cheek. The strike is above average with full drapery lines on the obverse and a full shield on the reverse. No adjustment marks are found on this piece, which are often seen on coins of this type.

The O-109 variety has sharp pointed stars that are close to the edge. In the date the 6 is higher than the other numerals. 1 is close to Libertys curl. A spiked segment is between Star 7 and the L in LIBERTY. (It is partly hidden by the holder on the present coin.) On the reverse the olive branch has five berries. The first A in AMERICA does not touch the feathers. The point of a leaf is close to the right base of the I in AMERICA. There is no stem through the eagles talon.

The Draped Bust dollar, designed by Robert Scot, was based on a drawing of Ann Bingham by the famous artist, Gilbert Stuart. Evidently John Eckstein, the engraver, translated the drawing poorly, which might explain why Stuarts family refused to acknowledge his role in the coinage design. On the reverse, Scot mixed up the arrows and olive branch creating a very martial heraldry, maybe for political reasons. The United States was engaged with France in an undeclared naval war. Perhaps this symbolism was being used to make a statement to France and others about the sovereignty of the United States.

The S.S. New York was a luxurious 160 foot side-wheel steamship with a wooden hull that was built in New York City in 1837. During most of its career it traveled between New Orleans and Galveston, Texas. It transported merchandise, provisions, and passengers. Now and then it carried troops to south Texas in support of the war against Mexico.

On September 5, 1846, while on route from Galveston, the ship found itself in the middle of a huge hurricane. After battling the high winds and giant waves, the ship sank. Of the 53 passengers, only 36 survived. In addition to the 17 people lost at sea were thirty to forty thousand dollars in United States gold and silver coins.

In 1990 a Louisiana oil field worker and an amateur diver found the wreckage. They used the oil workers electronic fish finder and information from shrimpers in the area. There was a snag at the bottom of the ocean that was dangerous to dragging nets. It was the remains of the S.S. New York. At first few coins were found near the wreck. The site was again searched in 1997 and 1998 but to no avail. It was in the summer of 2005 the group knew it was close to finally finding all that was left in the wreckage. However, salvage plans were on hold for a year when Hurricanes Katrina and Rita hit Louisiana's coast in August and September 2005. Later, in 2006, the sight was explored again and the coins were found.
While still out in the Gulf, the group of explorers took steps to form a limited liability company, Gentlemen of Fortune, for the purpose of securing legal rights to the treasure claim.

Coins recovered were conserved by Numismatic Conservation Services (NCS) and then certified by NGC. While NGC does not list population numbers for SE coins, it does show only 75 1806 O-109 half dollars in all grades. In MS65 there is only 1 with none better.