RMS Republic - Exclusive Salvage Rights!

This news broke last week. The RMS Republic sunk roughly 50 miles south of Nantucket and is rumored to have been carrying a shipment of newly minted American Gold Eagle coins valued in today's market at between $400 million and $1.6 billion, as well as a $265,000 U.S. Navy payroll that was intended to be delivered to the Atlantic Fleet at Gibraltar. Exclusive salvage rights have just been granted to Martin Bearle, formerly of Martha's Vineyard, who originally found the wreck in about 250 feet of water back in 1981. For more details, read the AP article quoted below in Boston.com News:

Judge grants treasure hunter right to salvage sunken ship
By Michael Kunzelman, Associated Press Writer | July 8, 2005

BOSTON --Martin Bayerle sets sail from Long Island next week to resume his quest for sunken treasure, driven by rumors that a cache of gold coins was aboard the RMS Republic luxury liner when it sank in the North Atlantic nearly a century ago.

When he returns to the Republic's wreckage this time, Bayerle will have a court order that gives him the exclusive rights to salvage the ship through 2008.

On Friday, a federal judge in Boston issued a preliminary injunction that bars anyone from interfering with Bayerle's efforts to recover a cache of gold from the wreckage of the RMS Republic, which sank 50 miles south of Nantucket in January 1909.

Bayerle has found hundreds of artifacts in the wreckage, but he is still looking for the elusive coins. Bayerle said there are persistent rumors that the ship was carrying a five-ton shipment of gold coins that would have had a face value of $3 million in 1909.

"That has never been proven, but there is a lot of circumstantial evidence to suggest the cargo is on board the wreck," said Bayerle's attorney, Timothy Barrow.

Barrow said the coins, if they are there, could be worth at least $400 million, or more than $1.6 billion if they are in good condition.

Bayerle, formerly of Martha's Vineyard, is scheduled to leave New York on Tuesday to resume his salvage operation. However, he acknowledges it could be several years before he reaches the part of the wreck where he believes the coins are located.

"We have identified the target areas," he said. "Now we need to get to the target areas."

Best of luck to Mr. Bayerle and his crew!