Saturday, September 08, 2007

Treasure Hunt in the Atlantic Ocean for Gold Coins

The recent treasure hunt in the Atlantic Ocean resulted in the discovery of a shipwreck. This contained huge number of gold and silver coins packed in containers. The Odyssey Marine Exploration owns the credit and its stock price already went up by 81 percent on Friday May 18, to $8.32. Historians say that the ship contained nine tons of gold coins and was going to buy the loyalty of the Duke of Savoy, a potential ally in southeastern France. Odyssey believes those coins could also fetch more than $500 million.

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There are hundreds of plastic containers which contain a total of 500,000 coins. They say that each coin may value $1000 or more from collectors and investors. But it depends on the particular coin, its rarity and other factors. But they say that these coins are not available currently. They did not report the place the shipwreck as it would create security problems.

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Odyssey says that they get the 80% share in the first $45 million and a 50% in the latter proceedings. However the location of the discovery of the shipwreck does not belong to any particular country.

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