Dateline April 18, 2015. A British-led team has recovered a $50m treasure trove of silver coins that has been stranded on the seafloor since World War II, according to a recent article published by the BBC. The SS City of Cairo, a steamship en route from Bombay to England, was sunk in the South Atlantic Ocean by a torpedo fired by a German U-Boat on November 6, 1942. It has rested in water depths of greater than 15,000′ ever since. It was carrying Indian silver rupees, which had been called back to England in service of the war effort – but they never made it back. For more on the story and the salvage effort to recover the prize read here.
According to the article, “The coins have now been melted down in the UK and sold, with the undisclosed sum divided between the treasury – which technically owns the coins – and the salvagers, who take a percentage of the sale”.
The Subtle Message
A subtle lesson here is that gold and silver retain their intrinsic value over the course of history. Even a relatively wealthy nation such as the UK recognizes the enduring value of precious metals and will take their share of the spoils, even after 70 years since the coins were lost. This is truly a testament to the real value of silver.
Private citizens should take heed. At the moment the price of silver is relatively low. This is a good time to make some purchases of silver or gold before the inevitable price rise. Consider buying from our preferred broker, Golden Eagle Coins.