The Stamp and Coin Place Blog: connecting the past and present of stamp and coin collecting, and looking to the future.

The Fate of the Guggenheim Treasure

 

One of the most legendary families of early 20th century America left behind a treasure worth millions of dollars, and no one has found it…yet.

 

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The Guggenheim Museum

The Guggeinheim family came to America in the mid-1800s, and the family rapidly became one of the wealthiest in the world. Involved in the mining and smelting industries, they were also known as philanthropists and patrons of the arts. Today, the family interest, Guggeinheim Partners, oversees $200 billion in assets.

 

In September of 1903, a tugboat pushed the barge Harold past the Statue of Liberty; the barge was loaded down with nearly 8,000 silver-and-lead bars. The metal was bound for the Guggenheims’ smelters in New Jersey. But during the passage of the Arthur Kill strait, the Harold tipped, sending most of the metal bars tumbling into the murky waters. Somehow, the deckhands aboard the barge never noticed the missing cargo; the loss wasn’t uncovered until the ship docked the next morning. A salvage mission recovered most of the cargo, though the salvage company director called the deckhands the “dumbest skunks I ever had to do with.” Around 1400 bars are still unaccounted for, and could be worth up to $20 million today.

 

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Arthur Kill Strait

Rumors of the treasure have surfaced from time to time. A story goes that a local Native American was fishing in the strait when his eel trident snagged on one of the lost ingots. More recently, Ken Hayes of Aqua Survey tried to locate the treasure. An early sweep of the area revealed 255 possible targets, but no guarantees that any of them were the missing silver. Hayes’ attempts to find the treasure have been met with discouragement from locals (who believe a local should be the one to find it) as well as fellow treasure hunters looking for an easy tip off to the location of the silver.

 

To date, neither Hayes nor anyone else has found a single silver bar, much less all $20 million worth. But it may be only a matter of time until the Guggenheim Treasure resurfaces.

 

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