A Pirate Treasure Cob

Can a battered and corroded coin (or cob in this case) have a story exceptional enough to raise the value several fold? Well of course it can, particularly if it comes from a pirate ship.
   Coin World recently reported (May 25th) on a silver eight reales cob from the pirate ship Whydah that sold for $7K during a Daniel Frank Sedwick LLC auction held at the end of April. The ship sank off the coast of Cape Cod in April of 1717. The ship was originally a slave trader, but it was captured by "Black Sam" Bellamy just a few months before the catastrophe. Over four tons of gold and silver were onboard.
   The eight reales cob that sold was one of a very few pieces that has not been ensconced in a museum. Yet, the cob itself is relatively common; it is an irregularly-shaped hunk of silver in sea-salvaged condition. If the cob had been attributed to the 1715 Fleet (a group of galleons that sunk off the east coast of Florida), it would be worth $300 to $500. But the allure of pirate history sent at least two bidders into a frenzy -- and the price into the stratosphere. Of note, the same coin brought $7K in an earlier Sedwick auction that was held in 2011 --  it certainly held its value. The allure of pirates is enduring!

Here is the auction image from 2011. This ruddy piece is a magic piece
that in the right hands can send the imagination swirling with images of
pirates on the high seas. This hunk of stamped silver is animated.
                                                              Courtesy of Daniel Sedwick LLC.

   This is a dramatic example of how a story can transform a ruddy piece into a marvelous one. The drama of pirates -- with all the images in our heads of sword-play and skull-and-cross bones -- is too potent to ignore. And even if the images are wrong (per the historians who have studied contemporaneous accounts and who now think they have got it right), it does not matter. The stage is already set in our minds. We cannot get Jack Sparrow out of our head even if we wanted to.
   With movie images swirling in our brains, we want pirate coins, if we can get them. I cannot think of a coin collector who would not want a pirate coin.
   The significance of the story was not lost on Tom Sebring who originally won the cob at the 2011 Sedwick auction. He developed an exhibit and a presentation for ANA -- I saw them both. He also wrote an article for The Numismatist.
   The high value of the coin is all about the pirates. Yes, it is a rare piece considering that the other cobs salvaged from the Whydah are in a museum, but it is not a rare type of cob. Similar cobs that have been salvaged from the 1715 Fleet sell for much less (and they have a quite a dramatic story too). Plus, there are other cobs from wrecks that have produced few pieces that bring only a modest premium from collectors trying to get one from each ship.
   In this case, it is all about the pirates.
   This cob reflects that best attributes of the numismatist who studies history and is able to coax a fascinating story from a single coin. It also underscores the collecting approach of the necromancer. Coins with stories of having been spent and saved -- and in this case, stolen and sunken -- represent the exalted pieces that catch our fancy.
   This pirate cob also reveals the magic that is infused into coins by collectors who have chosen to collect them -- collectors vying for this one have made it marvelous.
   Not everyone can possess a rare bit of pirate treasure. After all, the Whydah has passed over into the marketplace. It has become popular. Some of us will have to settle for a cob from the 1715 Fleet. And some of use will have to settle for a worn coin that was spent and saved (and maybe not stolen or sunk). But still, these relics of human action are all fascinating in their own way. And none of them are new and shiny. Finding, and coaxing a story from, such pieces is the way of the necromancer coin collector.
   Herein lies the challenge: Go forth and find a marvelous piece -- cob, coin, token, or otherwise.