How Shipwreck Coins Are Graded
Shipwreck silver doesn't grade like a Morgan dollar. Here's the framework — and why surface character matters as much as detail.
Modern coin grading assumes a coin was made, circulated, and stored. Shipwreck cobs broke that timeline. They were made, lost at sea for centuries, and recovered with crusted surfaces and partial detail.
We think about grade on three axes: detail, surface, and provenance.
Detail covers what's still legible — shield quartering, cross arms, mint marks, assayer initials, and date fragments. A coin where one full face reads is mid-grade. Both faces fully legible is rare and premium.
Surface is the wreck's fingerprint. Sea-cast texture, original patina, and uncleaned character all add value. Aggressive cleaning destroys it.
Provenance ties everything together. An original Mel Fisher tag, an NGC or PCGS shipwreck designation, or a documented chain of custody multiplies confidence — and price.