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This event occurred in 2013 but was just reported yesterday.
In November 1942, the unguarded SS City of Cairo was sunk by a German U-boat while carrying 296 civilians and cargo that included 100 tons of silver.
The vessel sunk to more than 16,800 feet under the surface (5,150 meters) where it went undiscovered until 2011 when Deep Ocean Search decided to go looking for it….
The BBC reported the City of Cairo salvage operation was completed in September 2013, but the British government made the company keep it secret until this week.
The coins were melted and the silver sold, the BBC reported. Deep Ocean Search got a percentage of the sale, and the UK Treasury the rest, according to the BBC.
At today's rates, 100 tons of silver would be worth about $50 million.
COMMENT: Have the arms of silver (Medo-Persia—Kings of the East) been surfacing in secret for the past year and a half? Perhaps they are about to be revealed.
It seems to me that the coins might have been sold for a lot more than for their silver content. Why treat old coins like scrap silver? Did the coins degrade in the salt water? It may be that the UK needed more silver bars or coins in order to fill the demand, since there has been such a severe shortage of real silver. There are a lot of paper contracts for silver, but if many of those customers actually demanded real silver, there would not be enough to fulfill the paper contracts.