Millions in Gold Coins: U.S. Treasure Hunter jailed for 10 years for refusing to disclose location of gold coins Scores Legal Win

A former deep-sea treasure hunter, who spent nearly a decade in prison for refusing to reveal the location of missing gold coins, has seen his sentence ended by a federal judge in Ohio. However, he will remain incarcerated for the time being.

On Friday, Jn 31st, 2025 U.S. District Judge Algenon Marbley ruled to end Tommy Thompson's civil contempt sentence, explaining that he was "no longer convinced that further incarceration would compel compliance." Nevertheless, the judge ordered Thompson to begin serving a two-year sentence for a related criminal contempt charge, which had been delayed during the civil contempt proceedings.

Thompson has been in contempt of court since December 15, 2015, and has faced a daily fine of $1,000. Judge Marbley determined that Thompson's total civil contempt fine now stands at $3,335,000.

Who Is Tommy Thompson?

Thompson's legal troubles stem from his discovery of the S.S. Central America, also known as the "Ship of Gold," in 1988. The ship sank in September 1857, taking 425 lives and over 30,000 pounds of federal gold meant for the new San Francisco Mint to back banks on the East Coast. Thompson and his team located the wreck more than 7,000 feet beneath the surface.

Despite a lawsuit from investors and a federal court order, Thompson continues to refuse cooperation with authorities attempting to locate 500 coins minted from the recovered gold, according to court documents. He has previously claimed—without offering specific details—that the coins, valued at approximately $2.5 million, were entrusted to a Belize-based trust.

In 2012, a federal judge ordered Thompson to appear in court and disclose the coins' location. Instead, Thompson fled to Florida, where he lived with his long-time companion at a hotel near Boca Raton. U.S. marshals tracked him down and arrested him in early 2015. He pleaded guilty in April 2015 for skipping the court appearance and was sentenced to two years in prison.

Although federal law typically limits jail time for contempt to 18 months, a 2019 federal appeals court ruling rejected Thompson’s claim that the law applied in his case. The court determined that his refusal to comply violated the terms of his plea agreement.

SS Central America

The S.S. Central America, famously known as the "Ship of Gold," was a 280-foot (85 m) sidewheel steamer that sailed between Central America and the U.S. East Coast in the 1850s. Initially named the S.S. George Law after George Law, a New York businessman, the ship met its tragic end in a hurricane in September 1857. The disaster claimed the lives of 425 out of 578 passengers and crew members and caused the loss of 30,000 pounds (13,600 kg) of gold, playing a significant role in the Panic of 1857.

The Tragic Final Voyage of the S.S. Central America

On September 3, 1857, 477 passengers and 101 crew members departed from the City of Aspinwall, now known as the Panamanian port of Colón, bound for New York City. Commanded by William Lewis Herndon, the ship was heavily loaded with 10 short tons (9.1 t) of gold, which had been mined during the California Gold Rush. After a brief stop in Havana, the vessel continued its journey north.

However, on September 9, 1857, the ship was caught in a Category 2 hurricane off the coast of the Carolinas. By September 11, with winds reaching 105 mph (170 km/h) and violent seas tearing apart her sails, the ship began to take on water. The situation grew worse when a seal between a paddle wheel shaft and the ship's side failed, sealing the vessel's fate. At noon that day, the boiler could no longer maintain fire, causing the steam pressure to drop and shutting down the bilge pumps. Without the functioning paddle wheels, which had kept the ship pointed into the wind, she began to settle by the stern.

Desperate, passengers and crew hoisted the ship’s flag upside down, signaling distress to passing ships, but no help arrived. A bucket brigade was formed, and for hours, passengers and crew fought valiantly against the rising water. During the brief calm between storm surges, attempts were made to restart the boiler, but these efforts proved futile.

The second half of the storm hit with even greater force, and the ship, now powerless, was driven further away from potential rescue. On the morning of September 12, two ships were sighted, including the brig Marine, but only 100 passengers—mostly women and children—were able to be transferred to lifeboats. The fierce winds and heavy seas made it impossible for the remaining passengers and crew to reach safety. At 8:00 p.m. that evening, the S.S. Central America sank, taking 425 lives with it.

A Norwegian bark, the Ellen, was able to rescue an additional 50 survivors from the water, while another three were picked up a week later, drifting in a lifeboat.

The Tragic Loss of Life and Valuable Cargo After the Sinking of the S.S. Central America

In the immediate aftermath of the sinking of the S.S. Central America, the focus was heavily placed on the staggering loss of life, described as "appalling" and without parallel among American maritime disasters. At the time of its sinking, the ship was carrying gold valued at approximately $8,000,000 (equivalent to $765 million in 2021, based on a gold price of $1,738.70 per troy ounce). The valuation of the ship itself was also significantly high for the era, totaling $140,000 (equivalent to $4,580,000 in 2023).

Commander William Lewis Herndon, a distinguished officer known for his service during the Mexican-American War and his exploration of the Amazon Valley, was in command of the Central America and tragically went down with his ship. In honor of his legacy, two U.S. Navy ships were later named USS Herndon, and the town of Herndon, Virginia, was named after him. Two years after the sinking, his daughter, Ellen Herndon, married Chester Alan Arthur, who would later become the 21st President of the United States.

Thompson Expedition

The wreck of the S.S. Central America was located by the Columbus-America Discovery Group from Ohio, led by Tommy Gregory Thompson, utilizing Bayesian search theory. On September 11, 1988, a remotely operated vehicle (ROV) was deployed to explore the wreck site. Significant amounts of gold and other artifacts were recovered using another specially designed ROV built for this purpose.

The total value of the recovered gold was estimated between $100 and $150 million. Among the most notable finds was a gold ingot weighing 80 pounds (36 kg), which sold for a record-breaking $8 million at the time, making it the most valuable piece of currency in the world. The Columbus-America Discovery Group's successful discovery of the wreck was likely influenced by early interest from Harry John, an heir to the Miller Brewing Company fortune. Towards the end of his life, John had funded unsuccessful and poorly planned treasure hunts, supported by a charitable foundation he had managed for many years.

One of the more fascinating items recovered from the wreck was a daguerreotype photograph of a young woman, offering a poignant glimpse into the past.

Legal Issues Surrounding the S.S. Central America Discovery

In the aftermath of the discovery, 39 insurance companies filed lawsuits, claiming ownership of the recovered gold since they had paid damages for the lost gold in the 19th century. The discovery team, led by Tommy Thompson, argued that the gold had been abandoned. After a lengthy legal battle, the court ruled in 1996 that 92% of the gold would be awarded to the discovery team.

Thompson faced further legal challenges in 2005 and 2006 when investors, who had provided $12.5 million in financing, and several crew members, sued him for failing to deliver the promised returns. In 2009, it was revealed that Thompson had a $4.16 million offshore account in the Cook Islands, equivalent to roughly $5.74 million today.

By 2012, Thompson went into hiding, and a receiver was appointed to manage his companies and attempt to recover additional gold from the wreck to satisfy his creditors. In January 2015, U.S. Marshals located Thompson and his assistant, Alison Antekeier, and they were extradited to Ohio to provide an accounting of the expedition's profits.

In November 2018, Thompson agreed to surrender 500 missing gold coins but later claimed he had no access to them. On November 28, 2018, a jury awarded investors $19.4 million in compensatory damages—$3.2 million to the Dispatch Printing Company, which had contributed $1 million of the $22 million investment, and $16.2 million to the court-appointed receiver representing the remaining investors.

Subsequent Events

In March 2014, Odyssey Marine Exploration was awarded a contract to carry out archaeological recovery and conservation of the remaining wreckage of the S.S. Central America. According to a court-appointed receiver, only 5% of the ship had been excavated during the original expedition.

In May 2018, Universal Coin & Bullion, a precious metals dealer based in Beaumont, Texas, showcased gold and silver coins recovered from the Central America.

In 2019, Heritage Auctions sold several gold pieces recovered from the Central America, including a notable 174.04-ounce (4.93 kg) Harris, Marchand & Co. gold ingot, which sold for $528,000 (equivalent to $620,696 in 2023).

The Central America's 268-pound (122 kg) ship's bell, larger than most bells of its time at 2 feet (0.6 m) tall and a little over 2 feet (0.6 m) wide, was discovered in 1988. Embossed with "MORGAN IRON WORKS" and "NEW YORK 1853," it was publicly displayed at the Columbus Museum of Art in 1992, the Columbus Zoo and Aquarium in 1993, and at the American Numismatic Association’s World’s Fair of Money in Rosemont, Illinois, in 2021.

In August 2021, the bell was offered as a gift to the United States Naval Academy in Annapolis, Maryland, and the U.S. Department of the Navy accepted it. The bell was positioned next to the Herndon Monument at the Academy and was dedicated in a ceremony on May 23, 2022.

Justh & Hunter Ingot

In 2022, one of the largest S.S. Central America ingots ever offered at auction, a massive 866.19-ounce piece known as the Justh & Hunter ingot, was sold for $2.16 million through Heritage Auctions, based in Dallas.

Justh & Hunter Gold Ingot. San Francisco
Serial No. 4244. 144.25 ounces, .886 Fine
Face Value in 1857 of $2,641.96 (over $418,000 in 2025)
Approximately 95 x 55 x 47 mm

Image Credit: CoinWeek

Heritage Auctions highlighted the significance of the Justh & Hunter bars, noting that the 86 ingots recovered from the S.S. Central America were crafted by one of the most trusted and respected assay firms of the Gold Rush era, known for their quality and integrity.

Over the years, treasure from the S.S. Central America has commanded millions of dollars at auction. In 2019, relics from the shipwreck collectively brought in more than $11 million. Additionally, in 2001, an 80-pound ingot sold for a record-breaking $8 million to a private collector.

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