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Auction 20132 2 Jun 2020
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OPERATION CABALLO BAY - The Great Manila Bay Silver Operation at the Corregidor Crater. Philippines, USA Administration, "Murphy-Quezon" Peso, 1936 M, Manila, 17.13g (KM 178; Basso 141; Allen 19.00), only 10,000 examples struck, this example sea-salvage, and only fine thus, but with traces of where another coin rested against in on the sea bed. A truly fascinating relic from the evacuation of the Philippine National Treasury during WW2.
Provenance
Recovered from the Corregidor Crater, between 1942 and 1947
Philippine National Treasury Reserve, dumped in Caballo Bay between the nights of 26 April and 1 May 1942 to avoid capture by occupying Japanese forces
, ,
As the threat of Japanese occupation of the Philippines loomed in early 1942, it was deemed necessary to relocate the National Treasury from the islands. On March 11, President Roosevelt ordered a general evacuation, prompting General Wainwright's order for the destruction of all remaining valuables, including the mass conflagration of all bank notes, treasury bonds and government securities. The USS Trout, a naval submarine, had been able to sneak through the Japanese naval blockade to successfully smuggle 2 tonnes of gold bullion and 18 tonnes of silver coin away from the island in its ballast, however a further 14 to 17 million pesos remained. A daring plan was hatched to try to ensure it remained out of the hands of the invading Japanese forces. On April 26, at a plotted point in Caballo Bay, the 'Harrison', an old army minelayer began dropping Pesos into the sea, 2,000 coins to a bag, three bags to a 300-pound box. Working at night, it took six trips to complete the task, with 2,630 boxes deposited in the bay. , ,
Unfortunately the mission did not remain secret, for within a few months, the Japanese were making concerted efforts to recover the trove as a gift for their Emperor. Using vastly inadequate diving equipment the locally-employed Filipino divers quickly succumbed to the effects of the Bends sickness, but not before they had recovered two boxes to whet Japanese appetites. Soon local US prisoners of war were drafted to the recovery efforts, including Bosun's Mates First Class Morris "Moe" Solomon; Virgil. L. "Jughead" Sauers; Wallace A."Punchy" Barton, and P. L. "Slim" Mann. Little did the Japanese realise but amongst this crew were members of the original team behind the stash. Whilst labour and hygiene conditions were favourable to the island prison camps, the US divers were equally mindful about aiding their captors. Consequently using their diving skills, they deliberately slowed down recovery operations, spoiled dives and even stole some recovered coins only to pass them around on-shore camps to help bribe camp guards. As the occupying forces were using emergency fiat currency, the influx of silver quickly impacted the local economy, with Japanese soldiers soon finding that a month's pay would not even buy a pint of beer!, ,
Frustrated by the lack of progress, further US divers were drafted in, but the weather was beginning to turn. On 29 September, a typhoon developed prompting the Japanese to halt recovery efforts. Spying an opportunity to further slow operations, the US divers used the cover of the storm to capsize the craft carrying the latest arrival of diving equipment used by 'the Moros'. On 9 November operations were permanently ceased, with the tallies suggesting only an eighth of the 16 million pesos had been recovered (18 boxes by the Filipinos, 97 boxes by the Americans and 257 by the Moros. After the war, a US Navy-led operation recovered a further six million pesos in 1945, and another on behalf of the Philippines government obtained a further 2.8 million coins in 1947. It is believed that as many as 3.5 million pesos remain in Caballo Bay to this day.
Estimate: £40 - £60
Provenance
Recovered from the Corregidor Crater, between 1942 and 1947
Philippine National Treasury Reserve, dumped in Caballo Bay between the nights of 26 April and 1 May 1942 to avoid capture by occupying Japanese forces
, ,
As the threat of Japanese occupation of the Philippines loomed in early 1942, it was deemed necessary to relocate the National Treasury from the islands. On March 11, President Roosevelt ordered a general evacuation, prompting General Wainwright's order for the destruction of all remaining valuables, including the mass conflagration of all bank notes, treasury bonds and government securities. The USS Trout, a naval submarine, had been able to sneak through the Japanese naval blockade to successfully smuggle 2 tonnes of gold bullion and 18 tonnes of silver coin away from the island in its ballast, however a further 14 to 17 million pesos remained. A daring plan was hatched to try to ensure it remained out of the hands of the invading Japanese forces. On April 26, at a plotted point in Caballo Bay, the 'Harrison', an old army minelayer began dropping Pesos into the sea, 2,000 coins to a bag, three bags to a 300-pound box. Working at night, it took six trips to complete the task, with 2,630 boxes deposited in the bay. , ,
Unfortunately the mission did not remain secret, for within a few months, the Japanese were making concerted efforts to recover the trove as a gift for their Emperor. Using vastly inadequate diving equipment the locally-employed Filipino divers quickly succumbed to the effects of the Bends sickness, but not before they had recovered two boxes to whet Japanese appetites. Soon local US prisoners of war were drafted to the recovery efforts, including Bosun's Mates First Class Morris "Moe" Solomon; Virgil. L. "Jughead" Sauers; Wallace A."Punchy" Barton, and P. L. "Slim" Mann. Little did the Japanese realise but amongst this crew were members of the original team behind the stash. Whilst labour and hygiene conditions were favourable to the island prison camps, the US divers were equally mindful about aiding their captors. Consequently using their diving skills, they deliberately slowed down recovery operations, spoiled dives and even stole some recovered coins only to pass them around on-shore camps to help bribe camp guards. As the occupying forces were using emergency fiat currency, the influx of silver quickly impacted the local economy, with Japanese soldiers soon finding that a month's pay would not even buy a pint of beer!, ,
Frustrated by the lack of progress, further US divers were drafted in, but the weather was beginning to turn. On 29 September, a typhoon developed prompting the Japanese to halt recovery efforts. Spying an opportunity to further slow operations, the US divers used the cover of the storm to capsize the craft carrying the latest arrival of diving equipment used by 'the Moros'. On 9 November operations were permanently ceased, with the tallies suggesting only an eighth of the 16 million pesos had been recovered (18 boxes by the Filipinos, 97 boxes by the Americans and 257 by the Moros. After the war, a US Navy-led operation recovered a further six million pesos in 1945, and another on behalf of the Philippines government obtained a further 2.8 million coins in 1947. It is believed that as many as 3.5 million pesos remain in Caballo Bay to this day.
Estimate: £40 - £60