Treasure Hunter Released From Prison After 10 Years of Refusing to Reveal Location of Gold Coins
Thomas Thompson was held in contempt for a decade for denying he knew where 500 missing gold coins were hidden
Thompson made headlines in 1988 when he led the expedition that discovered the SS Central America, a ship that sank in 1857 off the coast of South Carolina carrying approximately 21 tons of gold. The discovery was valued at hundreds of millions of dollars and was hailed as one of the greatest treasure finds in history.
However, Thompson's investors alleged he cheated them out of their share of the fortune. After years of legal battles, Thompson fled and lived as a fugitive for two years before being captured in 2015. He was held in contempt of court for refusing to disclose the location of 500 gold coins that remain unaccounted for.
Despite spending a decade in jail — one of the longest contempt holdings in US history — Thompson maintained he did not know where the coins were. The court ultimately concluded that continued incarceration was no longer serving its coercive purpose and ordered his release.
Analysis
Why This Matters
The case raises fundamental questions about the limits of contempt power. Thompson's decade-long imprisonment without criminal charges tested the boundary between coercing compliance and punishing silence.
Background
The SS Central America gold has been the subject of litigation for over 35 years. Much of the recovered treasure was sold through legitimate channels, but the 500 missing coins remain one of the most tantalizing mysteries in treasure hunting history.
What to Watch
Whether Thompson reveals anything now that he is free. The missing coins, if they still exist, could be worth tens of millions of dollars. Investors may pursue additional civil remedies to recover their losses.