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In 1903, a barge called the Harold tipped somewhere off the coast of New York City, sending most of its 7,700 silver-and-lead bars to the bottom. (Peter Barritt / Alamy)

The Search for the Guggenheim Treasure

Loot valued at $20 million lies off the coast of Staten Island, and Ken Hayes is on the hunt for the sunken silver bullion

Among the old-timers casting for stripers along the Arthur Kill between Staten Island and New Jersey talk tends to return to a few well-thumbed topics. The most intriguing of these is the tale of the silver ingot that once snagged in the eel trident of the old Indian fisherman named Blood. From there, conversation invariably turns to the Lost Guggenheim Treasure.

On the still, moonlit night of September 26, 1903, a tug urged the barge Harold out of what’s today the South Street Seaport and south past the Statue of Liberty. The Harold’s load that night was nearly 7,700 silver-and-lead bars. They were destined for the glowing Asarco smelters of Perth Amboy, New Jersey. The silver, and the smelters, belonged to the Guggenheim family, which had made its fortune in mining and smelting.

The cargo never arrived, at least in one batch. Somewhere in the Arthur Kill tidal strait the Harold tipped, sending most of the silver bars to the bottom. The barge’s deckhands—“dumbest skunks I ever had to do with,” the salvage company’s owner later told the New York Times—didn’t notice until docking at dawn. A secret salvage effort recovered about 85 percent of the bars, but that still left up to 1,400 “pigs” unfound. Today they could be worth $20 million.

One morning last fall, Ken Hayes set out to find himself some sunken treasure—that is, if no one got to Hayes, or to the treasure, first. Hayes is president and founder of Aqua Survey, a Flemington, N.J., company that usually grabs sediment from the bottom of waterways for clients like the U.S. Army Corps of Engineers. In recent years Aqua Survey also has gained a reputation for looking for less mundane things someone has lost underwater: Spanish doubloons off Key West. Fighter planes in the Bermuda Triangle. UFOs off Catalina Island.

The Guggenheim silver is Hayes’ personal obsession, however—which explains why Hayes was a little antsy to get started. It was eight o’clock in the morning at a boat launch at Sewaren on the Jersey side, less than two miles from the former Asarco smelters, and his three boats were stuck in traffic on Interstate 278. A documentary film crew burned the time taking B-roll of Hayes walking toward the water, looking pensive.

Finally the three boats arrived. The flotilla motored out toward Story’s Flats, a promising shallows where the channel bends like a quotation mark. It was a fine day to be on the water, even the Arthur Kill, which possesses a certain rusting Ozymandian grandeur: On the Jersey shore a beached ferry lay on its side, its bones bleaching in the October sun. Beside it the piers of the Hess tank farm were cushioned with a Detroit of used tires. A stained smokestack manufactured bright white clouds and sent them off over Fresh Kills Landfill.

As the boats positioned over their first target, Hayes, a jocular 57 year-old whose white beard, glasses and pebbled Clarkses give him the appearance of a college engineering professor, tried to temper expectations, including his own. Like any self-respecting treasure hunter Hayes had his own treasure map—created by sweeping the area with a souped-up metal detector whose software has been trained to ignore iron—but there was no guarantee that the map’s 255 dots were, well, treasure. “It could be aluminum cans, it could be specialty alloy rims from cars—you name it. Look, for years fishermen didn’t bring litter bags,” said Hayes, who with his employees has been surveying and investigating targets since 2006, spending several weeks annually on the quest.

A man motored up in a boat as white as a new tennis shoe.

“Is it silver or gold you’re looking for?” he called out.

“I’ll take either,” Hayes answered. The man said he was a retired marine patrolman from the 1980s, and he and Hayes swapped rumors. Before he left the retiree said, “You know, you better be careful, you might bring up Jimmy Hoffa.”

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