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Delaware Today
By the People, for the People
Deep-sea treasure hunter released after decade in prison
500 gold coins from historic shipwreck still unaccounted for
Mar. 12, 2026 at 1:52pm
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Tommy Thompson, a former deep-sea treasure hunter who discovered the S.S. Central America shipwreck and its valuable gold cargo in 1988, has been released from prison after serving a decade-long sentence for refusing to disclose the whereabouts of 500 missing gold coins from the find. Thompson was hailed as a hero for the historic discovery but later faced legal battles with investors and became a fugitive before being sent to prison.
Why it matters
The S.S. Central America shipwreck discovery was one of the most significant treasure finds in American history, but the ongoing legal saga over the missing gold coins highlights the complex issues that can arise from such high-stakes discoveries, including disputes with investors and the challenges of preserving cultural heritage.
The details
In 1988, Thompson located the S.S. Central America, a ship that sank in a hurricane in 1857 while carrying thousands of pounds of gold from the California Gold Rush. After the discovery, Thompson faced lawsuits from investors who accused him of cheating them out of millions. He later became a fugitive when a judge issued a warrant for his arrest in 2012 after he failed to show up in court. Thompson was eventually arrested in 2015 and sent to prison for contempt of court for refusing to disclose the whereabouts of 500 gold coins valued at $2.5 million that went missing from the treasure trove.
- In 1988, Thompson located the S.S. Central America shipwreck.
- In 2005, investors who backed Thompson's venture sued him, saying they had yet to receive any money from the $50 million sale of more than 500 gold bars and thousands of coins.
- In 2012, an Ohio federal judge issued a warrant for Thompson's arrest after he failed to show up in court.
- In 2015, authorities tracked Thompson to a Florida hotel and the judge sent him to prison for contempt of court.
- On March 10, 2026, Thompson was released from prison.
The players
Tommy Thompson
A former deep-sea treasure hunter who discovered the S.S. Central America shipwreck in 1988 and its valuable gold cargo, but later faced legal battles with investors and became a fugitive before being sent to prison for refusing to disclose the whereabouts of 500 missing gold coins.
Dwight Manley
A California coin dealer who bought and sold nearly the entire fortune recovered from the S.S. Central America shipwreck.
What they’re saying
“Going to prison for 10 years over a business dispute is not America. People kill people and get out in half the time.”
— Dwight Manley, California coin dealer
“It's very unusual to go on 10 years. It's a miscarriage of justice for this to have gone on this long.”
— Ryan Scott, University of Florida law professor
What’s next
Authorities will continue to investigate the whereabouts of the 500 missing gold coins from the S.S. Central America treasure trove.
The takeaway
The case of Tommy Thompson and the S.S. Central America treasure highlights the complex legal and ethical issues that can arise from major historical discoveries, including disputes over ownership, preservation of cultural heritage, and the rights of investors versus discoverers.
