Updated information on Republic's rumored cargo

As mentioned, there are many unsubstantiated rumors surrounding the exact nature of Republic's cargo. The most well known rumor is that of her carrying $250,000 (valued at the time) in American gold coins to be used as payroll for the US Navy's "Great White Fleet" in Gibraltar. Another theory is that she was carrying money for relief effort to the victim's of the 1908 earthquake that had occurred in Messina, Italy. And still another theory, put forward by Captain Martin Bayerle, (current salvor-in-possession of Republic's wreck site) is that she was carrying $3,000,000 in gold coins as part of a loan to the Imperial Russian government. Captain Bayerle wrote a book, The Tsar's Treasure, in which he supports both the $3 million Russian gold shipment theory, an actual $800,000 US Government in-coin currency shipment, as well as other valuable cargo. All of these values, of course, are in 1909 dollars when gold was $20 per ounce. As of this writing, (Nov 2015) a 1 ounce OPM bar is valued at $1,323. If found, this could put the recovery value in the hundreds of millions of dollars. Some experts have estimated that the recovery, with proper marketing of the recovered coins, could approach the $5 billion mark or possibly more, making the Republic salvage the largest treasure recovery of all time.

In 2011, Captain Bayerle's extended his exclusive salvage rights to the wreck site through the United States District Court, District of Massachusetts. A re-survey of the vessel was performed in 2012 and preparations are being made for recovery efforts during the summer months of 2015-2017. A "section lift" of the vessel had been planned but more recent surveys determined that the remains of the ship are much to fragile and would more than likely break up under stress. Bayerle decide he will excavate the sections of the ship suspected to carry cargo. Bayerle's company, MVSHQ, Inc. retained Etoile Blanc Consulting, LLC to manage investment and media properties related to the anticipated RMS Republic recovery.