![]() The Merchant Royal Sunk Off the Coast of EnglandĪfter completing its trading in the West Indies, the Merchant Royal stopped in Cadiz, Spain, where it learned that a Spanish ship had caught fire and couldn’t deliver its treasure to the soldiers waiting in Belgium. However… this is not the ship from Outer Banks. “News of this sinking soon spread throughout Europe and it had an immediate effect, a profound effect on the traders and bankers and the insurers and that’s not even talking about the 30,000 Spanish soldiers in this payday,” said Schmidt, referring to the soldiers who were in Flanders, Belgium, and were to be paid with the treasure from the Merchant Royal. Schmidt says that amounts to over $2 billion in today’s money, making it one of the most valuable shipwrecks in the world. It sunk carrying 100,000 pounds of gold, 400 bars of Mexican silver, and 500,000 pieces of eight and other coins, according to History Collection. Schmidt, the Merchant Royal (or Royal Merchant, as it was also known) was a real British commercial ship that did trading in the West Indies. These types of transactions typically take 1 - 3 business days to post to your bank account.According to NPR Chicago’s 2014 interview with historian John R. Think of it as writing a check, but it happens electronically. ![]() There is a slight delay in processing these types of transactions to bank accounts. ![]() ![]() The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH transaction entries.Īn ACH debit is also known as an electronic check transaction. The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA Operating Rules that provide for the interbank clearing of electronic payments for participating depository financial institutions. ![]()
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