
The Diving Engine Bubble
Between 1691 and 1693, almost one in five patents issued in England was for a diving machine.
Not a loom. Not a pump. A machine for going underwater.
Four years earlier, William Phips had sailed up the Thames with 32 tons of silver hauled off a Spanish wreck north of Hispaniola. He personally took home £11,000. A merchant at the top of London society made £400 a year. A labourer made £15.
When Phips landed, England had fewer than fifteen joint-stock companies. Within seven years it had over a hundred, a printed price list, a working options market, and a name for the era. Daniel Defoe, who lost £200 in a diving venture and afterwards called himself the cully, called it the Projecting Age.
Then the silver coinage collapsed, East India stock fell from £200 to £37, and every single diving company went under.
The wreck divers were the wrong story. The market that formed around them was not.
Read the full story here: Online article