It is plausible that gold coins are no longer on the wreck. It just seems too pat that every one of the 600+ souls was rescued, yet the coins were not.

Suppose the Connaught's purser and some crew members were in on it. Leak, unexplained fire and convenient rescue may all have been planned: opportunity, diversion and getaway. The feel-good story of the rescue would only serve to hamper investigations.