Legend says the diver drowned retrieving the pearl. Trapped in a giant Tridacna clam, his body was brought to the surface by his fellow tribesmen in Palawan, a province of the Philippines, in May 1934. When the clam was pried open, and the meat scraped out, the local chief beheld something marvelous: a massive pearl, its sheen like satin. In its surface, the chief discerned the face of the Prophet Muhammad. He named it the Pearl of Allah. At 14 pounds, one ounce, it was the largest pearl ever discovered.
A Filipino American, Wilburn Dowell Cobb, was visiting the island at the time and offered to buy the jewel. In a 1939 article that appeared in Natural History magazine, he recounted the chief’s refusal to sell: “A pearl with the image of Mohammed, the Prophet of Allah, is earned by devotion, by sacrifice, not bought with money.” But when the chief’s son fell ill with malaria, Cobb used atabrine, a modern medicine, to heal him. “You have earned your reward,” the chief proclaimed. “Here, my friend, claim this, your pearl.”
In 1939, Cobb brought the pearl to New York City, and exhibited it at Ripley’s Believe It or Not, on Broadway. There, a new legend emerged, eclipsing the first. Upon seeing the pearl, Cobb said, an elderly Chinese gentleman “of highest culture and significant wealth” named Mr. Lee “burst into an hysteria of trembling and weeping.” This wasn’t the Pearl of Allah; this was the long-lost Pearl of Lao Tzu.
Around 600 b.c., he told Cobb, Lao Tzu, the ancient Chinese philosopher and founder of Taoism, carved an amulet depicting the “three friends”—Buddha, Confucius, and himself—and inserted it into a clam so that a pearl would grow around it. As it developed, the pearl was transferred to ever-larger shells until only the giant Tridacna could hold it. In its sheen, Mr. Lee claimed, was not just one face, but three.
On the spot, Mr. Lee offered Cobb half a million dollars, saying the pearl was actually worth $3.5 million. But like the principled chief before him, Cobb refused to sell.
The mysterious Mr. Lee returned to China, never to be heard from again. But his spontaneous appraisal—$3.5 million—still forms the basis of a price that has steadily grown, from $40 million to $60