The Victorian government had selected her for use as an armed cruiser, and she had fittings in place for four Armstrong 36-pounder guns (two forward and two aft), and machine-guns amidships.

The vessel foundered and sank within 20 minutes, but those on board managed to escape in lifeboats and rafts, some taking survivors to King Islands and some to the mainland.

A party of 75 people from three boats landed on a rocky ledge on the middle King Island and after two days were picked up by the SS Zealandia and taken to Auckland.

Over the years there have been exaggerated claims that there was unregistered bullion aboard, and inflated tales about the true value of the coins on board when she sank.

For almost 30 years the Elingamite wreck has been a favourite site for adventurous divers and although widely dispersed and now relatively scarce, some coins have been recovered.

The late Kelly Tarlton ran several salvage expeditions to this wreck, during which explosives may have been used to free non-ferrous metals from solidifying precipitate and ferrous corrosion.