Abandoned Historic Shipwreck Protection Act of 1987

Abandoned Historic Shipwreck Protection Act of 1987 - Declares any abandoned historic shipwreck on State submerged lands to be subject to original and exclusive jurisdiction of the U.S. district court for that geographic area.

Requires the finder/salvor of such shipwreck to file an in rem salvage action in such court before any substantial salvage on the shipwreck. Allows the court, under certain circumstances, to waive or reduce fees and costs for finders/salvors which are nonprofit organizations.

Requires the finder/salvor to conduct the salvage as specified by the court so as to protect its historical and archaeological significance.

Authorizes any Federal agency or any agency of the State on whose submerged lands such shipwreck is located to intervene as a public interest trustee in such action. Authorizes such trustee to request the court to issue orders: (1) allowing the trustee's agent on board the salvage vessels to document and authenticate recovery of items; (2) altering or stopping salvage, if the trustee determines the finder/salvor is not adequately protecting the historical or archaeological significance of the shipwreck; or (3) stopping all salvage activities and either replacing such activities with a comprehensive archaeological excavation or leaving the shipwreck in situs until better measures are available, if the trustee determines stoppage is necessary. Provides, if the court orders stoppage, for reimbursing the finder/salvor for all expenses and for completion of any scientific archaeological excavation by the trustee's team, and the finder/salvor if he so elects, at the trustee's expense. Makes all items recovered by the finder/salvor or the trustee's team subject to this Act.

Requires trustees to post bonds when requesting a stoppage order.

Authorizes any State or Federal agency which exercises management authority over a marine resource to request the district court to issue an order requiring salvage to minimize adverse effects on the resource.

Requires a court to consider the finder/salvor's performance in carrying out the court's requirements under certain provisions of this Act when determining a salvage award. Prohibits the court from making a salvage award unless the finder/salvor has adequately protected the historical and archaeological significance of the shipwreck.

Permits the trustee to request a salvage award of specific artifacts under certain circumstances. Authorizes the court to attach conditions to such award.

Directs the Secretary of the Interior to publish advisory guidelines for the protection of the historical and archaeological significance of historic shipwrecks.

Provides civil fines for failure to file a salvage action as required in this Act. Requires forfeiture of anything removed from that shipwreck before filing such action.

Declares that this Act does not preclude an award of title to an abandoned shipwreck, in certain circumstances, to any person, including a State.

Declares that this Act shall not affect lawsuits filed before its enactment, but states that it is the sense of the Congress that any court is encouraged to implement the spirit of this Act.

Encourages access to the shipwreck for exploration but not salvage upon cessation of salvage activities and dismissal of the salvage action.