Many of the 100-plus historic Navy ships in American ports are in need of money. The Olympia may be the most important of those, said Jeffrey S. Nilsson, the executive director of the Historic Naval Ships Association.

The cruiser is a bridge between the great sailing ships and the advent of steam power. It is the last American warship to have both masts for sails and smokestacks to vent its muscular steam engines, which could burn through 20 tons of coal an hour.

Fixing the Olympia amounts to a roof and basement job. Leaks in decks have been patched in 1,200 places. About 70 tons of concrete poured over the original Douglas fir deck to seal it must go; then all of the wood must be replaced. Floating steel museum ships should be dry-docked every 20 years for maintenance; the Olympia has been marinating in the Delaware without ever drying out, since 1945.

It is loaded with original features in good condition. Its innovative engines, with their triple-piston steam loop, look ready to roar anew. The Olympia was the first American warship equipped with refrigeration, which put an end to rampant food poisoning of sailors. The admiral’s richly appointed rooms are intact and polished.

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“The aesthetic they were going for was a gentleman’s smoking room in London  overstuffed chairs, very dark wood  that feeling of empire,” said Jesse Lebovics, the Olympia’s chief caretaker.

James W. McLane, a member of the museum’s board, said several groups were interested in restoring the ship but might not have the needed money. “We’re open to other people coming forward, but we’re running out of time,” Mr. McLane said.