There is a lot of myth and hearsay passed along as fact about Meerschaums. For over 3 years, The All Things Meerschaum group, which I was asked to start by the SF Team, on Smoker's Forums has been focused on the facts of these Pipes and their culture. http://www.smokersforums.co.uk/index.php? Current membership is 348 and all are welcome to join. The focus of the group has been and remains the acquisition, care, history and cultures of these Pipes. The story of the discovery of Meerschaum being found floating on the water is well known, but difficult to substantiate... Here's an excerpt from ESMA–The European Specialty Minerals Association abstract, Sepiolite Fact Sheet..
Sepiolite, formerly known as Meerschaum (sea froth), is a non-swelling, lightweight, porous clay with a large specific surface area. Unlike other clays, the individual particles of Sepiolite have a needle-like morphology. The high surface area and porosity, as well as the unusual particle shape of this clay account for its outstanding absorption capacity and colloidal properties that make it a valuable material for a wide range of applications. The high surface area and porosity of Sepiolite account for the remarkable adsorptive and absorptive properties of this clay. It adsorbs vapors and odors and can absorb approximately its own weight of water and other liquids. Sepiolite is a non-swelling clay and its granules do not disintegrate even when saturated with liquids.
These particles are arranged forming loosely packed and porous aggregates with an extensive capillary network which explains the high porosity ofSepiolitee and its light
weight because of the large void space.
http://ccm.geoscienceworld.org/content/56/5/511.abstract
If you have an interest in these Pipes, I encourage you to join the ATM, which is comprised of Pipe Smokers, Sellers, Carvers and Historians.