On August 11, 2024, about 1359 eastern daylight time, a Piper PA-12, N2504M, was substantially damaged when it was involved in an accident near Ponce Inlet, Florida. The pilot was not injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 banner tow flight. The pilot reported that during the second flight of the day, the airplane departed with 17 gallons of fuel. About 1 hour after departure at about 500 ft mean sea level, the airplane experienced a momentary surge in engine power. The engine anomaly repeated several times before the engine lost power completely. Unable to restore engine power, the pilot released the banner and performed a forced landing to an exposed sandbar. During the landing roll, the airplane overran the sandbar, nosed over in the water. The rudder struck the river bottom, substantially damaging it. The airplane came to rest inverted in about 2 ft of saltwater about 2 miles northeast of New Smyrna Beach Municipal Airport (EVB), New Smyrna Beach, Florida. The wreckage was retained for further examination.