Gold, silver coins worth $1 million recovered from 300-year-old shipwreck. Who gets to keep the treasure?

The fleet that was struck by a hurricane in 1715 was a convoy of Spanish ships carrying silver, gold, and jewels.

In a remarkable discovery, divers off the east coast of Florida recovered gold and silver coins worth $1 million from a Spanish fleet that sank in 1715 after a hurricane. Reportedly, as much as $400 million worth of gold, silver, and jewels were lost when the convoy faced the tragedy 300 years ago.

Over 1000 silver coins known as Reales were recovered from the shipwreck. (1715treasurefleet)

What was found in the wreckage?

Shipwreck salvage company 1715 Fleet – Queens Jewels LLC, which conducted the Florida state-sanctioned search, announced that Captain Levin Shavers and his crew recovered “1000 silver coins known as Reales.” The team also unearthed “5 gold coins called Escudos,” besides “other rare gold artifacts.” The divers found the coins preserved beneath sand and sea for centuries.

The discovered treasures are part of the New World riches that the fleet was transporting back to Spain. However, disaster struck on July 31, 1715, causing the fleet to sink with nearly “$400 million worth of gold, silver, and jewels”. It is considered one of the greatest maritime tragedies.

The importance of the discovery:

Sal Guttuso, Director of Operations, said, “This discovery is not only about the treasure itself, but the stories it tells,” adding, “Each coin is a piece of history, a tangible link to the people who lived, worked, and sailed during the Golden Age of the Spanish Empire. Finding 1,000 of them in a single recovery is both rare and extraordinary.”

Who gets to keep the treasure?

The recent treasure will be split between the salvage company, the subcontractors it hired, and the state of Florida, following state law, as reported by the Associated Press.

About the coins:

The salvage company shared in a blog that the coins, known as pieces of eight, still have visible dates and mint marks. They were minted in the Spanish colonies of Mexico, Peru, and Bolivia.