Gold Coins Recovered from San José Confirm Identity of Fabled $17 Billion Shipwreck

A trove of gold coins retrieved from the wreckage of the San José galleon, dubbed ‘The Holy Grail of Shipwrecks,’ are shedding new light on the unbelievable value of the 18th century naval ship.

A new analysis of gold coins discovered around a ship resting in deep waters off Colombia’s coast has confirmed they are part of the treasure-laden wreck of the San José. The Spanish galleon was leading a fleet of 18 Spanish ships departing from Cartagena on June 8, 1708. The group was bound for Europe during the War of the Spanish Succession and was packed with goods for King Philip V to continue financing the war effort. A massive naval battle took place between the Spanish and the British just off the coast, and although several Spanish ships escaped the gunpowder stores inside the San José caught fire. A massive explosion took place, and only 11 of the 600 sailors aboard the San José survived. The ship’s loss was a major blow to Spain’s war effort, which ultimately let to Britain gaining territories including Gibraltar, Newfoundland, and Nova Scotia.

When she sank, the San José was carrying as much as 200 tons of gold, silver, and uncut gemstones. It wasn’t discovered until 2015, at which point both the Colombian and Spanish governments began a legal battle for the rights to the fortune. Estimates of the treasure’s value are as high as $17 to $20 billion. That legal battle has been making headlines since 2020 and has involved claims from both the Spanish and Colombian governments, two salvage companies involved in identifying the vessel’s location dating back to the early 1980s, and a Bolivian indigenous group who were under the control of Spanish colonizers when they mined some of the vessel’s precious cargo in the 17th century.

A recent study in the journal Antiquity published on June 10th explained how a team of experts from Colombia’s navy and archaeological institutions conducted assessments of the images captured by their ROVs (remotely operated vehicles). The ROV missions, carried out between 2021 and 2022, explored the shipwreck’s location and surrounding area, which sits approximately 1,970 feet (600 meters) beneath the surface in the Caribbean Sea.

Within the photos were dozens of scattered gold coins, which researchers examined and matched the characteristics to other artifacts from the early 18th century. The findings support Colombia’s longstanding claim that the wreck is indeed the San José.

The crux of the identification lies with the researchers’ ability to identify several distinctive features on the coins. Most measured around 1.3 inches (32.5 mm) in diameter and weighed roughly 27 grams, or close to one ounce. The coins feature a variation of the Jerusalem cross, surrounded by smaller crosses, and a royal shield adorned with castles and lions — all indications of Spain’s imperial manufacturing.

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