The World's Richest Shipwreck in History Could Be Worth $17 Billion

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2 days ago

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A decade ago, the Colombian government announced the discovery of what was presumed to be the wreckage of the San José, a Spanish galleon that was sunk by the British Navy more than 300 years ago. But this wasn't just any ship. Historians say the vessel was carrying not only a crew of more than 600 men but also a massive fortune, including "200 tonnes of gold, silver, and emeralds belonging to the viceroy of Peru.' In today's currency, that pot would be worth more than $17 billion, making it the world's richest shipwreck in history if recovered. In the years since then, the government has funded research efforts to confirm the ship's origins.
This week, researchers shared new findings after sending an underwater drone on 'a non-intrusive investigation of an 18th-century AD shipwreck,' which was covered in a new article in the archaeology journal Antiquity, published by Cambridge University Press. The most essential clue: 'hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—that served as the primary currency in the Americas for more than two centuries.'
'This case study highlights the value of coins as key chronological markers in the identification of shipwrecks, particularly those from the Tierra Firme Fleet,' researchers wrote in Antiquity. 'The finding of cobs created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early eighteenth century. The San José Galleon is the only ship that matches these characteristics.'
The San José Galleon is also referred to as the 'Holy Grail of shipwrecks,' and a private company Sea Search Armada (formerly called Glocca Morra) say they first discovered the shipwreck in 1981, and later shared the coordinates with the government. The company then sued the government for $10 billion, 'equivalent to half the fortune, according to its calculations.' Colombia has since declared the area a 'protected archaeological area,' and President Gustavo Petro wants to recover and raise the wreck for scientific purposes before his term ends in 2026, according to Bloomberg.
However, researchers stopped short of confirming the wreckage entirely, noting at the end of the report that this 'represents only the first step in a long-term project. The initial phase focuses on non-invasive surveys, with no plans for object recovery or excavation until the entire site is fully characterized.'
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