Sea Explorers Recovers Largest Sunken Treasure Ever Discovered

Filed in archive Water Adventures on May 21, 2007

This is a little late, but can not be ignored. On Friday, deep sea explorers from the Odyssey Marine Exploration recovered thousands of silver and gold coins believed to be worth an estimated $500 million dollars. Officials are calling it the "richest sunken treasure ever discovered". The coins are expected to fetch up to $1,000 each from collectors. Details about the ship and site were not released due to security concerns.

"For this colonial era, I think (the find) is unprecedented," said rare coin expert Nick Bruyer, who was contracted by Tampa-based Odyssey Marine Exploration to examine a batch of coins from the wreck. "I don't know of anything equal or comparable to it."

Company co-founder Greg Stemm said a formal announcement will come later, but court records indicate the coins might have come from the wreck of a 17th century merchant ship found off southwestern England.

Because the shipwreck was found in an area where many colonial-era vessels went down, the company is still uncertain about its nationality, size and age, Stemm said, although evidence points to a specific known shipwreck.

The site is beyond the territorial waters or legal jurisdiction of any country, he said.

"Rather than a shout of glee, it's more being able to exhale for the first time in a long time," Stemm said of the haul, by far the biggest in Odyssey's 13-year history.

He would not say if the loot was taken from the same wreck site near the English Channel that Odyssey recently petitioned a federal court for permission to salvage.

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