4059) Did You Know Series (110): The record for the largest treasure of all time has just been confirmed at $17.4 billion, but two countries are fighting over the rights to the discovery:
Posts on Colombia:
3) Banknotes and Coinage of Colombia (Prat 1): The evolution of Coinage in Colombia
4) Banknotes and Coinage of Colombia (Part 2): History of evolution of Banknotes in Colombia
A historic maritime discovery has shattered records in the world of underwater treasure hunting. The San José galleon, resting beneath the Caribbean waters near Colombia since 1708, now holds the title for the most valuable treasure find in human history.
Valued at a staggering $17.4 billion (16 billion euros), this Spanish warship’s cargo exceeds the previous record held by India’s Sree Padmanabhaswamy temple treasure.
Yet as archaeologists celebrate this remarkable confirmation, Spain and Colombia find themselves locked in a heated dispute over who rightfully owns this extraordinary underwater wealth.
Unprecedented treasure confirmed through scientific analysis:
The San José galleon, discovered off Cartagena’s coast, contains approximately 180 tons of precious materials including gold, silver, and priceless gemstones originating from colonial Peru.
While Colombian authorities announced finding the wreckage in 2015, definitive identification remained elusive until recent specialised underwater expeditions.
Researchers employed sophisticated archaeological techniques to verify the ship’s identity.
Through high-resolution photogrammetry, they created detailed 3D models of recovered artifacts, particularly focusing on the distinctive coins found scattered across the wreck site.
These coins revealed critical identification markers:
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Lima, Peru mint marks from 1707
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Hand-struck irregular shapes (known as
“macuquinas”)
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Distinctive Castile and Leon crown emblems
- Raw gold composition from colonial mining operations.
The extensive research culminated in a comprehensive paper published in Antiquity journal by Vargas Ariza and colleagues (2025), providing irrefutable evidence of the wreck’s identity.
The remarkable preservation of artifacts after three centuries underwater has astounded maritime archaeologists worldwide.
Historical significance beyond monetary value:
The San José wasn’t merely a cargo vessel but represented a crucial component in Spain’s expansive colonial trade network.
As flagship of the Flota de Tierra Firme, it maintained Spain’s monopoly on transferring precious metals from the Americas to European markets.
Its final voyage ended dramatically on June 8, 1708, during a fierce naval engagement with British warships.
The vessel sank rapidly, taking its immense treasure and over 600 crew members to the ocean floor, where it remained undisturbed until recent discoveries.
The wreck site offers an unprecedented time capsule of colonial Spanish commerce: with each artifact illuminating aspects of the global economic systems built upon resource extraction from the Americas.
The collection provides historians with tangible connections to this pivotal era in world economics and colonial expansion.
Treasure Component Estimated Quantity Historical Significance
Gold coins and ingots 62 tons Primary currency for international trade
Silver pieces 116 tons Foundation of Spanish colonial economy
Emeralds and precious stones 2 tons Luxury goods for European aristocracy
Diplomatic battle intensifies with confirmation:
The official validation of this record-breaking treasure has escalated tensions between Spain and Colombia, with both nations asserting legitimate claims to the sunken wealth.
This complex dispute involves three primary stakeholders with competing interests:
- Spain bases its claim on original ownership, arguing that as a military vessel serving under the Spanish crown, the ship remains Spanish property regardless of its location. Their position emphasises historical continuity and seeks the return of artifacts to Spanish museums.
- Colombia counters that after three centuries submerged in their territorial waters, the galleon constitutes an integral part of their maritime heritage. Colombian authorities have proposed creating a dedicated museum in Cartagena to showcase the recovered items while maintaining their historical context.
Complicating matters further, American company Sea Search Armada claims to have initially located the wreck in the 1980s and demands a percentage of recovered treasure based on prior agreements.
Beyond legal ownership questions, ethical considerations loom large:
The wreck site serves as the final resting place for hundreds of sailors who perished during the sinking. Both nations have pledged to prioritise archaeological preservation over commercial exploitation, though the unprecedented value ensures negotiations will likely continue for years before reaching any resolution.
More posts on shipwrecks on this blog:
Santosh Khanna has commented:
ReplyDelete"A VERY informative post. Thanks for sharing."
Thank you so much Khanna sahab.
DeleteRajan Trikha has commented:
ReplyDelete"Very detailed and informative."
Thank you so much Trikha sahab.
DeleteSatish Srivastava has commented:
ReplyDelete"यार कुछ थोड़ा सा मुझे भी दिला देना। आभारी रहूंगा।"
Pehle ek court case jeetna hai. 😊
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