300-year-old mystery of world's most valuable shipwreck solved with San José £16 billion treasure
Beneath the Caribbean waves, the Spanish galleon San José, believed to be carrying treasure for more than three centuries, now estimated at over £16 billion, has been identified by the researchers in Colombia.
Discovered in 2015 off the coast of Barú Island near Cartagena, the wreck has long been shrouded in mystery and claims of hidden riches. This historical analysis and underwater archaeology, experts say, there's no doubt: this is the long-lost San José.
The identity of the wreck has now been officially confirmed, but the focus now turns to how the treasure will be recovered and who will ultimately control it. According to the reports, the San José was not just a treasure ship, but it was a key player in a geopolitical conflict.
Its sinking helped shift the balance of power in the War of the Spanish Succession (1701–1714), a European war sparked by competing claims to the Spanish throne.
Spanish warship carrying colonial treasure sunk in 1708 mystery solved
The Spanish galleon San José fleet was tasked with transporting valuable cargo from Spain's colonies in the Americas back to Europe. In June 1708, during the height of the War of the Spanish Succession, the ship encountered a British squadron and was attacked off the coast of present-day Colombia.
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The ship exploded during the battle and sank to the ocean floor, taking with it 600 crew members and a cargo of gold, silver, and emeralds mined in Peru. These riches were destined to fund Spain's war effort against the Grand Alliance, a European coalition that included Britain. The loss was a devastating blow to the Spanish crown and became one of the most legendary maritime disasters in European history.
Decades of shipwreck mystery resolved with key historical artefacts
Although the wreck was found in 2015 using underwater drones, it has taken years for scientists and archaeologists to gather enough evidence to confirm its identity. That confirmation came through a detailed analysis of artifacts recovered from the ocean floor:
Silver coins minted in 1707 at the Lima Mint in Peru provided critical dating and geographical evidence, tying the cargo to a specific Spanish trade route.
Chinese porcelain from the Kangxi period (1662–1722), a common luxury item in colonial trade which was found in abundance, indicating the ship's cargo included exotic goods from Asia via Spanish trade networks.
Bronze cannons bearing Spanish royal emblems and markings from 1665 further solidified the ship's origin and era.
World's most valuable shipwreck
sparks a global ownership dispute
Due to the size and presumed value of its treasure, the San José has long been referred to as the 'holy grail of shipwrecks.'
It was rumored to be carrying over 200 tons of gold, silver, and emeralds, making it arguably the most valuable shipwreck ever discovered. The cargo was intended to help Spain fight a war that would reshape Europe's colonial empires. Its rediscovery has not only thrilled historians and treasure hunters but also reignited one of the most complex legal and diplomatic disputes in maritime history.
Now that the wreck has been definitively identified, a multi-party battle over ownership has emerged. At the heart of the issue is the value of the treasure and competing claims from nations, companies, and communities:
According to the ET reports, tThe discovery ignited a fierce ownership by:
Colombian Government:
Under a 2020 law, Colombia claims full ownership of the wreck and all its contents, arguing it lies within its territorial waters and forms part of its national heritage.
Spanish Government:
Spain argues that as a state-owned military vessel, the San José and its contents remain Spanish property under international maritime law.
Peruvian Government:
Since much of the treasure was mined in Peru by Indigenous and enslaved labor, Peru contends it has a moral and historical right to a portion of the treasure.
Indigenous Communities and Descendants of Miners:
Some Indigenous groups and families in Peru are also demanding recognition and reparations for the exploitation that made the treasure possible.
According to the ET reports, Sea Search Armada (formerly Glocca Morra): A US treasure-hunting firm that claims to have discovered the wreck back in 1981, the company is demanding a £7.9 billion payout, stating that the current find lies within two miles of their originally reported coordinates.
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