Wreck with $35b of treasure ‘confirmed' as Spanish galleon, says researchers

Gold and silver coins, pearls and gems, claimed to be worth as much as $35 billion in current prices, were aboard the San Jose.
Coins found on the wreck are under investigation in Colombia. Photo / ARC-DIMAR via Antiquity
The ship's sinking dented the Spanish effort in the war, which ended with Britain gaining Gibraltar, Newfoundland and Nova Scotia.
Academics in Colombia now claim to have confirmed that the wreck found in 2015 is the San Jose.
Using underwater drones, they photographed cargo scattered on and around the wreckage. Analysis of the images found silver coins, minted in 1707 with the hallmarks of the mint at Lima, Peru, among the debris.
Other finds included Chinese porcelain from the Kangxi period (1662-1722) and inscriptions on cannons that dated to 1665.
The finds suggest the wreckage is of a ship that sank in the early 18th century.
'This body of evidence substantiates the identification of the wreck as the San Jose galleon, a hypothesis that has been put forward since its initial discovery in 2015,' the academics said.
Analysis of images found silver coins among the wreckage. Photo / ARC-DIMAR via Antiquity.
'The finding of cobs [Spanish-American dollars] created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early 18th century. The San Jose Galleon is the only ship that matches these characteristics.
'This find presents a rare opportunity to explore an underwater archaeological site and deepen our understanding of colonial maritime trade and routes.'
The analysis will likely deepen a battle over the legal ownership of the wreckage.
Claims have been made by Colombia, Spain, Peru, indigenous communities in the area, descendants of miners who dug up the treasure, and Glocca Morra, the treasure-hunting firm, which says it found the wreck as far back as 1981.
Glocca Morra's new owners, Sea Search Armada, insist that the galleon was found within a mile or two of the co-ordinates of its 1981 discovery.
The company, which is claiming almost $18b, is also challenging a 2020 law that deemed everything on the ship was Colombian Government property.
The researchers added: 'Coins are crucial artefacts for dating and understanding material culture, particularly in shipwreck contexts.
'Hand-struck, irregularly shaped coins – known as cobs in English and macuquinas in Spanish – served as the primary currency in the Americas for more than two centuries.'
An 8-escudos cob of 1707, based on high-resolution in situ photographs from the 2022 archaeological campaign. Photo / Antiquity
The findings follow previous carbon-dating analysis of the wreckage that indicated it was approximately 300 years old.
The ship's cargo will not be recovered from the seafloor until the wreckage is 'fully characterised' using 'non-invasive surveys'.
With the galleon lying several hundred metres below the surface, it is too deep for human exploration.
The study is published in the journal Antiquity.

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