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<\/p>\nDivers uncovered more than 1,000 late 17th- and early 18th-century Spanish coins worth $1m off the coast of Florida last summer. The area, roughly 100 miles north of Miami, is known as the Treasure Coast\u2014named for the cargo aboard the Spanish flotilla that sank there in 1715. Its 11 ships were filled to the brim with an estimated $400m in gold, silver and jewels. Treasure hunters have been on the prowl for their sunken riches ever since. This latest discovery marks the most significant find since the 1990s.<\/p>\n
The Florida-based shipwreck-salvage company that discovered this latest trove of coins, 1715 Fleet-Queens Jewels, has exclusive rights to the remains of the 1715 fleet. Over the summer, its divers discovered not only 1,051 silver and five gold coins but also artefacts like a lead royal seal. But Queens Jewels is a for-profit company, and its jurisdiction in waters that contain important historical artefacts raises the problem of conflicting visions in exploration between treasure hunters and underwater archaeologists.<\/p>\n
From hurricane to treasure battle<\/p>\n
The 1715 fleet set sail from Havana after years of conflict during the War of the Spanish Succession, which had ended the previous year. The flotilla\u2019s cargo comprised silver and gold coins, thought to have been minted in the empire\u2019s American colonies, along with other commodities like tobacco, which was as valuable as the precious metals. One ship also carried the legendary \u201cqueen\u2019s jewels\u201d\u2014a gift for the new queen of Spain, Elisabeth Farnese\u2014which have yet to be found.<\/p>\n
Economic interests outweighed the perils of hurricane season, and the fleet departed Havana on 24 July. Seven days later, a hurricane hit the vessels with full force. Some ships were crushed on the jagged reefs. Only one of them survived the 31 July storm\u2014it had wisely changed course. At least 1,000 of the 2,500 people aboard the ships died, and survivors were stranded in hostile territory.<\/p>\n
The fleet had an unusual composition, formed by a combination of ships from the Nueva Espa\u00f1a Fleet\u2014which sailed between Veracruz and Seville\u2014and the Tierra Firme Fleet, covering the South American trade routes out of Cartagena. \u201cShips from a wealthy merchant joined the fleet to compensate for vessel shortages caused by the war,\u201d Jorge Proctor, an independent researcher who has long studied the 1715 fleet, tells The Art Newspaper.<\/p>\n
The battle for the treasure started almost immediately. The location of the wreckage in shallow waters greatly eased initial salvaging efforts, with chests and jewels recovered soon after the ships sank. But in 1716, the pirate Henry Jennings and his crew looted the rescue camp. \u201cPirates were more successful on land,\u201d says Flor Trejo Rivera, a maritime historian at Mexico\u2019s National Institute for Anthropology and History. \u201cShips often perished in storms rather than because of pirate attacks.\u201d<\/p>\n
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Levin Shavers, from 1715 Fleet-Queens Jewels, with coins recovered off the coast of Florida in 2025<\/p>\n
Courtesy 1715 Fleet-Queen Jewels<\/p>\n
While the Spaniards fled the camp, merchant ships continued searching for treasure. But over time and with little more found in the depths, the wreckage was forgotten. In the 1960s, treasure-hunting reignited. In the early years, divers were known to unearth numerous coins and other items daily, but larger finds were increasingly becoming rarer.<\/p>\n
Over the past few decades, the 1715 fleet has attracted collectors and shipwreck enthusiasts alike. The 1715 Fleet Society<\/a> is a non-profit created in 2008 to do research and educate the public\u00a0about the fleet. \u201cThe 1715 fleet has a special appeal due to romantic notions of sailing and its location close to shore,\u201d says Ben Costello, the society\u2019s co-founder and chairman of the board.<\/p>\n \u201cMany myths surround the fleet, but the 1715 Fleet Society intends to deepen its historical knowledge,\u201d says Proctor, who is also a member of the group.<\/p>\n Findings and controversies<\/p>\n In 2010, 1715 Fleet-Queens Jewels obtained exclusive rights to salvage operations in the area. The recent discovery of the Spanish coins may be the company\u2019s most significant to date, but it comes with challenges. \u201cThese wrecks occurred close to shore and, as such, recovery can be difficult and dangerous,\u201d says Sal Guttuso, the Queens Jewels operations director. \u201cPoor sea conditions and visibility, and a short season are among the most challenging things we face.\u201d (Underwater searches take place only in the summer months as a result.)<\/p>\n Florida law stipulates that the state is entitled to 20% of what is found aboard shipwrecks, with the company keeping the rest. \u201cSome of the coins will go to the state of Florida, others to the owners and the finders, so they will go their separate ways,\u201d Guttuso said at a September press conference<\/a>. The state also oversees the fleet\u2019s remains, with many pieces of the ships exhibited at the Museum of Florida History in Tallahassee.<\/p>\n But the recent coin discovery brings up conflicting views of underwater exploration around the globe. Eighty countries, including Spain, adhere to the 2001 Unesco Convention on the Protection of the Underwater Cultural Heritage<\/a>, which prioritises in situ preservation and views the commercial exploitation of underwater cultural heritage and its dispersal as \u201cincompatible with its protection\u201d. However, the US chose not to sign onto the convention, citing concerns over coastal-state jurisdiction and national-security implications for sunken ships.<\/p>\n \u201cTreasure hunters are not archaeologists,\u201d says Mariano Aznar, a professor of public international law at Jaume I University in Castell\u00f3n de la Plana, Spain. \u201cThey are merchants who profit from heritage coming from a shared history.\u201d<\/p>\n Three silver coins from the haul after they were cleaned<\/p>\n Courtesy 1715 Fleet-Queen Jewels<\/p>\n In the past, this debate has sparked legal action. One example is the dispute<\/a> between the US-based company Odyssey Marine Exploration and the Spanish government over an estimated $500m worth of gold and silver coins recovered in 2007 from the wreck of the Nuestra Se\u00f1ora de las Mercedes, which sank in 1804 off the coast of Portugal. Spain successfully argued that the naval vessel and its contents were sovereign property. Spain was granted full ownership in 2012.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2026\/02\/44e6eb152661f86076d1ae84cb13c20352af4abf-729x972.jpg\"\/)
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