The Odyssey Marine Exploration and The 17 Tons of Gold Coin Under the Sea

When it comes to gold under the ocean floor, scientists estimate there is enough gold in the seafloor to give every person on the planet nine pounds of the precious metal. That is an astronomical estimation that should be taken with a grain of salt.

A common misconception is that finders can keep their discoveries at sea. But under international law, anyone who finds a wreck must report it. Hiding a shipwreck or its cargo is an offence.

The largest monetary treasure haul found was on the wreck code named Black Swan, discovered by Odyssey Marine Exploration in 2007 off of Gibraltar. The salvage team reportedly found 17 tons of coins valued at $500 million; an amount that is both staggering and said to be “unprecedented” in the treasure hunting world.

The Black Swan Project is the project name given by Odyssey Marine Exploration for its discovery and recovery of an estimated US$500 million (£314 million) worth of silver and gold coins from the ocean floor. Initially Odyssey kept the origin of the treasure confidential. It was later proved in trial that the recovered cargo was being carried by the Spanish frigate Nuestra Señora de las Mercedes, which was sunk by the British Royal Navy off Portugal in 1804.

Knowledge of the recovery became public on May 18, 2007 when the company flew 17 tons of coins, mostly silver, from Gibraltar to a secure location of unknown address in Florida, United States. The company did not release the type, date, or nationality of the coins, while a rumor attributed it to the Merchant Royal, which sank near Land's End in 1641. At the time, Odyssey said that it planned to return to the site to perform an excavation expected to uncover more coins as well as other artifacts. However, Odyssey was sued by the Spanish government in U.S. courts, which eventually ordered the treasure to be returned to Spain. Odyssey pursued all legal avenues, even taking the case to the U.S. Supreme Court and losing. On February 27, 2012 the ship's treasure was flown back to Spain where the coins and other artifacts from the shipwreck are now in the National Museum of Subaquatic Archaeology in Cartagena (Murcia). In 2015 a U.S. district court ordered Odyssey to pay Spain $1 million for "bad faith and abusive litigation."

On December 2, 2012 the Spanish Government deposited the 14.5 tons of gold and silver coins recovered in the National Museum of Subaquatic Archaeology in Cartagena (Murcia) for cataloging, study and permanent display.

In 2015 a U.S. district court ordered Odyssey to pay Spain $1 million for "bad faith and abusive litigation". The judge observed that, throughout the lawsuit, "Odyssey knew at all times that Spain, given the information pertinent to identification, possessed the historical information and the expertise to identify immediately whether the wreck in question was a Spanish vessel" and that "the fact that Odyssey never asked for Spain's assistance in identifying the vessel reveals much about Odyssey's motives and objectives."

Since 2014, part of the treasure has been on display in several Spanish public museums as part of an extensive itinerant exhibit relating to the sinking of the ship, and the recovery of the treasure.

Cheerio!