Exploration Begins for Historic Treasure Ship Estimated to Hold 200 Tons of Gold and Silver Valued at 27 Trillion Won...

Salvage Likely to Begin After Securing Sinking Site Situation
Treasure's Current Value Reaches 27 Trillion Won... 'Archaeological Heritage'

A full-scale exploration operation has begun to salvage a treasure ship reportedly filled with gold, silver, emeralds, and other valuables worth 27 trillion won.

Exploration of the treasure ship resting in the Caribbean Sea begins... Artifacts expected to be raised in the next expedition

Gold coins scattered around the Spanish treasure ship 'San Jose,' which had been resting in the Caribbean Sea for over 300 years.

On the 26th (local time), the British BBC reported that the Colombian government, which has claimed ownership of the Spanish treasure ship 'San Jose' that had been resting in the Caribbean Sea for over 300 years, has officially started the exploration operation. The Colombian government designated the area around the San Jose, found sunk 900 meters underwater off the coast of Cartagena, as an 'archaeological protection zone' and announced that the first phase of exploration will be conducted using remote sensors and underwater robots.

The purpose of this first exploration is to obtain detailed information about the sinking site and to closely assess the archaeological artifacts lying there, laying the groundwork for subsequent explorations. The Colombian government stated that no artifact salvage will take place during the first phase, but in the following second phase, there may be efforts to raise archaeological artifacts from the remains of the San Jose.

'The Holy Grail of Shipwrecks' Currently Valued at About 27 Trillion Won... Colombia Claims National Heritage Amid Ownership Disputes

Chinese ceramics discovered around the Spanish treasure ship 'San Jose,' which had been resting in the Caribbean Sea for over 300 years.
[Image source=Reuters Yonhap News]

Among the many treasure ships sunk in the Caribbean Sea, the San Jose is known to have carried the largest amount of treasure. It was a sailing ship belonging to the fleet of King Felipe V of Spain (1693?1746). The San Jose sank in June 1708 after a battle with the British fleet, with most of its 600 crew members reportedly losing their lives. It is estimated that the San Jose was loaded with about 200 tons of gold, silver, emeralds, and other treasures brought from Bolivia and Peru, which were Spanish colonies at the time. Records also indicate that approximately 11 million gold and silver coins were onboard to cover the costs of the war with Britain. The media estimates the current value of these treasures at about 20 billion dollars (approximately 27.25 trillion won). For this reason, the San Jose is also called the 'Holy Grail of shipwrecks.'

In the 1980s, a U.S. salvage company claimed to have discovered the San Jose wreck site and engaged in a long legal battle with the Colombian government over the treasure shares, but the U.S. court ruled in favor of Colombia in 2011. After the exact location of the ship was confirmed in 2015 and the Colombian government officially announced the discovery as the "largest find in history," the Spanish government also claimed ownership, citing the ship as a 'national vessel' flying its flag.

However, the Colombian government maintains that since the San Jose was found within its territorial waters, it is a national heritage of Colombia. The discovery of the San Jose holds significant meaning for Colombia, as it can aid research not only on the treasure but also on the economic, social, and political atmosphere of early 18th-century Europe.