Shipwreck Yields Estimated $500M Haul

[muriel_volestrangler]

Source: AP

Deep-sea explorers said Friday they have hauled up what could be the richest sunken treasure ever discovered: hundreds of thousands of colonial-era silver and gold coins worth an estimated $500 million from a shipwreck in the Atlantic Ocean.

A chartered cargo jet recently landed in the United States to unload hundreds of plastic containers packed with the 500,000 coins, which are expected to fetch an average of $1,000 each from collectors and investors.
...
The site is beyond the territorial waters or legal jurisdiction of any country, he said.
...
In seeking exclusive rights to that site, an Odyssey attorney told a federal judge last fall that the company likely had found the remains of a 17th-century merchant vessel that sank with valuable cargo aboard, about 40 miles off the southwestern tip of England. A judge granted those rights Wednesday.

Read more: http://www.guardian.co.uk/worldlatest/story/0,,-6644523,00.html

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More from the BBC:

A record haul of half a million silver and gold coins from a 17th Century shipwreck may have been found just 40 miles from Land's End, an expert said.
...
In 1641, an English ship called the Merchant Royal sank off the Scilly Islands, laden with bullion from Mexico. There is speculation that this is the wreck salvaged by Odyssey.
...
It said the site was of huge historical importance because of the insight it would offer into seafaring and the social life of the period when the ship sank.

"Our research suggests that there were a number of colonial period shipwrecks that were lost in the area where this site is located, so we are being very cautious about speculating as to the possible identity of the shipwreck," said John Morris, Odyssey's co-founder.

http://news.bbc.co.uk/1/hi/england/cornwall/6671975.stm

Alison Kentuck, Britain's deputy receiver of wrecks, said the evidence pointed to the ship being Merchant Royal.
...
"It is a well known wreck which is known to have sunk in that area. There are a lot of similar wrecks there but we are not aware of any others which were carrying so much.

"It is certainly a ship that other salvage companies have been looking for over the years."

British waters extend 12 nautical miles from shore and Miss Kentuck said this meant that there was no legal requirement for the find to be reported. However, she added: "We were aware of this project in the Western Approaches, as you come around the Lizard."

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/05/19/nwreck19.xml

[dipsydoodle]

1. But under the terms of an agreement........,

Odyssey will have to share any finds with the British government. The company will get 80 percent of the first $45 million and about 50 percent of the proceeds thereafter.

Hopefully it will go back into the NHS to reimmburse funds "stolen" from that account for Iraq.x(

[aquart]

2. $1000 apiece for half a million coins? From collectors?

Okey dokey. Seems like an optimistic estimate to me.

[muriel_volestrangler]

3. That's for HMS Sussex, though, which hasn't been found yet

For the Merchant Royal, which was owned by London merchants:

Under salvage law, Odyssey could get up to 90 per cent of the haul, although this may depend on whether other claimants come forward.

[Ghost Dog]

4. Spain is paying attention to this story, today. Is this "Spanish" pirated treasure?

(sorry, no link available right now).

[bikebloke]

5. My coins!!!

Thanks guys. I've been looking all over for them. Don't you hate it when you find a hole in your pocket too late.