Galleon San Jose: Sunken Spanish ship found with $3 billion treasure

[robbiegal]

http://www.abc.net.au/news/2015-12-06/spanish-galleon-san-jose-found-with-3-billion-of-treasure/7005266

What is the value of San Jose's cargo?

The managing director of Sea Search Armada, Jack Harbeston, wrote an account titled The Sinking of the San Jose in 2011 where he tried to put a value on its cargo. Here is an extract:

In the armada of 1708, the value of the cargo on the flagship alone exceeded Spain's annual national income from all sources. When the bullion and coins on all the galleons of the armada were totalled, it was two or three times Spain's annual income.

The financial value of the shipment of 1708 is difficult to comprehend in today's (2011) terms. Given the relative buying power of silver in those days, which was far greater than it is today, the shipment would have exceeded $US50 billion.

If the treasure were recovered and sold today, even allowing for the vastly reduced price of silver in recent years, it would still bring about $US2 billion, allowing for numismatic value of the silver coins, and some less significant multiplier for the stamped silver ingots.

The items of greatest value on the San Jose were the gold bullion and coins. The 8 escudo coins in pristine condition would be valued in a range of $US5,000 to $10,000 each today.

Other cargo of great value included jewellery, gem stones and church property. The galleons were lumbering bank vaults.

[kchan1111]

The items of greatest value on the San Jose were the gold bullion and coins. The 8 escudo coins in pristine condition would be valued in a range of $US5,000 to $10,000 each today.

But if there are thousands of these found in the wreck the flood of supply would bring down the market price. Each one would be valued a lot less?

[robbiegal]

dunno
add provenance and historical value and you can probably well exceed those estimates

not forgetting basic bullion value of a gold coin

[kchan1111]

dunno
add provenance and historical value and you can probably well exceed those estimates

not forgetting basic bullion value of a gold coin

Would love to own something like that. Just my wishful thinking that it will be within my limited means.

[robbiegal]

get yourself a salvage license and Bob's your uncle!!

[kchan1111]

get yourself a salvage license and Bob's your uncle!!

I have to learn diving first I think.

[trout]

I have been over the site of the Batavia wreak and have been at the base of the cliffs at the Zoytorp ( I think that's how it is spelt)Wreck .
I wouldn't dive at either site, too many big sharks and the surf and reef at the cliffs is downright treacherous .

[kchan1111]

I guess treacherous conditions go hand-in-hand with ship wrecks.

[Fulvio]

I wouldn't dive at either site, too many big sharks and the surf and reef at the cliffs is downright treacherous .

And this is why minisubs and ROV's exist.

[JeffH]

Do You Know the Way to San Jose?
Well we all do know now but it doesn't mean jack if you aren't the first to find it.

[ausjack]

Do You Know the Way to San Jose?
Well we all do know now but it doesn't mean jack if you aren't the first to find it.

Someone mention my name :angel:

[purplepennyhunter]

test post. thread title fixed.

[Goldseeker]

I see on the news this evening that two governments are after the loot/find.

Sound very much like the poms who found millions of pounds worth of sunken treasure from the English Chanel, recovered literally bucket loads of coins etc, put them in a safe place and the Americans assisted the Spanish, I think, in getting a successful claim to the coins.

Score, Poms Nil, Spain 1, America scored plenty of lemons.

Same sort of thing happened when the Atosha treasure was found by Mr. Fisher.   Had to spend millions of dollars in court actions etc over many years before he was awarded a good percentage of the find.

Who wants to be a treasure hunter these days with these sort od leaches are about.