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Just how much treasure is at the bottom of the ocean? To get the answer, one first needs to know how many shipwrecks there are in the world.
James Delgado, director of the Maritime Heritage Program at the National Oceanic and Atmospheric Administration (NOAA), estimates that there are at least 1 million.
Many believe the figure to be close to 3 million. This may sound like too-high a figure, but as Mr. Delgado put it: “…70 percent of the planet’s surface is water, and humans have only begun to be able to reach the depths.
Considering this, 95 percent of the ocean still remains unknown to us. It’s the last frontier. We know more about the surface of the moon than what’s at the bottom of the sea.”
So, with 1 million shipwrecks lost to the depths (for now), it’s not hard to imagine how big the tally of all that sunken loot is.
Take the 2015 discovery of the San Jose, a Spanish galleon that sank off the coast of Columbia in 1708, for example. While ownership is currently in dispute, this is for good reason: it is believed to have been carrying 11 million gold coins and jewels from then Spanish colonies—worth as much as $10 billion today.
If just a decent portion of the world’s 1 million+ wrecks had a mere fraction of the contents found within the San Jose, just a single find by a company like XXXX Coming today at 4PM.
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Unesco estimates that there are over 3 million shipwrecks on ocean floors world-wide. It’s difficult to know what they might all be worth given the range of available historical information, differing opinions of items’ historical and financial value, and the likelihood that many are unsalvageable or largely unentertaining.
A 2012 Popular Mechanics article published a range of theoretical values — from “unknowable” on one end to perhaps $60 billion on the other.
Still, the Caribbean and U.S. coasts are hot spots for treasure seekers, largely because their popularity with the Spanish fleets of several hundred years ago: Spain was among the few global powers hundreds of years able to ship silver and gold back from the New World.
When a shipwreck is located in U.S. waters, the finder needs to file an admiralty claim and secure rights to search the area. The U.S. Abandoned Shipwrecks Act was passed in 1987 to protect wrecks from treasure hunters and salvagers by transferring titles to state waters.
Globally, “governments are becoming more aggressive about going after their share of the booty,” said Ted Shinkle, who specializes in maritime law at GrayRobinson, in Melbourne, Fla. “That, in turn, has caused salvage companies to target wrecks beyond jurisdictional waters. They have a lot better chance of claiming on the high seas.”
Even in international waters, found treasure must be reported and there is always a chance that the country of origin will stake a claim. Some $500 million in gold and silver coins found off the coast of Portugal in the wreck of Nuestra Señora de las Mercedes by American salvage company Odyssey Marine Exploration in 2012 was returned to Spain after years of litigation.
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