The Florida coast has experienced many ups and downs over the centuries; it’s climate can turn from sunny to hurracane ridden in a matter of hours. That’s why galleons laden with treasure often ended up sinking there. It’s called the Treasure Coast for a reason, and it seems that every month we hear news of one discovery or another. The sea continues to reveal its secrets, and the latest has been a 300-year-old treasure found in one fell swoop.
The company 1715 Fleet – Queen’s Jewels LLC. was diving underwater when they came across a haul of more than 1,000 silver and gold coins. Most of these coins are pieces of eight, pure silver reales. Finding just 1,000 of these coins in a single recovery is “something very rare and extraordinary,” said Chief Operating Officer Sal Guttuso.
The Tragedy of 1715
This booty was part of a much larger shipment from the Spanish treasure fleet. This enterprise was the financial lifeline of the Spanish empire. A fleet of 11 ships set sail in 1715, carrying $400 million (estimated current value). They departed from Havana, Cuba, with three years’ worth of treasures accumulated in new provinces of the Spanish Empire, such as Mexico, Peru, and Bolivia. In addition to gold and silver, they also imported Chinese porcelain, which was very valuable at the time.
However, a sudden and violent hurricane destroyed 10 of the 11 galleons on July 31, 1715. More than 1,000 people, including sailors, crew members, and passengers, perished at sea. The treasure was scattered along the coast, creating a myth that persists to this day. Centuries later, there are many companies dedicated to searching the seabed for this booty.
What is a Pieza de a Ocho?
It’s silly, really. A Spanish Pieza de a Ocho coin was the dollar of its time. It was used as currency in international trade. Any merchant who saw this coin knew it was reliable, as the Spanish East India Company was the most widespread in the world. Formally, they are called 8 reales de plata. They were not round like modern coins, but had an irregular, truncated shape. They were called “cobs” (“macuquinas” in Spanish). They were minted by hand with a hammer in the overseas territories of Spanish America. Some of the recovered coins still bear the mint mark and the year: many have the M for Mexico and the year they were minted (1715 or earlier).
When the pirates heard about the shipwreck, they all went to try to recover what was left. But these coins from the Spanish empire served as the basis for the original US dollar.
1715: Spain vs. Young America
In 1715, Spain was ruled by King Philip V and had just emerged from the grueling War of Spanish Succession. The treasure sailing from Cuba to the Iberian Peninsula was a desperately needed cash injection for the royal coffers. The shipwreck was a true national economic disaster.
Meanwhile, on the American continent, Florida was a Spanish outpost. Its main function was to protect the treasure route. As soon as pirates heard about the shipwreck, Henry Jennings attacked the Spanish salvage camp. Needless to say, law and order were scarce at that time, and people needed to carry more weapons and wanted to preserve the safety of their communities.
The Treasure Today
The discovery of these more than 1,000 silver coins is not only a monetary achievement, but also shows a tangible link to the history of global trade and what life was like in 1715. Despite recovering parts of the wreck for more than 300 years, it is estimated that a treasure worth hundreds of millions of dollars still lies scattered on the seabed. For now, the legend of Florida’s Treasure Coast remains as alive as ever.