Spanish Shipwreck Coins

A study published in the journal Antiquity adds further credence to the hypothesis that a shipwreck discovered in 2015 in the Colombian Caribbean is that of the famous Spanish galleon, the San José. Researchers used special underwater equipment to explore the wreck and uncovered many cobs, which serve as key artifacts in dating and identifying the shipwreck.

The coins’ obverse features a variant of the Jerusalem Cross with the quartered shield of castles and lions, and the reverse bears the crowned pillars of Hercules above ocean waves and the digits 707, referring to the year of minting, 1707. According to the study, “Between the pillars in their upper section, several symbols can be observed: an ‘L’ referring to Lima, the location of the mint, the number ‘8’ representing the denomination in escudos (the highest value at the time), and an ‘H’ which was the mark of Francisco de Hurtado, the Chief Assayer in 1707.”

Spanish cobs were primarily used to transport vast amounts of wealth from the Americas to Europe. The San José was carrying 600 men, 200 tons of silver and emeralds, and 11 million gold coins when it was sunk by British warships in 1708. The sunken vessel has earned the moniker “the richest wreck in history,” and its treasures are thought to be worth $17 billion. 

The study concludes, “This case study highlights the value of coins as key chronological markers in the identification of shipwrecks… This find presents a rare opportunity to explore an underwater archaeological site and deepen our understanding of colonial maritime trade and routes.”

To learn more and view images from the wreck, visit Cambridge University Press’s website.

A version of this article appears in the August 2025 issue of The Numismatist (money.org).