High-resolution in situ photograph of cob hoard area in the port section of the stern, showing the obverse and reverse faces of coin, as they were observed on the seabed (photographs from ARC-DIMAR, 2022; figure by authors).
Daniela Vargas / Antiquity

More than three centuries after a legendary Spanish galleon loaded with treasure sank off the coast of Colombia, researches have uncovered new details about gold coins found scattered around the shipwreck.

Dubbed the "holy grail" of shipwrecks, the San Jose galleon was sunk by the British navy near Cartagena in 1708, killing most of the roughly 600 crewmembers on board. The ship was believed to be holding gold, silver, gemstones and other treasure worth billions of dollars.

Now researchers have analyzed intricately designed gold coins found near the wreck, confirming they are indeed from the iconic San Jose. The coins feature depictions of castles, lions and crosses on the front and the "Crowned Pillars of Hercules" above ocean waves on the back, according to a new study published Tuesday in the journal Antiquity.

Researchers, including experts from Colombia's navy, studied images taken by remotely operated vehicles of dozens of coins that are scattered around the shipwreck nearly 2,000 feet below the ocean's surface. The study's authors said the exact number of coins on the seabed is difficult to determine "due to the dynamic nature of the site." But an analysis of high-resolution images from the remotely operated vehicles shows each coin's average diameter is 32.5 millimeters and weighs roughly 27 grams.

On some of the coins, researchers were able to discern the letters "PVA" — representing a Latin motto meaning "Plus Ultra" or "Further Beyond." That adage was used on currency to signify the expansion of the Spanish monarchy in the Atlantic, the study's authors said. Numbers depicting the coins' denomination and the date of minting (1707) could also be seen.

The study's authors said the coins from this period were often cut from gold or silver ingots.

"Hand-struck, irregularly shaped coins — known as cobs in English and macuquinas in Spanish — served as the primary currency in the Americas for more than two centuries," the authors said in a statement.

Last August, Colombian authorities said one remotely operated vehicle surveyed the wreck, uncovering numerous artifacts, including an anchor, jugs and glass bottles.

The Colombian government announced last year it would begin extractions from the ship off its Caribbean coast, using multiple remotely operated vehicles. The ship was discovered in 2015, but its exact location has been kept secret to protect the storied wreck from potential treasure hunters.

Since its discovery, multiple parties have laid claim to the shipwreck, including Colombia, Spain and Indigenous Qhara Qhara Bolivians who claim the treasures on board were stolen from them. The wreck has also been claimed by U.S.-based salvage company Sea Search Armada, which says it first discovered the wreck more than 40 years ago.

The cause of the San Jose's sinking has also been debated. British documents indicate that the ship did not explode, according to Colombia's government, but Spanish reports suggest the ship was blown up in battle.

Either way, the ship — laden with chests of emeralds and about 200 tons of gold — sank with most of its crew while heading back from the New World to Spain on June 7, 1708.

In May 2024, Colombia declared the site of the shipwreck a "protected archeological area."


An 8-escudos cob of 1707, based on high-resolution in situ photographs from the 2022 archaeological campaign. As Craig (Reference Craig2000) notes, the well-preserved features may suggest that reverse dies were consistently used as the immobile matrix (figure by authors). Antiquity

Three areas of cob hoards were identified on both the port (b & c) and starboard (a) sides of the stern section. They are scattered in groups surrounded by artefacts from the cargo, artillery and everyday life aboard the ship (photographs from ARC-DIMAR, 2022; figure by authors) Daniela Vargas / Antiquity

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