Spain Awarded $500 Million in Coins

Colonial Spanish silver and gold coins with an estimated worth of $500 million have been awarded to Spain. The Spanish ship Nuestra Senora de la Mercedes was carrying about 600,000 silver and gold coins when it sank October 5, 1804. The ship sank during a battle with the British Navy about 100 miles west of the straits of Gibraltar. Most of the coins from the sunken ship were recovered by Odyssey Marine Exploration in 2007.

Since the coins were recovered, Odyssey Marine Exploration and Spain have had an ongoing disagreement on who is the rightful owner of the treasure. After a five-year legal battle, U.S. Magistrate Judge James Pizzo finally ordered Odyssey Marine to hand over the coins to Spanish officials.

The recovered coins date back to the 18th century up until 1804 when the ship sank. All the coins were from Spain, many of them minted at the Lima Mint. The sinking of the ship killed about 250 sailors and caused Spain to declare war against England, and subsequently enter the Napoleonic War assisting France.

Since the coins were discovered, other parties have attempted to claim ownership of the ship's contents. Such parties include the Peruvian Government's two sovereigns and 25 descendants of the sailors who died on the ship.

Spanish officials plan to donate the treasures to various museums to be researched, studied and exhibited.