For more than three centuries, the Spanish galleon San José, often referred to as the “holy grail of shipwrecks,” lay lost beneath the waters of the Caribbean, its vast treasure, worth an estimated $20bn in today’s money, presumed gone forever.
Now, researchers believe they have found definitive evidence confirming the wreck’s identity.
The San José was sunk on June 8, 1708, off the coast of what is now Colombia during a naval battle with the British Royal Navy amid the War of the Spanish Succession. The ship was transporting gold, silver, emeralds, and other valuables from Peru to Spain to fund the Spanish war effort. British forces, under the command of Charles Wager, intercepted the fleet near Baru Island and fired upon the San José, causing a massive explosion that destroyed the ship and claimed the lives of all but 11 of the estimated 600 sailors onboard.
The ship’s cargo, reported to include up to 200 tons of gold, silver, and emeralds, has been valued at between £15bn and £16bn, or as much as $20bn in today’s money. Its loss was a significant blow to Spain’s war effort, which ultimately resulted in Britain gaining territories including Gibraltar, Newfoundland, and Nova Scotia.
In 2015, the Colombian navy discovered a wreck off Baru Island that they identified as the San José. The location, approximately 600 metres below the sea surface, was confirmed using underwater drones and remotely operated vehicles (ROVs).
Fresh analysis of the site, published yesterday (10 June 2025) in the journal Antiquity, reveals compelling evidence supporting the ship’s identity.
The researchers documented silver coins known as “cobs” or “macuquinas,” irregularly shaped, hand-struck coins that served as the primary currency in the Americas for more than two centuries. Some of the coins bore the hallmarks of Lima, Peru, and were dated 1707.
“The finding of cobs created in 1707 at the Lima Mint points to a vessel navigating the Tierra Firme route in the early eighteenth century. The San José galleon is the only ship that matches these characteristics,” said archaeologist Daniela Vargas Ariza of Colombia’s Naval Cadet School and the National Institute of Anthropology and History.
She adds: “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.”
Additional items found near the wreck include Chinese porcelain from the Kangxi period (1662–1722) and ship cannons dated to 1665, which academics say further substantiate the identification.
According to the study’s authors: “This body of evidence substantiates the identification of the wreck as the San José, a hypothesis that has been put forward since its initial discovery in 2015.”
The valuable cargo remains on the seafloor as Colombian authorities emphasise that no recovery will take place until the site is fully surveyed and characterised using non-invasive techniques. “It represents only the first step in a long-term project. The initial phase focuses on non-invasive surveys, with no plans for object recovery or excavation until the entire site is fully characterised,” the researchers conclude in the new paper.
San José shipwreck ownership dispute reignites
The discovery has reignited a complex international dispute over ownership of the wreck. Colombia claims the wreck as part of its cultural heritage, citing a 2020 law that designates such finds as Colombian government property. Spain asserts that, as a Spanish naval vessel carrying state treasure, the ship and its cargo remain Spanish assets. Peru has also made a claim, arguing the treasure originated from its territory. The indigenous Qhara Qhara people of Bolivia contend they deserve a share because their ancestors were forced to mine the gold and silver that formed the treasure.
Additionally, Sea Search Armada, formerly known as the Glocca Morra Company, claims to have first discovered the wreck in 1981. The company insists that the ship lies within a mile or two of the coordinates they originally provided to the Colombian government. Sea Search Armada is pursuing a claim for half of the treasure’s value and has challenged Colombia’s ownership law in court.
Further complicating the case, the Woods Hole Oceanographic Institution (WHOI) worked alongside the Colombian Navy to identify the wreck in 2015. Although the Colombian government announced the discovery later that year, WHOI was not allowed to publicly acknowledge its involvement until 2018.
Despite multiple announcements over the years no salvage operation has yet taken place. However, in 2023, Colombian President Gustavo Petro announced that the San José would be recovered before the end of his term in 2026.
For now, the treasure remains on the ocean floor, with the battle over its ownership looking set to rumble on in the coming years.
Read more news articles about shipwrecks
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