Sunken Treasure Worth $500 Million Found Off England

An anonymous reader writes "In a modern day (and underwater) version of Indiana Jones, the AP is reporting that Odyssey Marine Exploration has recovered an estimated $500 Million in colonial coins from a 400 year old shipwreck in the Atlantic. The exact location of the wreck is still undisclosed. Odyssey is a for-profit, publicly traded company. 'In seeking exclusive rights to that site, an Odyssey attorney told a federal judge last fall that the company likely had found the remains of a 17th-century merchant vessel that sank with valuable cargo aboard, about 40 miles off the southwestern tip of England. A judge granted those rights Wednesday. In keeping with the secretive nature of the project dubbed ''Black Swan,'' Odyssey also is not discussing details of the coins, such as their type, denomination or country of origin. Bruyer said he observed a wide variety of coins that probably were never circulated. He said the currency was in much better condition than artifacts yielded by most shipwrecks of a similar age. The coins -- mostly silver pieces -- could fetch several hundred to several thousand dollars each, with some possibly commanding much more, he said.'"

Federal Judge

[Anonymous Coward]

If the wreck was 40 miles off the English coast, it should in English, or possibly French, territorial waters. So why ask a US judge?

Re:As the sunken vessel lies in international wate

[hcpxvi]

Goodness knows. If BBC Radio is to be believed, the nearest country seems to be the UK. And the ship that sank was English (dating back to before the existance of the UK). But the salvage company are American. And the treasure was nicked by the English from the Spanish. Who presumaby nicked the original Ag/Au from the native South Americans before making it into coins. So why it is a federal Judge who gets to decide who can salvage the stuff, I don't know. Because it is a US company, I suppose.

Re:As the sunken vessel lies in international wate

[Instine]

Exactly. What has a 'federal judge' got to do with something off the coast of England?

Re:Yet another reason why we need copyright reform

[Archon-X]

I see your point. Devil's advocate:
1- Is it better that it was never found at all?
2- Can you argue that it would have never been recovered by a museum etc
3- Money is always a good motivation for people to find things.
4- Are you sure they're going to 'destroy the evidence' to feed their greed?
So far it seems they've been pretty methodical and patient to go by the book. Perhaps we'll all be pleasantly surprised.

Re:Not Quite Indiana Jones

[WannaBeGeekGirl]

Too bad Indi was neither a pirate, ninja or politician...

I agree though, I was raised by two pacific Archaeologists and they're not exactly fans of pirates either. Pot hunters, big corporations that fake the land and archaeological impact data requirements are pretty much pirates of a sort. They pillage and destroy with greed their soul goal, no diplomacy and guilt of the scientific data destroyed and peoples and cultures they've offended.

Too bad my parents are pacifists, it would have been cool to see them bust out a whip at Mesa Verde, CO when they busted a tourist swiping artifacts.
~WBGG

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Re:As the sunken vessel lies in international wate

[Adult film producer]

"Depending on what the treaties say, Odyssey Marine Exploration might have to turn over a chunk of the profits to England."

I didn't read the article linked to on /. but one from the toronto star,

"But under the terms of an agreement, Odyssey will have to share any finds with the British government. The company will get 80 per cent of the first $45 million and about 50 per cent of proceeds thereafter."