Bolivia 8 Reales 1598-1621 "Santa Margarita 1622 Shipwreck" RAW
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Philip III “Santa Margarita” Cob 8 Reales (ND, 1598–1621), Potosí Mint — Shipwreck Treasure with a Royal Legacy
This piece looks like a GRADE 1 on both sides, you be the judge.
This exceptional Cob 8 Reales coin, struck during the reign of King Philip III of Spain (1598–1621), is a tangible artifact of the golden age of Spanish maritime power—and its perilous cost. Weighing 20.43 grams and bearing the unmistakable marks of shipwreck exposure (Grade III), the coin was salvaged from the Santa Margarita, one of the most storied vessels in the ill-fated 1622 Spanish treasure fleet. Accompanied by its original tag and Treasure Salvors photo certificate (#3003), this piece is far more than silver—it is a slice of lost empire.
The Santa Margarita, sister ship to the world-famous Nuestra Señora de Atocha, was laden with enormous riches drawn from the colonial mines of the New World. Departing Havana on September 4, 1622, the fleet was caught in a devastating hurricane just days into its journey. The storm claimed eight ships, including the Margarita, sending tons of gold, silver, and priceless jewels to the bottom of the Florida Straits.
Much of the treasure, including this coin, would remain hidden beneath sand and coral for over 350 years. But in the 1970s and '80s, legendary treasure hunter Mel Fisher and his team launched a historic expedition to locate the wrecks. The Santa Margarita, unlike the Atocha whose "motherlode" was found in 1985, had its riches scattered and buried across miles of seafloor. Fisher's team painstakingly recovered a trove of gold bars, silver coins, emerald jewelry, and religious relics—each item a silent witness to Spain’s maritime empire.
This particular coin hails from the Potosí mint, nestled high in the Andes of present-day Bolivia. Potosí was the crown jewel of Spain's colonial extraction, where vast quantities of silver—often mined under brutal conditions by indigenous laborers—were minted into currency that fueled European wars, funded global exploration, and enriched the Spanish monarchy.
King Philip III, under whose reign this coin was minted, presided over a crucial but often overlooked chapter of Spain's imperial saga. His reign marked the continuation of the Habsburg dynasty’s vast expansion, but also the beginning of Spain’s slow decline. Known more for his piety and patronage of the arts than for political acumen, Philip III delegated much of his power to his favorite, the Duke of Lerma. While Spain remained a dominant global force during his rule, cracks in the empire began to show—rising debts, internal corruption, and overextension of military commitments.
Ironically, while Philip III’s policies contributed to imperial decline, his era saw the height of transatlantic wealth extraction—fortunes that included treasures like the very coin recovered from the Santa Margarita. Smuggling was rampant in this period, with wealthy merchants and nobles secretly stashing untaxed riches aboard vessels like the Margarita to avoid the heavy hand of the royal treasury.
Today, relics from the Santa Margarita serve as stunning reminders of this complex era: an age of dazzling opulence, brutal colonial exploitation, and deadly oceanic ambition. Coins like this one are not just numismatic marvels—they are rare, shipwrecked storytellers from a time when Spain ruled the seas, and the world’s wealth sailed home on fragile wooden hulls.x
Click Here to read more about the 'Atocha 1622 Shipwreck'
This piece looks like a GRADE 1 on both sides, you be the judge.
This exceptional Cob 8 Reales coin, struck during the reign of King Philip III of Spain (1598–1621), is a tangible artifact of the golden age of Spanish maritime power—and its perilous cost. Weighing 20.43 grams and bearing the unmistakable marks of shipwreck exposure (Grade III), the coin was salvaged from the Santa Margarita, one of the most storied vessels in the ill-fated 1622 Spanish treasure fleet. Accompanied by its original tag and Treasure Salvors photo certificate (#3003), this piece is far more than silver—it is a slice of lost empire.
The Santa Margarita, sister ship to the world-famous Nuestra Señora de Atocha, was laden with enormous riches drawn from the colonial mines of the New World. Departing Havana on September 4, 1622, the fleet was caught in a devastating hurricane just days into its journey. The storm claimed eight ships, including the Margarita, sending tons of gold, silver, and priceless jewels to the bottom of the Florida Straits.
Much of the treasure, including this coin, would remain hidden beneath sand and coral for over 350 years. But in the 1970s and '80s, legendary treasure hunter Mel Fisher and his team launched a historic expedition to locate the wrecks. The Santa Margarita, unlike the Atocha whose "motherlode" was found in 1985, had its riches scattered and buried across miles of seafloor. Fisher's team painstakingly recovered a trove of gold bars, silver coins, emerald jewelry, and religious relics—each item a silent witness to Spain’s maritime empire.
This particular coin hails from the Potosí mint, nestled high in the Andes of present-day Bolivia. Potosí was the crown jewel of Spain's colonial extraction, where vast quantities of silver—often mined under brutal conditions by indigenous laborers—were minted into currency that fueled European wars, funded global exploration, and enriched the Spanish monarchy.
King Philip III, under whose reign this coin was minted, presided over a crucial but often overlooked chapter of Spain's imperial saga. His reign marked the continuation of the Habsburg dynasty’s vast expansion, but also the beginning of Spain’s slow decline. Known more for his piety and patronage of the arts than for political acumen, Philip III delegated much of his power to his favorite, the Duke of Lerma. While Spain remained a dominant global force during his rule, cracks in the empire began to show—rising debts, internal corruption, and overextension of military commitments.
Ironically, while Philip III’s policies contributed to imperial decline, his era saw the height of transatlantic wealth extraction—fortunes that included treasures like the very coin recovered from the Santa Margarita. Smuggling was rampant in this period, with wealthy merchants and nobles secretly stashing untaxed riches aboard vessels like the Margarita to avoid the heavy hand of the royal treasury.
Today, relics from the Santa Margarita serve as stunning reminders of this complex era: an age of dazzling opulence, brutal colonial exploitation, and deadly oceanic ambition. Coins like this one are not just numismatic marvels—they are rare, shipwrecked storytellers from a time when Spain ruled the seas, and the world’s wealth sailed home on fragile wooden hulls.x
Click Here to read more about the 'Atocha 1622 Shipwreck'
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