San Jose 1708 Shipwreck

The San Jose was the flagship and largest galleon of a Spanish fleet carrying gold and silver from the mines of Potosi, Peru. It was traveling from Portobello, Panama, to Cartagena, Colombia, when British warships intercepted it off Cartagena in 1708. The galleon was destroyed, taking with it a treasure estimated between $4 billion and $17 billion in gold, silver, and gems.

In the armada of 1708, the value of the cargo on the flagship alone exceeded Spain's annual national income from all sources. When the bullion and coins on all the galleons of the armada were totaled, it was two or three times Spain's annual income. In addition, there were trade goods of cocoa, indigo, leather, cochineal, precious woods and many other items. The galleons were lumbering bank vaults.

The Spanish fleet's other galleons carrying gold, silver, jewelry, emeralds and other gems escaped the British navy. But the San Jose and her extraordinary cargo were lost to the depths of the Caribbean.

Colombia announced in 2015 that it had found the galleon sunk 300 years ago in the Caribbean. “Great news: We found the galleon San Jose!” President Juan Manuel Santos tweeted. “Without a doubt, we have found, 307 years after sinking, the galleon San Jose. This is one of the greatest finds and identification of sunken patrimonies, if not the biggest, as some say, in the history of mankind.”

The discovery intensified an international dispute over the treasure. Sea Search Armada (SSA), a group of U.S. investors engaged in marine salvaging, claims it found the site of the San Jose in 1981 and contends the Colombia government has been trying to illegally confiscate their finds.

SSA filed several lawsuits in the United States and Colombia, contending it won a Colombian Supreme Court ruling upholding how the treasure should be split 50-50 between the government and the U.S. firm. The legal saga continues to this day, making the San Jose one of the most contested shipwrecks in history.

The discovery is a reminder that Colombia's history is made up of very different eras featuring people who are part of their national memory, from Spanish conquistadors to modern treasure hunters, all drawn by the allure of the San Jose's legendary hoard.