US family finds sunken Spanish treasure worth USD 1 million

An American family has found more than USD 1 million worth of gold artefacts, including 52 gold coins and a 40-feet ornate gold chain, from the wreckage of a Spanish fleet that sank in the Atlantic almost 300 years ago.

The Schmitt family and 1715 Fleet -- Queens Jewels LLC -- last month recovered USD 1 million worth of sunken Spanish coins and jewels off the Florida Coast.

Eric Schmitt and his family found 52 gold coins worth more than USD 1 million with the star of the haul being an extremely rare coin known as a "Tricentennial Royal" minted in 1715.

The single coin called a royal, made for the King of Spain, Phillip V, was among the 52 gold coins and the 40 feet of ornate gold chain recovered, a statement said.
It had been underwater since a fleet of Spanish ships foundered during a hurricane along Florida's Treasure Coast almost 300 years ago, Schmitt said.

"These things were known as presentation pieces not meant to be circulated as currency," Schmitt was quoted as saying by Orlando Sentinel.

That coin alone is worth about USD 500,000, according to Schmitt.

And according to Brent Brisben, co-founder of 1715 Fleet —- Queens Jewels LLC, the company that owns the rights to dive at the wreckage site where the gold was found, the coin's value comes from the fact that it is in nearly perfect condition and is a rarity.

The USD 1 million value is due to the rarity of the coins, not the weight of the gold.
"It's incredibly rare and incredibly valuable," Brisben said. "It returned from the depths on its 300th birthday."

Schmitt found the gold while diving near Fort Pierce during his yearly treasure-hunting trip with his wife, his sister and his parents.

For the past two summers, the Schmitts have made national news thanks to their discoveries from the fleet of Spanish ships that wrecked in July 1715.

"The treasure was actually found a month ago," said Brisben. Keeping the news under wraps was "particularly hard for the family that found it. They've been beside themselves."

The Schmitt family are subcontractors to 1715 Fleet —- Queens Jewels.
The timing of 1715 Fleet's announcement coincides with the 300th anniversary of the Spanish treasure fleet's shipwrecks off the coast of Florida.

Of the 11 ships that sank, Brisben said the 1715 Fleet has positively identified six of those ships. "Five more are remaining with an estimated USD 400 million worth of treasure still out there," he said.