A US crew has discovered a haul of over 200 silver coins believed to have been lost to the ocean in a shipwreck over 300 years ago.
Diver Grant Gitschlag and his crewmates discovered while exploring an underwater site off the coast of Florida.
The cobs, which are coins of irregular shape made before machine minting, are likely treasure which was being transported by a Spanish fleet known to have been destroyed in a hurricane in 1715.
Grant, 33, originally from Clinton, Mississippi, said: “I was always into trying to find stuff from a very young age. What little boy doesn’t dream about buried treasure, ya know?
Grant explained: “We instantly knew what those irregularly shaped black objects were.
“Silver coins can develop a thick crust from corrosion after spending hundreds of years in the water, but there is no mistaking a piece of eight when it comes up.
“They’re heavy and oftentimes you can see some detail peeking out.”
The loss of the 1715 Fleet and its huge quantity of gold and silver cargo was likely a great blow for Spain, which at the time had amassed a global empire ruled by King Philip V.
Grant and the other crew members aboard the M/V Lilly May, Captain Mike Penninger, Nick Amelio and Corinne McClanahan, were subcontracting for 1715 Fleet Queens Jewels LLC, which has exclusive salvage rights for the wrecks.
The value of cobs depends on the denomination and preservation of the coin, and whether or not the date is visible can have a huge difference in the price.
In a statement, the company said the coins were mostly large denominations, four to eight reales, and Grant suggested the coins were likely minted in Mexico City, somewhere between 1700 and 1715.
The total value of the treasure find is estimated to be in the thousands, with the market value of the coins anywhere between £9,200 and £100,000 depending on their condition.
Grant confirmed the coins had not yet received formal valuation and added that only a portion of the haul would be sold.
He explained: “We don’t know the value as they have not been cleaned yet, also very few will go on the market.
“Some will be disbursed between the Florida museum, our parent company who we subcontract through, and our crew.”
The 1715 Fleet Society, dedicated to researching the history of the Spanish cargo ships, suggests the storm claimed nearly all ships in the fleet and more than 1,000 people aboard perished in the water.