Some of you may be aware that the wreck of a Spanish galleon was recently found, along with a pile of treasure. ALOT OF TREASURE. We’re talking about 594,000 gold and silver coins and other artifacts. They were found and excavated by Marine Exploration. The 200-year-old shipwreck, Nuestra Senora de los Mercedes, was discovered off the coast of Portugal near the Straits of Gilbrator in 2007.
As soon as it was learned that the value of the coins could be as much as $500 million, the fight for ownership began. Marine Odyssey has been battling Spain and Peru for rights to the treasure. Odyssey argues that it found the treasure and spent $2.6 recovering it. Peru argued that the gold and silver was mined, refined, and minted in that country, which at the time was part of the Spanish empire. Spain contended that it never gave up right to the ship or its contents, which were found in its waters.
Spain won the many court battles. Neither Marine Odyssey or Peru will receive any compensation. Some worry that Spain will sell some of the loot to pay down its crippling debt. Others think they should given a twenty-three percent unemployment rate and stagnant economy.
The Spanish Culture of Ministry has said that the coins are a “national heritage” that will be displayed in leading museums. Given the staggering unemployment figures and flailing economy, seems like the security at these museums better be spectacular or they could soon find their treasure plundered…
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