Gideon Long, a BBC business correspondent, shares insights on the staggering $18 billion treasure believed to be aboard the San José, a Spanish galleon sunk over 300 years ago. Underwater archaeologist Rodrigo Pacheco-Ruiz dives into the ship's rich history and the ongoing debates over salvage rights. They explore the fierce legal battles between Colombia and treasure hunters, alongside the ethical implications of raising the shipwreck. The discussion highlights not only the allure of hidden wealth but also the importance of preserving cultural heritage.
The ongoing legal battle for the San José's treasure involves varied stakeholders and raises significant questions about international law and underwater cultural heritage ownership.
The estimated treasure aboard the San José reflects complex historical discrepancies and ethical considerations regarding the site’s treatment as a war grave.
Deep dives
The Mystery of the San Jose
The San Jose, a Spanish galleon that sank over 300 years ago off the coast of Colombia, is notable for its phenomenal cargo of treasure, including gold, silver, and emeralds, valued at potentially billions. Various theories surround its sinking, with the most accepted narrative indicating that British forces accidentally caused an explosion during a battle, leading to its rapid descent to the ocean floor. However, recent claims from Colombian officials suggest it may have sunk more gradually, with eyewitness accounts adding to the complexity of understanding its final moments. This shipwreck not only presents a tale of maritime history but also raises significant ethical considerations regarding the treatment of the site as a war grave, as approximately 600 crew members perished when it sank.
The Valuation Conundrum
Estimating the value of the treasure aboard the San Jose presents substantial challenges due to discrepancies in historical records, potential smuggling, and the condition of the cargo on the ocean floor. Various estimates suggest that the treasure’s worth could range from $7 to $18 billion, yet these figures are often contested and should be taken cautiously, particularly since the values are influenced by the interests of involved parties, like salvage companies. Historical documents hint at vast amounts of gold and silver, alongside non-precious items such as Chinese ceramics, but the final inventory remains uncertain due to the potential for undocumented treasure. Ultimately, assessments of value must consider not just the market worth of the materials but also their cultural and historical significance.
Legal Claims and International Implications
The ongoing dispute over the San Jose’s treasure involves multiple stakeholders, including the Colombian government, a U.S. salvage company, and even indigenous groups from Bolivia and Peru claiming rights to the cargo based on its origins. This complex web of claims has escalated to a legal battle now being addressed at the Permanent Court of Arbitration in The Hague, with parties presenting arguments that delve into international law and the ownership of underwater cultural heritage. The case not only highlights ownership disputes but also reflects broader discussions surrounding the ethics of treasure hunting and the preservation of historical shipwrecks. With millions of shipwrecks globally, this scenario sets a crucial precedent for how similarly contentious cases may be resolved in the future.
The wreck of a Spanish galleon, the San José, is thought to hold a cargo of gold, silver and emeralds worth $18 billion dollars. It’s laid on the seabed off the coast of Colombia for more than 300 years, after being sunk by the British. Decades after it was discovered, a debate still rages among various groups who think they have the right to retrieve the San José’s long lost cargo.
On today's episode, Lucy Hockings speaks to marine archaeologist Dr Rodrigo Pacheco-Ruiz and our business correspondent Gideon Long to find out who’s claim to the wreck is strongest.
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Producers: Richard Moran and Beth Timmins
Sound engineer: Mike Regaard and Ben Andrews
Assistant editor: Sergi Forcada Freixas
Senior news editor: Sara Wadeson
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