Colombia recovers treasure from $20B San José galleon shipwreck

Archaeologists in Colombia have retrieved the first items from the fabled San José galleon, a wreck known as the “Holy Grail of shipwrecks” due to its sheer amount of treasure.

The galleon, which sank in the Caribbean Sea in 1708 during an attack by a British fleet, has been the subject of intense scrutiny and international disputes since it was discovered in 2015.

The shipwreck is believed to contain about 11 million gold and silver coins, along with emeralds and other valuable cargo. Its treasure is worth as much as $20 billion. 

The San José was carrying chests full of jewels and gold coins when it sank on its way to King Philip V of Spain.

On Thursday, Colombia’s culture ministry announced that archaeologists have recovered a porcelain cup, three coins and a cannon from the site.

Pictures released by the government show President Gustavo Petro marveling at the ancient bronze cannon that was retrieved, which has remained in remarkable condition.

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The recently-announced artifacts represent just a fraction of what the ship was carrying when it sank over 300 years ago.

Colombia and Spain have both claimed ownership rights to the treasure. Colombia is in arbitration litigation with Sea Search Armada, a group of U.S. investors that claims it discovered the wreck in 1982.

The wreckage’s exact location has been kept a state secret, and it lies nearly 2,000 feet deep in the sea.

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Petro’s government has affirmed that the deep-water expedition is focused on research, not treasure hunting.

Though the San Jose galleon remains the world’s most valuable known shipwreck, other notable maritime discoveries have surfaced in 2025.

This summer, a group of marine experts determined the exact location of Captain James Cook’s HMS Endeavour, the ship used to reach the eastern coast of Australia.

In June, officials unveiled the deepest-recorded shipwreck in French waters, off the coast of Ramatuelle. The ship still retained ancient cargo, including well-preserved porcelain.

The Associated Press contributed to this report.