Colombian government plans public-private partnership for San José treasure recovery

In Colombia, an underwater mission has been investigating a sunken shipwreck believed to be the legendary San José galleon, which sank in 1708 while carrying a treasure valued at approximately $20 billion. Recently, new evidence was presented, including photographic analysis of coins found near the wreck, which confirms the ship's identity. The Colombian Institute of Anthropology and History, through lead researcher Daniela Vargas Ariza, utilized advanced imaging techniques to analyze the physical attributes and mint marks of the coins, establishing their origin to Lima, Peru in 1707. These coins, known historically for their distinct characteristics, were a vital part of the Spanish monetary system during that period. The Colombian government has taken a significant step by declaring the shipwreck a protected archaeological area in 2024. This designation aims to ensure the preservation of this underwater cultural heritage while further facilitating research and conservation efforts. Colombian President Gustavo Petro is advocating for the ship, along with its associated treasures, to be exhumed by the end of his term in 2026, demonstrating a commitment to retrieving and safeguarding the valuable historical artifacts. A deal has been struck with a treasure hunting company, Sea Search, which initially discovered the debris field, entitling them to half of the estimated fortune on board. Despite the treasure's immense monetary value, the legal status surrounding its recovery is complex. Sea Search has raised concerns claiming that they first uncovered the debris over three decades ago, leading to an ongoing lawsuit against the Colombian government under the US-Colombia Trade Promotion Agreement. This litigation underscores the competing interests in the treasure recovery narrative and highlights issues related to heritage ownership. As investigations progress, it remains uncertain whether the legal disputes will be resolved in a way that satisfies all parties involved. As work continues on the site, the significance of the San José galleon extends far beyond its monetary wealth; it embodies a rich tapestry of colonial history and maritime culture, shedding light on the historical exchanges that shaped the Americas. The potential to reclaim and study such artifacts opens avenues to understand better the historical impacts of European exploration, colonialism, and trade in the New World. These discoveries contribute to a deeper appreciation of cultural heritage and provide insight into the societies that laid the foundations for modern Latin America.