Odyssey Loses Mercedes Shipwreck Treasure

In 2007, the shipwreck salvage company Odyssey Marine Exploration recovered about 17 tons of silver and gold coins worth roughly 500 million dollars from the wreck of the Spanish frigate Nuestra Señora de las Mercedes, which had sunk off the coast of Portugal. Odyssey argued in U.S. courts that it had legally recovered the cargo from international waters, while Spain sued, claiming sovereign rights over the warship and its treasure. In February 2012, after about five years of litigation, a U.S. magistrate judge ordered Odyssey to hand over all 594,000 gold and silver coins to Spain, so the company kept none of the treasure it had recovered.

Previous Fact Next Fact