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Friday, 21st September 2007 (3583 views)

Gold coins recovered by US treasure hunters in a shipwreck off the west coast of Gibraltar are Spanish in origin, according to the International Herald Tribune.

More than 11,000 Spanish coins were removed from the wreck by Odyssey Marine Exploration, which is being challenged by the Spanish government for the ownership of its substantial haul under international property law.

Over 200 of the Spanish coins are made of gold, the newspaper reported.

Fortune Magazine reported earlier this month that the total value of the recovered treasure could be as much as $500 million (£248 million).

The location of the site, code named the Black Swan, was kept secret until mid-September, when it was revealed to be approximately 180 nautical miles from Gibraltar.

The International Herald Tribune reported that some Spanish historians believe that the sunken ship could be the wreck of the Nuestra Senora de las Mercedes, which was sunk off the coast of Portugal by a British fleet in 1804.

According to the newspaper, the court case between Odyssey and the Spanish government is expected to resume in October.

 

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