Colonial gold
16 billion in gold – Colombia raises the wreck of the legendary “San José”
The painting by Samuel Scott shows the explosion of the San José.
© Commons
Farewell to budget worries: The Colombian government wants to raise a Spanish ship of the line that has been lying off the country’s coast since it exploded in 1708. The “San José” is considered the “holy grail of shipwrecks” because it had untold treasures on board.
Colombia rejected this and claimed that the “San José” was not in the specified location at all. The government claims to have found the real wreck in a different location in 2015. These coordinates were kept secret. Juan Manuel Santos, then president, said the find was “one of the greatest discoveries of sunken heritage in human history.”
Ongoing litigation
But Glocca Morra doesn’t give up. In arbitration proceedings, the company is demanding compensation of ten billion US dollars. Regardless of the ongoing dispute, the rescue should now begin. Juan David Correa, Colombia’s culture minister, said salvaging the ship was a priority for the current president. “The president told us to pick up the pace.” What this means is that the recovery will begin during Petro’s term of office and will end in 2026.
No spoils for the British
The “San José” was a two-deck ship of the line and was commissioned in 1700. After operations in the War of the Spanish Succession, she was sent to America in 1708. In Portobelo (Panama) she was loaded with 344 tons of gold and silver coins and 116 boxes of emeralds from Peru. If the entire cargo could be recovered, its value today would be equivalent to 16 billion US dollars – at least. The entire fleet consisted of 14 cargo ships, but only three warships. Off Cartagena, the Spanish fleet encountered a British squadron with four warships. The Spaniards were at a disadvantage from the start. The British wanted to capture the warships; they knew that the gold treasure was there. The sea battle raged for ten hours, then the “San José” caught fire and the powder magazine exploded. The explosion tore the ship into the depths. 578 people died, only eleven survived the sinking. Most of the fleet’s treasure sank into the depths.
The warship “San Joaquín” also carried large values. But the “San Joaquín” was able to escape with the merchant ships to the port of Cartagena. The British only captured the third and smallest warship, the Santa Cruz. But there was some wealth on it, but it was nothing compared to the cargo from “San José” and “San Joaquín”.
Who does the treasure belong to?
The legal questions are complicated – and not just because of the salvage company. According to a UNESCO convention, the wreck belongs to the country of origin, Spain. A controversial regulation, according to which the former colonial countries had a priority claim to the looted property. Colombia has wisely not signed this convention. In addition, the Bolivian ethnic group Qhara Qhara makes claims. Their ancestors were taken to the mines and had to extract gold.
Source: Bloomberg