On July 30, 1715 the Spanish Terra Firme and New Spain fleets, bound from Havana to Spain, were hit by a hurricane off the coast of Florida.  Eleven ships were blown up on to the reefs and sank. Only one ship escaped. More than 1,000 sailors lost their lives.

On July 17, Eric Schmitt and his family were diving on the fleet flagship, Capitana, when they found a trove of 52 Spanish gold coins, 40 feet of gold chain, and 110 silver coins and buttons all worth over one million dollars. The discovery was kept quiet for a few weeks to coincide with the 300th anniversary of the disaster. Who receives the benefit of the gold is unclear. The Schmitt family was diving under a contract with 1715 Fleet-Queens Jewels, a Florida company that holds exclusive rights to searching the wrecks.

Diver finds $1 Million in coins off Florida coast

Thanks to Irwin Bryan for passing the story along.