Colombia's quest for the 'holy grail' of shipwrecks: San Jose's billion-dollar treasure

On Thursday, the Colombian government declared its intentions to recover items from the 300-year-old San Jose shipwreck, according to the Associated Press. Minister of Culture Juan David Correa revealed that the initial expeditions are scheduled between April and May of the coming year, underlining that it will be a scientific expedition.

Since the wreck's discovery in 2015, the ship has been embroiled in legal and diplomatic controversies with Colombia and Spain each claiming rights to the sunken treasure. "This is an archaeological wreck, not a treasure," Minister Correa insisted, adding "this is our chance to become a leading country in underwater archaeological research."

The Minister of Culture explained that the materials would likely be retrieved using a robot or a submarine. The rescued items would then be transferred to a navy ship for analysis. With 11 million gold and silver coins, along with valuable emeralds and other artifacts from colonies under Spanish control at the time, many believe the ship's cargo could be worth billions of dollars.

The San Jose galleon met its fate during a naval clash with the British fleet in 1708. Now it rests off the coast of the Colombian peninsula of Baru, south of Cartagena, in the Caribbean Sea. The exact location remains a state secret. The three-deck sailing ship reportedly measured 148 feet in length, 46 feet in width and was armed with 64 cannons.