The “Black Swan” ship, later known as Nuestra Señora de las Mercedes, is one of the most notorious marine treasures recovered in history. It made worldwide news and spawned a series of lawsuits and court cases that made it all the way to the Supreme Court in the United States.
The Origins of the Treasure
Under the code name Black Swan, a project funded by Odyssey Marine Exploration (an American treasure-hunting company) recovered an incredible $500 million (£314 million) treasure in gold and silver on the ocean floor. This included 17 tons of coins, nearly 100,000 gold coins, and various other artifacts from the wreck.
At the time, scholars and the general public had a number of ideas regarding where the treasure could possibly have come from. Despite Odyssey’s assertion that it came from a single ship, some have suggested that it may have come from multiple shipwrecks in the area.
One of the initially proposed sources of the treasure was the Merchant Royal, a ship that, while on its way to London, sank to the ocean floor in September 1641. The lost cargo, at the time, was detailed as follows: 300,000 Pounds in silver, 100,000 Pounds in gold, and as much again in jewel.
In May 2008, after a US Federal Court in Tampa ordered them to, the original team at Odyssey that discovered the treasure revealed that it came from the wreck of the Spanish frigate Nuestra Señora de las Mercedes. The ship, Nuestra Señora de las Mercedes, was carrying gold, silver, cinnamon, and quinoa from Uruguay to Spain when it was intercepted by the British navy. This encounter led to an armed confrontation, during which a shot hit the ship’s magazine, causing it to sink.
The ship sank off the coast of Portugal in 1804 and was known, at the time, to be carrying around a million silver dollars. It is believed that these coins had never reached circulation and that they were on their way from South America to Spain.
Adding to the complexity, the Peruvian government believed that the coins were mined, refined, and minted in Peru while the country was under Spanish occupation, and therefore, claimed to also have a stake in the treasure.
The Black Swan Court Case
For a time after the treasure’s discovery, Odyssey kept the origin a secret, adding to the overall mystery and inspiring a great deal of speculation. Without asking for Spain’s assistance in identifying the vessel, Odyssey, packed the treasure into white plastic containers and brought them to the US in May 2007.
When it was eventually established they had discovered a shipwreck containing the largest underwater treasure ever found, the world was enthralled by their find.
Meanwhile, a group of low-level government officials in Spain suspected that the sunken ship was actually an ancient Spanish vessel. This set off a legal and political stand-off, where idealistic diplomats faced off against a wealthy and influential treasure hunter, with crucial cultural artifacts and hundreds of millions of dollars at stake.
Legal Proceedings
For a while, Odyssey refused to disclose the exact location or name of the ship. The site was likely near Spain, as Odyssey discreetly landed the $500 million treasure in Gibraltar, chartered a flight, and transported the loot to their headquarters in Tampa, Florida.
Spain was not pleased. Odyssey claimed the discovery was made in international waters in accordance with the United Nations’ Law of the Sea. However, their refusal to reveal the wreck site and their claimed ignorance of the ship’s name aroused suspicion among Spanish authorities.
Consequently, Spain filed a lawsuit against Odyssey Marine Exploration in a federal courthouse in Tampa, demanding that the company disclose all information about the wreck so Spain could claim ownership. Additionally, they obtained a Spanish court order to seize Odyssey ships around Gibraltar and search them for historical artifacts. After the various legal proceedings were over, the Spanish government examined the wreck site and discovered that Odyssey had used damaging recovery tactics, effectively destroying the remnants of the ship.
Conclusion of Case
It wasn’t until 2012 that the treasure of the Nuestra Señora de las Mercedes was returned to Spain. Today, it is on display at the National Museum of Subaquatic Archaeology in Cartagena.
After the trial, Odyssey Marine Exploration was forced to pay $1 million by a U.S. district court for their “bad faith and abusive litigation,” according to the Tampa Bay Times. Spain had won its claim to a $600 million haul of the sunken treasure and also wanted $3.3 million in legal fees.
On February 27, 2012 the treasure was put aboard two Spanish military C-130 planes and it was flown back to Spain. Since 2014, the treasure has been on display in several Spanish public museums as part of an extensive itinerant exhibit relating to the sinking of the ship, and the recovery of the treasure.
Lessons from the Black Swan Discovery
The Odyssey Marine Exploration court case raised a number of questions regarding what happens if you find shipwreck treasure. If you’re following a certain series of laws, known as the Laws of Finds, then the treasure is entirely yours. But, the vessel’s owners must not have been actively searching for it for a number of years (having given up on finding it) before you stake a claim to it.
There are some exceptions, for example, the Abandoned Shipwrecked Act that was passed in 1987 in the United States. It says that any treasure discovered at least three miles from the coastline belongs to the United States. The Law of Finds also does not apply to government ships.
It is this kind of exception that eventually forced Odyssey Marine Exploration to turn over the treasure to the Spanish government. A U.S. district judge ruling on the case wrote:
The ineffable truth of this case is that the Mercedes is a naval vessel of Spain and that the wreck of this naval vessel, the vessel’s cargo, and any human remains are the natural and legal patrimony of Spain.
The case made its way to the Supreme Court, where a final decision was reached. Since the end of the case, the treasure has found a home at the National Museum of Subaquatic Archaeology in Cartagena.
Many More Sunken Treasures Await
According to Popular Mechanics, James Delgado, director of the Maritime Heritage Program at the NOAA estimates that there are around a million known and undiscovered shipwrecks still submerged underwater.
Other researchers have suggested that it’s impossible to put a number on the number of shipwrecks that lay undiscovered by human beings and, therefore, an estimate of any possible lost treasure.
When asked to speculate about the monetary value of all the shipwrecks currently undiscovered, Scott Fischer, a treasure hunter from Key West Florida, said around $60 billion.
According to Popular Mechanics, he based this number on the average losses that Spanish ships incurred as they traveled from the Americas back to Europe.
But, Fischer does warn any would-be treasure hunters that the amount of money it takes to uncover such a valuable wreck, like the Nuestra Señora de las Mercedes, would be incredibly expensive and would likely not make an effort worthwhile.
Ocean Insights: Hear From Our Experts
By Rida Nasir
Researcher and Conservationist, with an MSc in Environmental Science
I believe the discovery of the Black Swan treasure raises significant ethical and legal questions about cultural heritage and the rights to underwater treasures. The substantial value of the find—estimated around $500 million—highlights the potential for significant financial gain but also underscores the importance of responsible stewardship. In my view, such discoveries should prioritize historical preservation and respect for the cultural significance of the wreck, rather than merely the monetary value of the artifacts recovered.
FAQs
How did the Black Swan ship sink?
The “Black Swan” ship, or the Nuestra Señora de las Mercedes, likely sank due to heavy weather and pump failure. The water leaked through the hull plants dooming the ship.
Was the Black Swan a real ship?
“Black Swan” was a code name used by Odyssey Marine Exploration to describe their recovery of the gold and silver coins from the Nuestra Señora de las Mercedes off the Portuguese coast.
Where is the Black Swan shipwreck?
The shipwreck is off the coast of Portugal. At the site, Odyssey Marine Exploration found the remains of the Nuestra Señora de las Mercedes (almost all of which were destroyed during the company’s retrieval of the treasure).
When did the Black Swan ship sink?
The “Black Swan” ship, the Nuestra Señora de las Mercedes, sank in 1804. The $500 million in treasure sat at the bottom of the ocean until Odyssey Marine Exploration removed it without the Spanish government’s consent.
