The wreck of the San José, a Spanish galleon sunk in 1708 off the coast of Colombia, has been confirmed as potentially the world's most valuable shipwreck, based on the estimated value of its cargo of precious metals and gemstones.

Identified initially in 2015, further research has recently substantiated the extraordinary worth of the ship's remains, raising critical questions about ownership and rights to the treasure.

The San José was sunk by a British naval attack while loaded with an exceptionally valuable cargo.

There are conflicting historical theories regarding its sinking, with some suggesting it was deliberately scuttled by its captain to prevent it from falling into enemy hands.

This event was a significant blow to Spain's maritime ambitions in the region, which led to legends surrounding the ship and its cargo.

Estimates place the value of the treasure on board the San José at between $17 billion and $20 billion, equating to approximately 6 trillion to 7.1 trillion Hungarian forints.

Historical records of the ship's sinking are well-documented, but over the years, uncertainties about its exact location led to comparisons with the search for the Holy Grail.

The Colombian Navy originally located the wreck in 2015, but due to a lack of technology to definitively confirm its identity, it had not been officially recognized as the remains of the San José.

Recent underwater footage and analysis of gold coins minted in 1707 have provided the necessary evidence linking the wreck to its historical identity.

Researchers studying the gold coins have indicated that they were a significant currency in the region for nearly two centuries, providing insights into the economic culture of the period.

While it remains unclear how many gold coins the wreck contains, estimates suggest that there could be around 11 million coins, with each averaging a diameter of 32.5 mm and a weight of approximately 27 grams.

In 2022, Colombian authorities stated that the galleon was carrying 200 tons of silver, gems, and valuable ceramics alongside the gold coins.

The discovery of the San José has drawn attention not only for its economic implications but also for its scientific significance, with historians, archaeologists, and international researchers eager to study the findings of this remarkable shipwreck.

Plans were previously in place to raise the wreck using robotic technology by 2024; however, this operation has been postponed.

Alongside the San José, researchers have also identified two other nearby shipwrecks, adding to the intrigue of the site.

The eventual lifting of the wreck is also expected to provoke discussions regarding the rightful ownership of the treasure, with claims potentially being made by Colombia, Spain, various indigenous communities of South America, and the company that first discovered the wreck.

Contemporary debates over the cultural and historical implications of such treasures are becoming increasingly prominent.

Experts anticipate that the artifacts recovered from the San José will be displayed in a museum specifically designed for this purpose, contributing to the ongoing discourse about maritime heritage and the legacies of colonial enterprises.