Spanish Gold

In the 17th and 18th centuries, Spain was the richest country in Europe. Spain mined its gold in the countries of Central America and in their colonies in the West Indies. These gold coins, or doubloons, were very refined and pure at 22 carats. This made it the most sought after gold on the planet at the time.

The 1715 hurricane disaster caught the fleet from Spain and pushed the eleven ships against the coral reefs of eastern Florida, destroying them. Aside from the Spanish galleons themselves, their cargoes were also lost. Treasure hunters have been seeking this gold (and other precious commodities) for over 200 years. Five percent of whatever is found, which to date has been very little, will go to the state of Florida. The valuable cargo on board was to be traded in the New World; it consisted of gold, silver, jewelry, tobacco and spices. However, the return trip to Spain was the most dangerous, because the ships carried gold, silver and iron ore mined in Central America.

With the amount of money at their disposal, it may be astounding that Spain did not remain so wealthy. Unfortunately, the nation fought numerous wars during this time, which were funded by their gold. The inflation in the 1600s when the New World clogged the market with precious metals actually aided in drying up the economy of Spain. In addition, English and Dutch pirates often roamed the shipping lanes looking for booty. The multiple hurricanes in the region slammed Central America at least once every year, forcing Spain to make repairs to the areas.