Estimated worth of submerged global treasures

In the depths of the world's oceans, shipwrecks serve as time capsules, offering glimpses into our past. These underwater relics have captured the imagination of treasure hunters and historians alike, with their stories of lost fortunes and historical significance.

Recent reports suggest that the gold on board the HMS Victory, a British warship that sank in the English Channel in 1744, could be worth $160 million. However, if auctioned based on its historical value, it could potentially fetch a staggering $1 billion. Similarly, other shipwreck hunters have discovered the remains of the HMS Victory's contemporary, the Spanish galleon Nuestra Señora de las Mercedes, which sank in 1804. Spain is currently recovering the estimated $500 million haul of gold and silver from this vessel.

The allure of shipwrecks is not limited to the valuable cargo they carry. Sonar technology has improved significantly, providing crisp and almost photographic images of underwater structures. This advancement has enabled divers to explore deeper wrecks, using rebreathers and gas mixtures for extended periods. Autonomous underwater vehicles are also employed when dives are too deep or dangerous for humans.

However, shipwrecks are not commodities to be bought and sold. They are valuable for their historical significance, providing insights into our forgotten past and telling our story. As such, the value of undersea wrecks is considered priceless by historians.

The hunt for shipwrecks begins with historical research, and the use of navigation programs helps narrow the search area. For instance, the team that announced the discovery of the Port Nicholson, a World War II-era British merchant ship, found 71 tons of platinum ingots worth about $3 billion on it.

Yet, the profession of shipwreck hunting has gained a less than favourable reputation due to a few individuals who have destroyed the historical record in their pursuit of treasure. Souvenir hunters, looters, and even the mafia may have plans to dive the wreck of the Costa Concordia for a piece of its fortune. The cruise liner, which tragically capsized off the coast of Italy in 2012, may shift from a grave site to a treasure trove, containing a wealth of cash, jewels, antiques, and thousands of pieces of art left behind by passengers and interior decorators.

The director of a museum declined to discuss the value of undersea wrecks for fear of encouraging looters. Maritime historian Amy Mitchell-Cook argues that it's not possible to make an estimate of the number of shipwrecks. James Delgado, director of the Maritime Heritage Program at the National Oceanic and Atmospheric Administration (NOAA), estimates that there are a million shipwrecks underwater now.

Despite the potential financial rewards, Mitchell-Cook warns that it's not enough to make it worth your time due to the unknown factors and high costs of wreck hunting. She emphasises that the true value of shipwrecks lies in the historical and cultural insights they provide, rather than the dollar figures attached to their cargo.

In conclusion, the allure of shipwrecks lies not just in the treasure they may contain, but in the stories they tell and the insights they offer into our past. As technology improves and our understanding of the ocean deepens, these underwater relics continue to captivate and intrigue us, offering a tantalising glimpse into history's hidden treasures.