$500 Million Treasure Found in Atlantic

Deep sea explorers have discovered what they believe to be the biggest shipwreck treasure in history. The seventeen tons of loot is expected to be worth approximately $500 million.

Odyssey Marine Exploration co-chairman, Greg Stemm stated the find contains over 500,000 pieces from the Colonial Era, and each piece is estimated to bring $1000 from collectors.

"For this colonial era, I think (the find) is unprecedented," said Nick Bruyer, a coin expert who has seen coins found in the wreckage. "I don't know of anything equal or comparable to it." Bruyer acknowledged he noted a range of varieties and dates of coins that are probably uncirculated. He proposed this theory because the currency is in better condition than typical artifacts found on shipwrecks of the estimated era.

Calling the project "Black Swan," Odyssey isn't releasing details about the coins. The "Black Swan" coins, which are primarily, are expected to bring several hundred dollars to several thousand dollars each, while some of the more rare coins demanding even more.

Value is placed on the coins by their condition and the story behind them as well as how rare the coin is considered. Controlled release to the public in addition to the expected high value collectors will place on the coins will probably keep prices at a premium rate.

"We have treated this site with kid gloves and the archaeological work done by our team out there is unsurpassed," stated John Morris, CEO of Odyssey. "We are thoroughly documenting and recording the site, which we believe will have immense historical significance."

Deciding not to disclose the ships location for security reasons, Stemm indicated an announcement would be forthcoming. However, the site of the ship is out of any country's territorial jurisdiction.

While there is some indication that the coins may have come from a 400 year old shipwreck off England's coast, the shipwreck was located in a high traffic area where many colonial era vessels were believed to have been sunken. Stemm acknowledged there are undetermined elements, such as age, nationality and size; however, some evidence indicated a specific unnamed shipwreck.

Stemm would not comment when asked if the discovery was made from the wreckage site Odyssey recently requested a federal court's permission to salvage. Seeking exclusive rights to that site, an Odyssey attorney acknowledged the location of the site is near the English Channel, located about 40 miles off England's coastline. A judge granted the rights last month.

"Rather than a shout of glee, it's more being able to exhale for the first time in a long time," Stemm said, commenting on the biggest find in the company's previous 13 years. Odyssey Marine Exploration is the only publicly traded company of its kind.