"Black Swan" Project Overview

In May 2007, Odyssey announced the discovery of the "Black Swan," a Colonial period site located in the Atlantic Ocean. Yielding over 500,000 silver coins weighing more than 17 tons, hundreds of gold coins, worked gold, and other artifacts, it is believed that this recovery constitutes the largest collection of coins ever excavated from a deep-ocean site.

Odyssey Marine Exploration has completed an extensive pre-disturbance archaeological survey of the "Black Swan" site, including recording over 14,000 digital still images which were used to create a photomosaic of the site. During the preliminary excavation, the recovery of artifacts was accomplished under the supervision of qualified archaeologists and followed rigorous archaeological protocols using advanced robotic technology.

The coins and artifacts were brought into the United States with a valid export license, and imported legally pursuant to US Law. Odyssey brought the recovered items under the jurisdiction of the US Federal Court by filing an Admiralty arrest action. This procedure allows any legitimate claimant with an interest in the property to make a claim.

Following Odyssey’s announcement of the "Black Swan" discovery, the Kingdom of Spain filed claims contending the sunken treasure was taken from a Spanish sovereign ship in Spanish waters, and is therefore the property of Spain. However, Odyssey has stated clearly that the recovery was conducted in conformity with Salvage Law and the Law of the Sea Convention, beyond the territorial waters or contiguous zone of any country. Spain has since conceded that the treasure was not found in Spanish waters.  Odyssey is confident in its position that the recovery is not subject to sovereign immunity.

The coins have since been placed in a secure, undisclosed location where they are undergoing documentation and a meticulous conservation process by some of the world's most experienced coin conservators.

The “Black Swan” is located in waters where a number of Colonial period ships are believed to have sunk. There is no apparent hull of a shipwreck or other sufficient evidence at the site to conclusively identify a vessel from which the treasure may have originated. One hypothesis being explored, however, suggests the treasure discovered at the "Black Swan" site may be associated with the Nuestra Señora de las Mercedes, a Spanish vessel that had been assigned to transport mail, private passengers and consignments of merchant goods and other cargoes at the time of its sinking in 1804.

A claim has also been filed by Peru suggesting that Peru may have an interest in the coins recovered. A number of descendants whose ancestors were allegedly transporting goods on the Mercedes have also filed a claim in the case.  Odyssey is communicating with those descendants regarding a possible salvage agreement should it be concluded that the cargo recovered did in fact, come from the Mercedes.

On June 3, 2009, U.S. Federal Court Magistrate Pizzo filed his Recommendation that Spain's Motion to Dismiss be granted in the "Black Swan" case indicating that the court lacked jurisdiction over the case based on sovereign immunity. Odyssey filed an objection to this recommendation on July 21, 2009 and will continue to vigorously defend its rights to what it has legally recovered and submitted to the jurisdiction of the court. You can access this objection, as well as other significant filings here.

To receive free updates on the "Black Swan", please enter your e-mail address at the top right side of this page.