Note: Reposting due to no answer within a three day period.
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So I'm doing a bit of looking into the treasure fleet as I have an interest in the 18th century, and a few things came to my attention. Spain of course was one of, if not the richest European nation at the time due to the massive gold reserves they uncovered since the 16th century, which I imagined may have lead to hyper-inflation by the 1700s, would this be correct?
Secondly, just how much money would have been lost, are there estimates as to how much the fleet was carrying? And how much of an impact would this have had on Spain economically at the time?
My third and final question. How big of a news event was this? Was it something that would've been seen as a global catastrophe for Spain? Similar to 9/11 back in 2001?
Many thanks for any answers!
In no way am I a historian.. but I know a thing or two about the 1715 fleet. First off all, Spain’s economy was heavily reliant on the treasure fleet system. Two treasure fleets made the round voyage from the new world to Spain every year from 1566 to 1790. The “Nueva España” fleet traveled to Veracruz, Mexico. There the fleet received riches from the orient (such as spices, jewelry, and porcelain), organic goods such as animal hides and dyes, and gold&silver from the Mexico City mint. The Tierra Firme fleet traveled to Panama to receive South American treasures such as Venezuelan pearls, Andean silver, Peruvian gold, Colombian emeralds so on and so fourth. After receiving these treasures, the two fleets would reconvene in Havana, Cuba to recuperate for the voyage home. In the case of the 1715 fleet, these two fleets traveled together combined for added protection. Spain was desperate for treasure, as the War of Spanish Succession had just ended. Spain needed to repay debts, and needed treasure greatly to get back on their feet. From 1701-1714, Spain was at war. King Phillip V knew that the journey back to Spain for the treasure fleet would be even more perilous due to enemy forces patrolling the Atlantic. In 1708, King Phillip ordered a royal galleon to be filled with as much treasure as possible and make the trip home. The galleon San Jose was leaving Cartagena when it was intercepted by British forces and was sunk. A treasure fleet was ordered by the king shortly thereafter and was wrecked off the coast of Cuba in a raging storm. In 1714, the war of Spanish succession finally ended. King Phillip ordered as much treasure to be brought over as soon as possible, as Spain had been starved of its annual treasure for years. In July of 1715 the fleet was ordered to set sail for Spain, even though General Ubilla and Admiral Echeverez were both apprehensive as it was the peak of hurricane season. The combined treasure fleet of 12 ships were caught in a massive hurricane in the Bahamas Channel, pushing the treasure galleons near the east coast of Florida. 11 of the 12 ships were almost all destroyed and scattered. The “Carmen” ran aground nearly intact on Rio Mar beach in Vero beach, nearly every other vessel was turned into toothpicks. Nearly 1000 people died. It was a catastrophe beyond measure. Lifeless bodies were strewn onto the beach and in the water for miles. The survivors’ suffering wasn’t over yet, as they had to manage with relentless mosquitos and English pirates. Interestingly, the only vessel to escape relatively unharmed was the “Grifon” a French ship. Now for your question about how much treasure was on these ships, it was immense. Treasure had been accumulating for years in the new world during the war, and a lot of it was placed on the 1715 fleet. The registered treasure was immense, but many of the passengers and crew smuggled goods to avoid taxes. As an example, another Spanish treasure fleet sank off of the Florida keys in 1733. Spanish salvagers recorded recovering more treasure than was listed on the manifest, which was due to smuggling contraband. So hopefully that gives you an idea about how much smuggled treasure was on the 1715 fleet.
Also, King Phillip IV was soon to marry Elisabeth Farnese. Elisabeth wouldn’t consummate the marriage without a dowry of exquisite jewels. These pieces of jewelry + jewels were placed on a vessel of the 1715 fleet, and haven’t been found yet. In the early 1990’s, several magnificent pieces of jewelry were found by Diver Christopher James will diving off of Capt. Bob Weller’s vessel “Pandion” on the Cabin wreck. These pieces included a magnificent diamond and gold jewelry. These could’ve very well been part of the “Queen’s Jewels”, but it is still up for debate.
I am going to dig through some of my books tomorrow as I have the manifests of a few of the wrecked ships of the 1715 fleet. Will edit my comment to include the numbers of just how much was on the 1715 fleet. Also will include more detailed info about the “Queen’s Jewels” find and will include some articles with photos of the jewelry.
Will be diving a little bit off of the Pandion (new owners) this summer on one of the 1715 fleet wrecks off of Ft. Pierce. Probably one of the most historic recovery vessels of the 1715 fleet still in operation. A lot of treasure has been brought up on her deck!!!
I detect the treasure coast whenever I can, have found a few 1715 items on the beaches adjacent to the wrecks. A lot is buried by sand, the key is detecting the beach when it is greatly eroded after a storm. There is always a chance material will be washed up by the surf, which is how I found a few items. The thrill of the hunt is the best part for me!
Also, it is finders keepers for anything you find on the beach. You cannot detect in the water, it is strictly off-limits as there are leases on the wrecksites for salvage crews.
I’d be more than happy to answer any more questions, or share a couple good 1715 beach spots via pm!