From the El Cazador, Bound for New Orleans (1784)

349, Lot: 642. Estimate $100. Sold for $280. This amount does not include the buyer’s fee.

MEXICO, Colonial. Carlos III. King of Spain, 1759-1788. AR 8 Reales (38mm, 12h). Ciudad de México (Mexico City) mint; Francisco de la Pena and Francisco Arance Cobos, assayers. Dated 1783 Mo FF. Grove 1340; KM 106.2. Fine, toned. In an NGC Shpwreck Certification holder marked Genuine. From the wreck of the El Cazador.

In early 1784, the El Cazador (“The Hunter”) set sail from Veracruz to New Orleans. The economy of the then-Spanish colony of Louisiana was in such a poor state that the colonialists were on the brink of revolution. Hard currency was desperately needed, and the El Cazador, loaded with Spanish silver coins struck at the Mexico City mint, was launched to resolve the situation. The ship never arrived, for reasons that are unclear. Spanish attempts to locate and retrieve the treasure failed, and in June 1784 the ship was officially declared as lost at sea.

It would take over two centuries for the treasure to be located. In August 1993 the fishing boat Mistake snagged its nets in the Gulf of Mexico. When the nets were dumped on the deck, the crew was shocked to find they had hoisted silver coins.