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Posted on 10/06/2002 8:24:30 AM PDT by Tumbleweed_Connection
An American company that discovered a lost ship with what may be history's richest sunken treasure has signed an agreement with the British government, which owns it, to raise it from the bottom of the Mediterranean and split the proceeds.
The agreement is a legal breakthrough that could open the way to the recovery of perhaps up to $4 billion (U.S.) in gold coins that went down with HMS Sussex in 1694, and of dozens of sunken vessels in seas around the world.
Odyssey Marine Exploration Inc. of Tampa, Fla., found what's believed to be the Sussex during four expeditions off Gibraltar from 1998 to 2001. The exploratory work was done with British approval, and the discovery tentatively announced last February. But until now there has been no legal precedent for a private company to join with a government to raise its treasure.
The new agreement — hailed as "an important step in development of a `partnering' approach to deep-sea archaeology" — will be announced by Britain tomorrow.
The British say the Sussex, flagship of a large flotilla, carried a fortune in treasure to buy the loyalty of a shaky ally in a war against France. The site off Gibraltar lies in darkness 800 metres down, and consists of a large mound rich in cannons, anchors and other artefacts — the only such objects found anywhere near the area where the Sussex was reported lost.
"We're fairly convinced it's the Sussex," said a British official.
Both sides agree the ship carried coins, most likely gold, that were worth £1 million in 1694. The $4 billion (U.S.) figure comes from the theoretical value of the coins if sold to collectors, which Odyssey says it cannot predict.
England: William and Mary
France: Louis XIV
Birth of Voltaire
Russia: Peter the Great
Spain: Charles II.
Leni
Political tactics haven't changed at all, have they? Join the government and put out a price tag for your vote!
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