It sounds like the plot of a modern crime drama, but it’s very real. In 2015, contractors working off Florida’s Treasure Coast as salvage operators for a company hunting for lost historical artifacts once contained in sunken Spanish fleets made a remarkable discovery: 101 gold coins.
But rather than report the whole discovery, the operators kept 50 of the coins for themselves and tried to sell them through an illicit route. Now, 37 of these gold coins have been recovered as part of the long-running investigation into their theft and illegal trafficking.
Florida’s Treasure Coast gets its name from its association with Spanish treasure fleets that sank while returning from the New World during the early 18th century. In particular, coins from the treasure fleet that was destroyed by a hurricane in 1715 have been credited with creating a kind of local identity for the region during the mid-20th century, which continues to draw visits from treasure hunters, adventurers, historians, and tourists alike.
One such company invested in salvaging this lost treasure is 1715 Fleet – Queens Jewels, LLC, which states they currently hold the lease from the US District Courts to perform this work with subcontractors. In 2015, 1715 Fleet – Queens Jewels, LLC worked with members of the Schmitt family, who were the ones to discover the 101 lost coins – but the Schmitts only reported part of their find, and 50 coins we subsequently stolen.
In June this year, new evidence emerged that directly linked Eric Schmitt, a member of the family, to the illegal sale of a number of the missing coins between 2023 and 2024. This led the Florida Fish and Wildlife Conservation Commission (FWC) and the FBI to launch an in-depth probe into the situation.
There were originally 101 coins discovered by members of the Schmitt family in 2015, but 13 are still unaccounted for.
Image credit: The Florida Fish and Wildlife Conservation Commission.
“This case underscores the importance of safeguarding Florida’s rich cultural heritage and holding accountable those who seek to profit from its exploitation,” FWC Investigator Camille Soverel said in a statement.
In the process of executing various search warrants, investigators recovered coins from safe deposit boxes, private residences, and auctions. This is not to suggest everyone knew the coins were stolen, as five were recovered from a Florida-based auctioneer who had unknowingly purchased them from Schmitt.
Digital forensic techniques found metadata and geolocation information that linked Eric Schmitt to a photograph of the coins taken at the family’s home, while it was also discovered that Schmitt had placed three of the stolen coins on the sea floor so they could be found by 1715 Fleet – Queens Jewels, LLC’s new investors in 2016.
Since the investigation started, 1715 Fleet – Queens Jewels, LLC said in a statement that it “was shocked and disappointed by this theft and has worked closely with law enforcement and the state of Florida regarding this matter. The recovered coins are now going through the proper process for legal adjudication.”
The 37 coins that have so far been recovered have been valued collectively at over $1 million. Ongoing efforts hope to recover the remaining 13 stolen coins and to prosecute those involved in their illegal sale.
