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Sunday, 26 February 2012 - Spanish treasure lands after 200 years |
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      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. 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Credit: Reuters/Spanish Embassy/Handout By Martin Roberts MADRID | Sat Feb 25, 2012 3:35pm EST MADRID (Reuters) - Coins worth nearly half a billion dollars finally arrived in Spain on Saturday after lying in a sunken warship for more than 200 years and following a five-year legal battle between the Spanish government and a salvage company. The Nuestra Senora de las Mercedes, a 49-gun navy frigate, set sail from the coast of Peru - then a colony of Spain - with coins to help replenish the Spanish treasury's coffers. In 1804, British warships attacked as the frigate was approaching the Spanish port of Cadiz and the ship went down, with 249 killed, a Spanish government website said. On Saturday, Spanish military aircraft landed at the Torrejon air force base near Madrid bearing 594,000 gold and silver coins recovered from the wreck by U.S.-based Odyssey Marine Exploration in 2007. Spain had argued in court that it, not the salvage company, was the rightful owner of the cargo and the ship, and a U.S. judge ordered on February 17 that the coins be returned from Florida. The company said it would abide by the ruling, although a spokeswoman said it "flies in the face of all legal precedent. "This a victory for Spain and the United States," lawyer Jose Maria Lancho, who advised the Spanish government in its action against Odyssey, told Reuters. "For Spain, this sunken ship, this archaeological site, is still a warship and we still have jurisdiction over what has happened to it." The Spanish government plans to restore, conserve and catalogue the contents of the 17-tonne cargo, which it estimates to be worth 373 million euros ($496 million). Several cities are vying to put the coins on show, but the culture minister said no decision had yet been taken. Spain has not said where it will keep the coins in the meantime, for security reasons. While the treasure is now in Spain, there is still legal action pending. Spanish news agency EFE reported the Peruvian government planned to appeal to the U.S. Supreme Court to claim part of the cargo. And Malaga-based marine archaeology company Nerea, which Lancho also works with, has been asking a Spanish court to bring charges against Odyssey of damage to cultural heritage, damage to archaeological sites and trafficking in archaeological heritage. Local media citing Spanish government sources reported part of the ship's cargo was still in Gibraltar, a British-administered territory in southern Spain whose sovereignty is disputed by the Spanish government. "We are in touch with the Spanish Ministry of Foreign Affairs. As yet, we do not have any confirmation that any of the ship's contents are in Gibraltar," a British Embassy spokesman said in Madrid. (Additional reporting by Teresa Larraz; Editing by Alison Williams) World Science Oddly Enough Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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