This wreck was the largest loss ever experienced by the Spanish South Seas (Pacific) Fleet, of which the Jesus María de la Limpia Concepción was the capitana (“captain’s ship,” or lead vessel) in 1654. Official records reported the loss of 3 million pesos of silver (2,212 ingots, 216 chests of coins, and 22 boxes of wrought silver), augmented to a total of as much as 10 million pesos when contraband and private consignments were taken into account. By comparison, the entire annual silver production in Peru at that time was only about 6-7 million pesos!
Obviously overloaded, technically, the Capitana sank due to pilot error, which drove the ship onto the reefs south of the peninsula known as Punta Santa Elena, a geographic feature the pilot thought he had cleared. Twenty people died in the disaster. For eight years afterward, Spanish salvagers officially recovered over 3 million pesos of coins and bullion (with probably much more recovered off the record), leaving only an unreachable lower section for divers to find in our time. Ironically, the main salvager of the Capitana in the 1650s and early 1660s was none other than the ship’s silvermaster, Bernardo de Campos, whose fault it was that the ship was overloaded with contraband in the first place!
History courtesy of Sedwick Auctions.
This coin is extremely rare as it is one of the few Z assayer 8 Reales from the Capitana that was not countermarked for being debased during the Great Potosi Mint Fraud.