The recent discovery of the treasure of the Santa Margarita in early 2007…

Salvagers have discovered thousands of pearls in a small lead box, while searching for the wreckage of the 17th Century Spanish galleon Santa Margarita.

Divers from Blue Water Ventures of Key West said they had found the sealed box, which measured 9cm by 14 cm, along with a gold bar, eight gold chains and hundreds of other artifacts.

The finders of this treasure believe it is worth more than $1.3 million dollars at todays value.

The artifacts were buried beneath the ocean floor in about 5.5m of water west of Key West.

The first treasures from the Santa Margarita were discovered in 1980 by pioneering shipwreck salvor Mel Fisher.

The ship was allegedly heading for Spain when it sank in a hurricane in 1622.

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