Colombia on Wednesday declared a "protected archeological area" around the spot where the legendary San Jose galleon sank off its Caribbean coast more than three centuries ago laden with gold, silver and emeralds believed to be worth billions of dollars.

The designation, said the culture ministry, "guarantees the protection of heritage" through the ship's "long-term preservation and the development of research, conservation and valuation activities."

Dubbed the "holy grail" of shipwrecks, the San Jose was owned by the Spanish crown when it was sunk by the British navy near Cartagena in 1708. Only a handful of its 600-strong crew survived.

The galleon had been heading back from the New World to the court of King Philip V of Spain, bearing chests of emeralds and some 200 tons of gold coins.

Before Colombia announced the discovery in 2015, the ship had long been sought by adventurers.

The value of its bounty has been estimated to run into the billions of dollars.

Culture Minister Juan David Correa insisted Wednesday: "This is not a treasure, we do not treat it as such."

He announced the area's new designation at an event launching the first "non-intrusive" phase of a scientific exploration of the wreck.

In February, Correa told AFP that an underwater robot would be sent to recover some of its bounty.

To read the complete article, see:
Colombia moves to protect "holy grail" of shipwrecks that sank over 3 centuries ago with billions of dollars in treasure(https://www.cbsnews.com/news/san-jose-shipwreck-billions-dollars-treasure-colombia-declares-protected-archeological-area/)

To read earlier E-Sylum articles, see:
SAN JOSE GALLEON FOUND: THE HOLY GRAIL OF SHIPWRECKS(https://www.coinbooks.org/esylum_v18n49a26.html)
SPAIN CLAIMS OWNERSHIP OF SAN JOSE GALLEON TREASURE(https://www.coinbooks.org/esylum_v18n50a37.html)
COLOMBIA PLANS TO SALVAGE THE SAN JOSé(https://www.coinbooks.org/v20/esylum_v20n28a25.html)