Florida divers recover rare silver bar from shipwreck site

Most of the vessel’s treasure was discovered in 1985 but it still yields valuable finds

Rowan Dunne

Published

2 hours ago

Valuable treasures lie in wait for those bold enough to slip on scuba gear and plunge into the depths.

In mid-July, Florida divers made the latest exciting discovery. Teams from Mel Fisher’s Shipwreck Expeditions recovered a 22.5-pound silver bar from the wreck of the Nuestra Señora de Atocha, the first such bar found at the site since 1999. Captain Drake Nicholas and his crew, operating from the salvage vessel DARE, located the artefact in about 50 feet of water off Key West.

A strong metal detector signal prompted them to use an airlift to clear sand and sediment. The heavily encrusted bar emerged remarkably intact, featuring a distinctive small depression on its top surface where Spanish assayers tested its purity back in 1622.

The Atocha, a Spanish sailing ship, sank in a 1622 hurricane while filled with silver, gold and emeralds. Fisher’s team famously discovered its “Mother Lode” in 1985, yet the site continues to yield treasures more than four decades later.

“This is a big deal,” the divers said, adding that they were only about two years old when the last one was found. “Let’s go!”

Officials estimate this latest bar could fetch between US$50,000 and US$100,000, though its historical value surpasses the metal content. The crew has recovered hundreds of silver bars since the main deposit find, along with coins, emeralds, swords and navigational instruments from the Atocha and its sister ship, the Santa Margarita.

Hundreds more silver bars and thousands of coins likely remain, waiting to be brought to surface by those willing to put in the work.

Mel Fisher's Shipwreck Expeditions has recovered a 22.5-pound silver bar from the wreck site of the Nuestra Señora de Atocha after more than 400 years beneath the sea.

This marks the first silver bar recovered by the Fisher team from the Atocha site since 1999.

Even more… pic.twitter.com/Un4UfPisDz

— melfisher.com (@MelFishersKW) June 13, 2026

Locating this old boat was no cake walk

Mel Fisher, the Indiana-born visionary often called the world’s greatest treasure hunter, transformed a boyhood fascination with Treasure Island into a lifelong quest. A former chicken farmer and Purdue engineering student, he opened California’s first dive shop and later pioneered techniques like the “mailbox” propwash deflector to clear sand from wreck sites. This influential technique employs a large, box-shaped device that mounts over a boat’s propeller to redirect the powerful propwash straight down, blasting away sand and sediment on the seabed to reveal buried items.

Not everything about his treasure hunting career has been glorious though. His 16-year search for the Atocha endured immense challenges, including the tragic 1975 capsizing of a salvage boat that claimed the life of his son Dirk, daughter-in-law Angel, and another diver.

Fisher’s organisation, now continued by his family and team after his passing in 1998, operates a state-of-the-art conservation lab where artefacts undergo meticulous cleaning, study and documentation. The group actively searches not only the Atocha and Santa Margarita but also for other undiscovered wrecks.

Mel Fisher with his ‘mother lode’ haul. Collage credit: r/ArtefactPorn

Silver slump lessens enthusiasm, slightly

While the silver bar carries immense historical value, the broader silver market tells a different story. Spot prices have declined significantly from their early 2026 peak of around US$121.00 per ounce and now hover near US$56.00.

Even so, current levels remain highly elevated compared to recent years.

Analysts offer a cautious consensus for the remainder of 2026. Many forecast moderate recovery, potentially in the US$80.00 range, driven by ongoing supply deficits and industrial demand (especially in solar and electronics). Others think the precious metal won’t move much from its current valuation.

Nevertheless, the DARE crew will be back at it tomorrow, hoping for another deep water thrill and exciting ascent back to the surface.