Treasure-hunting Family Uncovers Spanish Gold off the Coast of Florida

After years of dredging up old beer cans and broken fishing equipment, a treasure-hunting family from Florida have finally struck gold -- big time.

The haul includes a 64-foot thin gold chain, five gold coins and gold ring that, according to the Orlando Sentinel, date back to a fleet of Spanish ships that, in 1715, were hit by a strong hurricane off of Florida's coast. The storm ultimately sunk all but one of the 12 ships, killing more than 1,000 people.

Brent Brisben, co-founder of 1715 Fleet - Queens Jewels LLC, which owns the rights to dive on the wreckage site, estimates the gold is worth at least $300,000.

In addition to the monetary value of the find, however, Brisben notes a higher sense of satisfaction that comes with a discovery like this one.

"To be the first person to touch an artifact in 300 years, is indescribable," Brisben said. "They were there 150 years before the Civil War. It's truly remarkable to be able to bring that back."

Schmitt's company, the Booty Salvage, is a subcontractor of Brisben's. According to the Sentinel, the state will get the first pick of the treasure with up to 20 percent of the rarest finds going to museums. The remaining artifacts will then be shared equally between Brisben's company and the Schmitts.

"Our goal is to bring the amazing story of the 1715 fleet and The Queens Jewels to the public," Brisben's company's site explains. "We hope the recovery of these historic artifacts will help educate people about the Spanish colonization of the new world and life on the high seas in 1715."

According to the site, more than 2 million silver coins and "an untold amount of gold" have yet to be recovered in the area.

For the Schmitts, while the find does not represent their first, it is by far their largest. Last Labor Day, for example, the family uncovered only a single gold coin. Previous to this year's discovery, their most significant haul was a 300-year-old silver platter from Mexico, worth $25,000, according to Brisben.