The treasure is 600,000 silver and gold coins . The coins went down with a Spanish warship sunk in battle with British ships in 1804 . In the ensuing Battle of Cape St. Mary , south of Portugal , the Mercedes exploded after being hit in its power magazine , according to the Spanish government 's filing to the Florida court . Comment: Spain filed suit in U.S. federal court to claim the treasure .
The treasure is 600,000 silver and gold coins . The coins went down with a Spanish warship sunk in battle with British ships in 1804 . Comment: Spain filed suit in U.S. federal court to claim the treasure .