A team of divers has discovered a series of rare gold and silver coins at the site of a 300-year-old shipwreck, worth upwards of $1million (£800,000).

The haul comprises 1,051 silver pieces and five gold coins, retrieved during summer diving operations by 1715 Fleet - Queens Jewels LLC, Florida's most extensive historic shipwreck salvage enterprise.

The treasure hunters announced their remarkable find, revealing that the coins originated from Spanish vessels that foundered in 1715.

Under salvage regulations, the diving team will retain 80 per cent of the treasure's worth, whilst Florida state authorities receive the remaining 20 per cent share.

The coins originated from the notorious 1715 Fleet disaster, when a devastating hurricane obliterated a Spanish convoy journeying from the Americas to Spain.

The catastrophe claimed between 700 and 1,000 lives when all eleven vessels, filled with millions in Spanish gold and precious stones, were dubbed "the Queen's Jewels".

Historians calculate that treasures worth approximately £320million vanished beneath the waves during the calamity, establishing it as one of the Americas' most significant maritime disasters.

The violent storm of July 31, 1715, shattered masts, dispersed vessels and overturned multiple ships beneath colossal waves off Florida's coastline.

Divers discovered over 1,000 silver coins

The silver pieces, identified as "reales" from Spain's former monetary system, were buried beneath multiple feet of sand.

Archaeological protocols guided the recovery process, with officials determining the coins' concentrated placement, which indicated they originated from a single treasure container that burst open when the vessel disintegrated.

The collection includes five "escudos", gold currency formerly circulated in Spain and Portugal.

Each coin displays dates and mint markings predating 1715, though marine encrustation currently obscures details pending conservation work.

The salvage company maintains exclusive recovery rights for artefacts from the sunken 1715 Fleet vessels.

"This discovery is not only about the treasure itself, but the stories it tells," stated Sal Guttuso, Queens Jewels' operations director.

Captain Mike Perna, a wreck diver and Queens Jewels board member, emphasised that locating gold pieces has proved significantly more challenging than finding silver.

Mr Perna explained: "But this year's gold discoveries prove yet again that there are still many treasures yet to be located lying in wait in the waters off the Treasure Coast."

The coins are estimated to be worth upwards of £800,000

He described the unique excitement of finding centuries-old gold coins underwater, stating: "There is really no other thrill quite like it."

Museum exhibitions featuring selected pieces from this discovery are currently being arranged.

Over 200 silver coins were previously discovered at the site of the shipwreck, worth upwards of £100,000.

One of the divers called it their childhood dream, saying: "I was always into trying to find stuff from a very young age. What little boy doesn't dream about buried treasure, you know?"