Conversely, if 100,000 pounds was the monetary value then it would be worth in the region of £35 million. The same again in jewels and whatever is meant by ‘ready bullion’ doubles that to somewhere approaching £5 billion. If the 100,000 pounds of gold was the weight and not the monetary value, then at late 2022 prices of around £1,500 per ounce, 100,000lb would be worth in the region of £2.4 billion. A contemporary pamphlet said the ship went down with ‘300000 in ready boliogne’ (bullion) and ‘100,000 pound in gold and as much value in jewels’. Sources have put the value of the sunken treasure as high as £20 billion and as low as £250 million. However, there’s no definitive account of her cargo at the time. The Spanish loot alone included silver bars, gold bullion and Spanish dollars. Whilst it is often called the “British gold ship” or “Land’s End gold ship”, the Royal Merchant’s cargo contained much besides.
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