Treasure Divers Find $500,000 Gold Ring From Spanish Sunken Ship

In this photo released by the Florida Keys News Bureau, an ancient gold ring with a rectangular cut emerald, believed to be from the Spanish galleon Nuestra Senora de Atocha that sank off the Florida Keys during a 1622 hurricane, is displayed Thursday, July 23, 2011, about 35 miles west of Key West, Fla. Divers from Mel Fisher’s Treasures, searching for the sterncastle of the Atocha, said they found the ring Thursday. Its estimated value is $500,000. (AP Photo/Florida Keys News Bureau, Sharon Wiley)

Divers searching for treasure off the coast of Florida have found an antique gold ring worth $500,000 from a 17th century sunken spanish ship.

The ring is believed to be from the Nuestra Senora de Atocha that sank off the Florida Keys during a 1622 hurricane.  The treasure piece has a rectangular cut emerald estimated at 10 karats.

Divers from Mel Fisher's Treasures were seeking the sterncastle of the Atocha when they found the ring Thursday 35 miles from Key West.

A spokesperson said the ring's estimated value is based on the stone's 2.7- by 2.5-centimeter size and the value of other emeralds from Atocha.

Also found were two silver spoons and other artifacts. A 40-inch gold rosary was found in March and a gold bar in April.

Based on reporting by the Associated Press.

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