 The recovered bullion, being predominately silver coins, with some gold coins and copper ingots, strongly suggests it came from a colonial-era Spanish ship that sank while transporting newly minted silver from South America to Spain.Salvage law in international waters, as recognized by some English speaking countries, could award 90% of recovered treasure to the salvage firm.Spain claimed the entire ownership of the wreck and cargo, saying that it would pay no salvage award at all for the recovery because the cargo of the "Mercedes" would be protected by sovereign immunity, which supersedes admiralty law.