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Divers Find Ancient Gold Chalice Off Fla. Coast

Key West, Fla. (CBS) ― There's gold in the waters off the Florida Keys. Shipwreck salvagers have recovered a gold chalice while searching for the wreckage of a Spanish galleon, CBS station WFOR-TV in Miami reports.

The ornate two-handled chalice stands on a gold base and is adorned with etched scrollwork on the upper portion. It was located by Blue Water Ventures diver Michael DeMar beneath about a foot of sand in 18 feet of water approximately 30 miles west of Key West.

"It's almost five inches tall and it's large enough to set a softball inside," said Dan Porter, captain of Blue Water's salvage vessel.

The late Key West treasure hunter Mel Fisher began the search for artifacts from the Santa Margarita, which sank in 1622, more than a quarter-century ago. The chalice, Porter said, was most likely owned by one of the wealthy passengers on board the Santa Margarita.

The chalice, believed to be more than 385 years old, is slated to arrive at a Key West laboratory Wednesday. Experts hope cleaning it will reveal more details of a crest etched inside the bottom of the piece. It's estimated value is a million dollars or more.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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