Science: The Treasure of Silver Shoals

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Five months and 13 shipwreck sites later, Webber conceded defeat, even though he knew he had probably floated right over the Concepción. The problem: his principal tool, an onboard magnetometer for detecting telltale aberrations in magnetic fields, could not be used effectively. Haskins' research had revealed that the galleon was outfitted with nonmagnetic bronze cannons and that its iron anchors had been cut loose in deeper waters. The ship's remaining iron artifacts, such as hull fittings and cannon balls, had slipped into coral crevices where the device could not detect them.

Two breakthroughs persuaded the treasure hunters to try again. In England, a fellow researcher provided stunning information: the missing log had just been uncovered in a private archive. Exulted Haskins: "That was the last piece of the puzzle." In Canada, a highly portable magnetometer was developed that Webber later had modified for use under water to permit readings in hard-to-reach crevices.

Last November Webber and a 16-member crew set off again for Silver Shoals, this time in a converted British coastal minesweeper. Only 150 yds. from the spot indicated by the 17th century expedition's log, they found iron fittings and pottery shards. Soon after, they found a 17th century Spanish olive jar, a rare Chinese cup and silver pieces of eight dated 1639 and earlier. Not a trace remained of the Concepción 's wooden hull.

A Dominican corvette now guards the site as plaudits pile up from other sea hunters. Admits Jacques Cousteau: "I would have liked to discover it myself." Melvin Fisher, president of Key West's Treasure Salvors Inc., calls the Concepción "a fabulous find, a major discovery," but he cautions that Phips may have virtually exhausted the treasure after all. For now, Webber can afford to shrug off any doubts. His backers' investment of $500,000, he reports, "is already covered." And the salvage operation, confidently scheduled to last six months, has just begun.