Underwatertimes.com News Service - April 11, 2006 12:25 EST

Divers have found two gold bars and 15 silver coins, which had been buried beneath the ocean floor off this island city for almost 400 years.

The objects are believed to be from the shipwreck of the Nuestra Senora de Atocha, a Spanish galleon that sank in 1622.

The bars were discovered on Sunday by the divers from Mel Fisher's Treasure Salvors on the treasure-hunting ship the Magruder about 35 miles off of Key West. They were found beneath about 12 feet of sand in 20 feet of water.

The first bar found weighed 1 pound and measured about 7 inches long, while the second weighed 2 pounds and was over 7 inches long.

Fisher company president Kim Fisher estimated the value of the find to be about $250,000.