Spain was the most powerful European nation in 1622 and enjoyed the vast wealth of her new world conquests even though the English and Dutch challenged her Western Hemisphere claims. As threats mounted, Spain was forced to mount guard over her fleets with heavily armed, powerful war galleons. Royal financing became severely over extended.

 Among the 1622 galleons were the Nuestra Senora de Atocha and the Santa Margarita. Each loaded in Cartagena and Portobello with heavy consignments of royal and private treasure. Delays enroute prevented departure for Spain until the dreaded hurricane season had begun. When the fleet finally sailed from Havana on September 4th, they were struck in the Straights of Florida by a rapid-moving hurricane. As the fleet scattered and individual ships lost sails, masts and rudders, eight ships including the Atocha and Margarita, were caught by the shifting winds of the hurricane and swept towards the Florida Keys.

Amid driving winds and rain, the ships were tossed by towering hurricane seas upon the reefs and shoals from the Marquesas Keys to the Dry Tortugas. Atocha struck a shallow reef and settled in fifty-five feet of water. Only five of the 265 persons aboard survived the disaster. Margarita swept on until grounding three miles away on a wide shoal known today as the Quicksands. One hundred twenty persons lost their lives. Lost with both ships was a vast treasure of personal fortunes and royal revenues.