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Originally Posted by patteeu
It must be really deep water (or really vague evidence of the location where the ship went down) if the $1 billion prize hasn't been enough to attract someone who could find it. Maybe the people on the ship just sailed it away and spread the rumor that it had sunk.
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They've searched for it. In fact, they found a ship that had quite alot of bullion while looking for the Merchant Royal, but subsequently determined that it was almost certainly a different ship that they had found. As the ship that they found had almost $500 million in gold and silver, they presumably weren't too distraught.
There was a special on the Discovery Channel about the search for lost ships in the English Channel, including the Merchant Royal, in 2009 -- "Treasure Quest".