Nearly 2,000 gold coins dating to the 11th century were recovered in an Israel Antiquities Authority salvage mission led by the IAA's Marine Archaeology Unit.

Members of a diving club in the ancient harbor in Caesarea National Park discovered the coins. At first they thought the coin they saw was a toy, but soon realized it was genuine.

They returned to shore and reported the find to the diving club director. He contacted the marine unit, which sent IAA divers to accompany them to the site of the discovery.

Using a metal detector, the divers found nearly 2,000 different-sized coins.

IAA Marine Archaeology Unit director Kobi Sharvit said the recent winter storm exposed the coin cache.

Sharvit said the discovery raised several possible scenarios.

"The discovery of such a large hoard of coins—that had such tremendous economic power in antiquity—raises several possibilities regarding its presence in the seabed," Sharvit said.

The director said the coins could have been anything from tax payments to salaries for the military garrison stationed in Caesarea.

Another possibility is that the coins belonged to a large merchant ship that traded with the cities along the coast.

Meanwhile, IAA numismatist Robert Cole said the coins are in "excellent" condition overall.

"The coins are in an excellent state of preservation, and despite the fact they were at the bottom of the sea for about a thousand years, they did not require any cleaning or conservation intervention from the metallurgical laboratory," Cole said in an IAA press release.

"This is because gold is a noble metal and is not affected by air or water. The coins that were exposed also remained in the monetary circulation after the Crusader conquest, particularly in the port cities through which international commerce was conducted," he explained.

Israeli law stipulates that all antiquities belong to the state. Not reporting or removing finds is punishable by up to five years in jail.

Sharvit said the discovery of the coins underscored the need to "combine the development of the place as a tourism and diving site with restrictions that will allow the public to dive there only when accompanied by inspectors or instructors from the diving club."

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