Treasure hunting divers have recovered a priceless artefact 32 miles off Key West as they follow the debris trail of a Spanish galleon that sank off the Florida Keys more than 380 years ago.

The divers, from Blue Water Ventures, found a gold piece believed to be a combination of a toothpick and an earwax scoop, in about 22 feet of water. The vessel is thought to be the Spanish galleon Santa Margarita, which sank in a hurricane in 1622.

Nearly a year ago, Blue Water divers located gold bars, gold chains and a lead box containing thousands of pearls.

The search for Santa Margarita artefacts was begun more than 25-years ago by the late Key West treasure hunter Mel Fisher. Today, the Blue Water team is leading a search under a joint-venture partnership with the Fisher family-owned company, Motivation Inc.