The Spanish authorities salvaged what treasure they could over the next few years. Then these shipwrecks were forgotten until the 20th century. Modern day treasure hunters relocated and looted most of the remaining wrecks of the 1733 fleet. Unfortunately, most of these salvers cared more about monetary rewards than they did about history, and most simply dug into the shipwreck remains with little concern for modern archaeological techniques. No field notes were kept, and nothing was recorded with the meticulous care usually given to important archaeological sites. As a result, much knowledge that might have been gained has been lost forever, and many beautiful museum-quality artifacts are now in private collections, forever hidden from the public.

However, these wrecks still have stories to tell. In 1977, the State of Florida's Bureau of Archaeological Research conducted a professional archaeological survey on the remaining shipwrecks of the fleet. In 1984 the Nuestra Señora del Populo was located and surveyed by the National Park Service's Southeast Archaeological Center. Two master's theses, both by FSU graduate students, have been written from artifactual studies of salvaged materials from the wrecks. And more recently, from June 24 to July 15, 1988, Florida State University conducted a survey of the known shipwrecks of the 1733 fleet as a Field School in Underwater Archaeology.
The principal objective for the FSU field school was to re-locate the known shipwreck sites, to assess the remains and document their current state of preservation since the 1977 survey, and to establish the most likely candidate for a state underwater park. Led by FSU adjunct professor and state marine archaeologist Roger Smith, the FSU field school was conducted as a joint investigation with Indiana University. Indiana University undergraduate students, directed by Charles Beeker, also earned field school credit. The IU students assisted in the re-location and recording of the wreck sites, and inventoried the biological resources of the various sites.

FSU graduate and undergraduate students relocated 13 known shipwrecks from the 1733 fleet. Using LORAN (Long Range Navigation), the longitude and latitude positions of these wrecks were established. FSU students measured the major exposed components of each wreck to produce updated site plans. Disturbances since the 1977 survey were noticed and documented. In addition, divers compiled photographic and videographic records of the sites.

Using the archaeological and biological data collected by FSU and IU students, the various 1733 shipwrecks were ranked by a series of criteria based on public needs for an underwater park. The FSU research team used nine primary criteria on which to base its recommendations and ranking of the potential park candidates. These criteria included such factors as visibility, currents, location, biological life, ballast structure remaining, and further research potential. In the end, it was clear that the best candidate for a Underwater Park was the shipwreck San Pedro, which features a picturesque ballast pile with cannons and anchor, a wide array of marine life, and a varied coral relief. Based upon these recommendations, the San Pedro became the Florida Keys first Underwater Archaeological Preserve, and is now a popular recreational dive site for tourists and locals alike.

For more information on FSU's research of the 1733 Fleet Shipwrecks:

• History of the Spanish Treasure Fleet System
• 1733 Wrecks Investigated by FSU
  • El Capitana
  • El Infante
  • El Almiranta
  • San Francisco ("Craig Wreck")
  • Chaves
  • Herrera
  • El Lerri (San Felipe)
  • San Pedro
  • Sueco de Arizon
  • Tres Puentes
  • San Jose
  • Angustias
  • Nuestra Senora del Populo