Earlier reports suggested the wreck was found 40 miles from Land's End, in Cornwall, England.
Shipwreck expert and historian Richard Larn said a Dartmouth-based ship called the Merchant Royal sank in that area in 1641.
It was laden with bullion from Mexico and there had been speculation that this was the wreck salvaged by Odyssey.
A Spanish ship found off the coast of England filled with coins made with gold 'extracted' from Mexico. Given the way the gold was likely 'extracted', shouldn't the treasure rightly belong to Mexico?