What is interesting to note.
1n 1788, the total population of Pensacola was 265 persons. A total of 77 Spaniards and rest was slaves. referenced from William S. Coker & G. Douglas Inglis.
The Spanish Censuses of Pensacola, 1784-1820. Perdido Bay Press, 1980.
There was in 1888 another discovery of coins in the centre of Pensacola itself. in the following news paper.
Humboldt Times, Volume XXIX, Number 76, 31 March 1888 reported the following.
While some workmen were digging in a street at Pensacola, Fla., they threw up some; human bones, an old dirk and two Spanish; coins dated 1770 and 1778. The remains and believed to be these of some of the early Spaniards.
The date range of coins are similar to the other discovery of coins. It should be noted the treasure discoveries are not linked to 1559 failed attempt by the Spanish to colonies Pensacola. 7 out of 11 ships was sunk inside the harbor during the storm.
Archeologist Mike Thomin. claims in 1811 a french pirate ship was chased by American gunboat. See below.
La Franchise was run aground on Pensacola beach and burned. A the pirate fled. Perhaps that by flee pirates traded with the small Spanish settlement of Pensacola at the time.
Some treasure was lost on the scuttled vessel and remainder buried or taking away by surviving pirates. The money was late 18th century that could been plundered by piratical acts by the French vessel on Spanish Shipping in the gulf.
Between 1808 and 1814, the British Army fought a war in the Iberian Peninsula ( Spain ) against the invading forces of Napoleon's France. Aided by their Spanish and Portuguese allies, the British held off superior French numbers before winning a series of victories and driving them out.
1n 1811 France was at war with Spain so letters of Marque was issued for french vessels to attack and plunder Spanish vessels.
But the line between privateer and pirate was a fine one. So with increased piracy activity after 1800. United states navy started piracy patrols and privateers was straying into out right piracy. 1811 was also the time when much of south American, Mexico etc rose up seeking independence.
So the source of these coins was most likely from this scuttled privateer.
Crow