In April 1942, while the United States and Philippine soldiers were still fighting the Japanese invading army, roughly 350 TONS of silver was dumped by the allies into Manila Bay. This was done to prevent the Japanese from using the silver to fund their war efforts, since the Americans knew they were going to be driven out of the Philippines.
The treasure to be dumped was stowed in cloth bags containing 2000 pesos each, and placed in wooden boxes which measured 14″x14″x24″, each holding three bags or 6000 pesos per box. Filled with money, the boxes weighed 300 pounds apiece.
Thus shortly before the U.S. and Filipino forces surrendered on May 6, 1942, a king’s ransom, estimated at between 14,000,000 and 17,000,000 pesos were dumped in the deep water south of Corregidor.
Piloncitos to Pesos, pg. 64
A few months later, the Japanese had taken control of the islands and began their search for the silver. Some civilians and guerrillas also attempted diving operations as well as the prisoners who were forced to do the diving smuggled some out, and even after the war a large amount of silver was being recovered from the Bay.
