But some state legislators are looking for funding -- instead of buried treasure -- to excavate the legendary pirate's flagship, which was sunk in the 18th century by the British navy.
Rep. Ronald Smith, D-Carteret, proposed a bill Thursday to appropriate $500,000 for the recovery and conservation of Blackbeard's Queen Anne's Revenge, sunk in Beaufort Inlet.
"This is a great discovery for North Carolina," Smith said. "Now it rests on us to fund it and get it out so that people can enjoy it."
The flagship, found by Intersal Inc. in November 1996, is the oldest shipwreck ever found in state waters and represents a potential financial boon for the state.
Carol Lohr, executive director of the Crystal Coast Tourism Development Bureau, said the ship will have a huge impact on the tourist economy of coastal North Carolina, adding at least another 5 million visitors yearly and $203 million to the area's economy.
But funding for excavation has been minimum at best for the past three years. Although the state Underwater Archaeology Branch estimated the cost of a complete excavation to be $5 million, the legislature so far has appropriated less than $750,000.
Carteret County has provided $50,000 and various state universities also have provided assistance.
Philip Masters, Intersal president, admits N.C. budget problems will affect the pace of the expeditions.
"The budget constraints have made it harder (to fund), and I'm amazed the business community hasn't found a way to sponsor this project," Masters said.
