A medal commemorating Phip's Success. One side shows the heads of James II and Mary of Modena and the reverse two boat crews fishing for treasure with the James and Mary in the background.
The motto is from Ovid; "Always let thy hook hang down."
"Naufraga Reperta" means "Shipwreck Refound".
From; The Treasure of the Concepcion by Peter Earle.

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