The La Galga is the wreck from which legend says that the Chincoteague ponies came. Have you read Misty of Chincoteague by Marguerite Henry?
"La Galga (The Greyhound) was a 50-gun frigate commissioned into the Spanish navy in 1732. It left Havana on its last voyage on Aug. 18, 1750, in order to escort a convoy of merchant ships to Spain. On Aug. 25, 1750, the convoy encountered a hurricane near Bermuda that scattered the ships and forced them westward toward the American coast.
"La Galga eventually sank off the coast of the Maryland/Virginia border. Most of the crew and passengers reached land safely. Capt. Daniel Houny attempted to salvage items from the wreck, but his efforts ended when a second storm came and broke up what was left of the ship. La Galga remains undisturbed for the next 245 years. The ship was carrying horses, chests of silver, coinage of silver and gold and a large cargo of mahogany and tobacco. Reports say that the Spanish, with the help of local Indians, recovered some chests of silver.
While the Spaniards were securing passage on another vessel, it is recorded that locals plundered the vessel, taking and selling the mahogany and tobacco. Today the resting site of the La Galga is known and is currently being investigated by DiscoverSea with local maritime historians.