Experienced local divers who discovered the heist have notified authorities but it’s still unclear exactly how and when the safe was ‘cracked’.

“Usually if treasure or anything of precious value is found on a shipwreck and illegally taken there’s scuttlebutt that passes around diving circles – but up until now we haven’t heard any rumours,” Coffs Harbour diver Mark Spencer said.

Leading maritime archaeologist, NSW Heritage Branch deputy director Tim Smith, said the government was waiting on further evidence from the site. “This is significant. Of the 1800 shipwrecks in NSW, only 10 per cent have been discovered and this was the only wreck we know of with a safe onboard,” Mr Smith said.

Based on the damage shown in photos, corrosion scientist from the Western Australian Maritime Museum Dr Ian McLeod believes the safe was raided about three years ago.

Under Australian Federal and State laws, divers caught tampering with shipwrecks face fines of between $100,000 and $1 million.

When the iron steamer Keilawarra sank on the night of 8th December 1886 it created history. The shocking loss of life rocked maritime centres around Australia. The scale of the disaster, the unnecessary waste of life and tales of cowardice raised alarm, then anger.