This monument was unveiled in 1967 and is the work of the architect Desiderio Pernas. It consists of three anchors on a large platform. These anchors are from ships sunk during the Battle of Vigo Bay (also known as the Battle of Rande). This battle took place in 1702 between the Anglo-Dutch Navy and a Spanish Fleet which was carrying great treasure, escorted by the French.
The Spanish lost the battle and it is believed to this day that some of the treasure lies at the bottom of the sea in the bay.