Divers have discovered a huge trove of ancient gold coins off the Israeli coast, in what authorities say was too valuable that it is priceless.

About 2,000 pieces of gold coins dating back more than a thousand years were found on the seabed in the harbor of Caesarea.

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"At first they thought they had spotted a toy coin from a game and it was only after they understood the coin was the real thing," the Israel Antiquities Authority said.

The divers quickly returned to the shore and informed the head of the dive club about the rare find.

The agency said the huge haul weighed about nine kilograms or about 20 pounds. 

Experts say the gold coins were in different denominations and were believed to be used by the Fatimid Caliphate, who ruled Middle East and North Africa from 909 to 1171. 

The antiquities authority said the trove of coins is so valuable that it is rendered priceless.

Marine archaeology director Kobi Sharvit said they will conduct much more extensive search to find out more details on the origin of the treasure.

Several theories had surfaced since the discovery of the coins.

Sharvit said a ship carrying taxes that had been collected could have sunk while on its way to the central government in Egypt.

Another theory could be that the coins were intended to be used as payment for the salaries of a military garrison in Caesarea, or were coins carried by a merchant ship while traveling from one port to another.

Sharvit believes the coins most likely surfaced following the recent winter storms.

TagsAntique Coins, gold coins, Gold Coins Israel