Quest- Not for the Short of Breath Traditional Geocache

Second in my Quest series.  Off the coast of Sponge Town where the new island is birthing, nestled in the azure desert amongst the living coins your prize awaits.  Sunken there by descendents of cachers o' yore.  In days long gone, they're ancestors hid people and the sweet sugar liquor along this coast.  Now they hide treasures for your bemusement.

NOTE: DO NOT ATTEMPT THIS CACHE UNLESS YOU ARE AN EXPERIENCED DIVER WITH PROPER EQUIPMENT AND SKILLS. Swift currents and tossing seas WILL make it difficult and can be dangerous if you are not experienced. You will need to spend some time ON THE BOTTOM (UNDERWATER) to access and log this cache...hence the name. Now back to the fun.

You'll need a worthy craft, and submersible spectacles.  But your charts be true.  If your lungs be equal, you'll find the loot.

The cache is designed to be wet and may be accessed without raising it to the surface.  Please securely close the lid, and leave the chest where it's settled so it may bide the tides and gales.  It's none too deep (2 meters at low tide), but over the brow o' most mortal men. The log requires pencil, as pens won't write underwater. Pencil not included...it floated away.