In Daniel Defoe's 1697 Essay upon Projects, DeFoe describes Phips as a "projector," one who "sought wealth and advancement through money-making schemes financed by others." Phips traveled to London in 1683 to seek patronage and funding for treasure hunting among sunken Spanish ships in the Caribbean, and he acquired the financial backing that he needed. With his crew and ship, Phips sailed to the Caribbean, finding substantial treasure in the sea in 1687 when he and his ship, the James and Mary, came across the wreck of the Spanish ship, Concepcion. The crew took between 205,000 to 210,000 English pounds of treasure, an incredible amount of money for the day. One tenth was given to the royal crown and Phips profited by 11,000 pounds, and thus gained a good amount of fortune and fame in London.