When the Spanish ship surrendered, it was found that she carried a large cargo of gold and silver that would lead to the greatest amount of prize money awarded to British warships.

[3][4] The Hermione, under Lieutenant Juan de Zabaleta, had sailed from Callao, west of Lima on 6 January 1762, before, and probably ignorant of, the declaration of the Anglo-Spanish War.

When Zabaleta struck his colours, he stated that the British had confused Hermione for a French frigate, though Morales was preparing to continue fire.

She was eventually condemned as a prize, with her contents, hull, and fittings valued at £519,705 10s 0d, approximately £98 million at today's prices.

[2] In contrast, on returning to Spain, Zabaleta was tried in a court-martial held aboard the Guerrero in the port of Cadiz and sentenced to death.

He was later pardoned by Charles III of Spain and instead dismissed from the Navy and served ten years in prison despite an appeal for his release and an offer to fund the construction of a frigate to replace the lost vessel.