The ship was wrecked in 1830 off Cape Frio, Brazil, with the loss of 22 crewmen; most of her cargo of bullion was successfully salvaged.

The ship's first commission began on 15 March 1823, under the command of Captain John Phillimore, and she was completed for sea duty on 20 August 1823 at the cost of an additional £12,959.

[4] Soon after this Thetis was used in an experiment reducing the onboard rum ration, for which the ship received the nickname "Tea Chest".

[5] Thetis was assigned to the South America Station in June 1826 and Captain Arthur Bingham assumed command on 8 November.

[6] In August 1832 the Falmouth packet Mutine brought back to England 17,000 dollars salvaged from Thetis.