It was discovered by the Port of London Authority in 2004 during a dredging operation to remove obstructions that posed hazards and impeded navigation during low tides (Auer, J. and Firth, A.).
[2] The hull timbers are now a major exhibit at the UK National Dive Centre at Stoney Cove.
The design and construction of the Princes Channel Wreck is of Archaeological significance, as it appears to have been rebuilt using the method of furring, which allowed the vessel to gain about 1 foot in width on each side.
There has been debate as to the preliminary naming of the wreck, as it was found in the Princes Channel at the mouth of the Thames estuary.
However the more popular name of Gresham Ship was introduced when the guns on board the vessel revealed a grasshopper insignia, which was the motif made by Sir Thomas Gresham, founder of the Royal Exchange.