Ahoy Maties!!!
“Some lads have questioned what chests count for this particular commendation, so we’ve made a guide to ease your contemplation!”
Basically these must be chests found ONLY in sunken ships. Barnacle chests found elsewhere (skelly ships and washed up on shore) do not (even if it says shipwrecked chest sold when you sell it).
Hope you find the information helpful!
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Sea of Thieves Hoarder of Barnacled Gold Achievement Guide