Little research has been undertaken that focuses on valuable objects from shipwrecks, especially regarding public policy and potential non-tax state revenue from these artifacts. Due to difficulties of implementation of the valuable object from shipwreck policy, in 2011, the Indonesian government issued a moratorium on survey permits and the retrieval of sunken artifacts. This research used a post-positivist approach to collect data through in-depth interviews and the analysis of documents and literature. It was found that the moratorium, which was intended to provide time for the government to manage the valuable objects from shipwrecks, was unable to meet its purpose. Instead, the moratorium had incurred opportunity costs, including the loss of both material and intangible value. Of those opportunity costs, the most significant loss was potential non-tax state revenue to treasury from auctions of shipwreck treasure. During the moratorium, cases of theft and the unlawful retrieval of sunken artifacts had steadily increased. Further, the state also lost the opportunity to preserve history and create learning materials for future generations.