An international team of maritime archaeologists are diving, excavating and recording the wreck of Dutch ship the Rooswijk off the Kent coast.
All 300 shipmen died when the vessel, carrying coins and silver ingots, sank on Goodwin Sands in January 1740.
Never before have any of the Dutch East India Company's 250 wrecks been scientifically excavated on this scale.
Historic England manages the protected site and is working with the Dutch government, which owns the ship's remains.
It is only now, after more than 250 years, that the sands have shifted enough to unveil the wreckage.
Some explorations were carried out last year and those finds are being showcased as part of the #Rooswijk1740 project, led and financed by the Cultural Heritage Agency of the Netherlands, with open days in Ramsgate between 19 August and 16 September.
They include a large seaman's chest, pewter jugs, ornately carved wooden knife handles and leather shoes.
The current mission will see archaeologists delve further into the storage rooms and living quarters in the stern of the ship.
Martijn Manders, project leader of the Rooswijk Excavation and Maritime Heritage programme manager at the Cultural Heritage Agency of the Netherlands, said: "The Goodwin Sands has been a treacherous place for ships throughout the centuries and is now a treasure trove for archaeologists.
"The rapidly shifting sands mean that the site is even more exposed now than it was during our initial dives to assess the condition of the Rooswijk last year. This makes the excavation urgent."
The wreck is high on the Heritage at Risk register due to its exposed remains and vulnerability to the shifting sands.
Alison James, maritime archaeologist at Historic England, said: "Wrecks such as the Rooswijk are time capsules that offer a unique glimpse into the past and tell a story.
"We look forward to the fascinating insights and discoveries that the Rooswijk excavation will uncover this summer."

The University of Wisconsin successfully claimed that Apple used its microchip technology without permission in some iPhones and iPads.
The patent, filed in 1998, is said to improve the power efficiency of microchips.
The case relates to use of the technology in the iPhone 5s, 6 and 6 Plus - but an additional lawsuit making the same claim against Apple's newest models, the 6S and 6S Plus, has also been filed.
The University of Wisconsin sued Intel over the same patent in 2008. The case was settled out of court for an undisclosed sum.
In court papers, the university claimed Apple ignored its offers to license the patent, which would mean paying a fee for its continued use.
Therefore the university said Apple was wilfully infringing the patent, something which, if the court agrees, could carry a heavier fine.
The precise amount Apple may have to pay will be decided at a later stage in the court proceedings.
Despite recent well-publicised truces between some big tech firms, fierce patent battles are still being fought in courts globally.
Last week, a judge threw out claims by graphic card specialist Nvidia that Samsung and others had infringed three of its patents.
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A ship excavation is expected to reveal a "treasure trove" of items and stories from Europe's global trading history.
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Apple faces a bill of $862m (Â£565m) after losing a patent lawsuit.