The treasures were first spotted in late Apri by divers Ran Feinstein and Ofer Raanan but it took an underwater survey conducted in recent weeks to reveal the extent of the find.
Shin Bet, Israel's internal security agency, believes the materials were meant for Gaza-based terrorist groups.
The Dead Sea has been found to be receding at a rate of more than 3.3 feet (1 meter) every year.
Using a metal detector, the Marine Archaeology Unit of the Israel Antiquities Authority's divers found gold coins in different denominations: a dinar, half dinar and quarter dinar, of various dimensions and weight.
With my dive buddy, Yakov Samovarov, I would dive the missile wreck, Satil. I asked Yakov to tell me about the day’s dive. “Six or seven years ago, I did my first dive on Satil,” said Yakov.