This article reviews historical legislation relating to the management of shipwrecks in Indonesia, examining issues relating to terminology, division of authority, and implementation. It focuses on the evolution of Indonesia’s commercial salvage legislation, from its introduction in 1989 to its abrupt cessation in 2010, when a moratorium was introduced. While the moratorium was interpreted as a sign that Indonesia was moving closer to internationally accepted principles regarding the management of underwater cultural heritage, the introduction of a new law unrelated to maritime heritage has instead disturbed this anticipated trajectory. Designed to stimulate job opportunities, Law No. 11/2020 on Job Creation has, perversely, raised the prospect that the moratorium will be repealed. As this article demonstrates, the changing conceptualization of the value of shipwrecks and their cargoes remains a live issue in Indonesia, reflecting unresolved tensions about its identity as a maritime nation.