Tobermory is the capital of, and the only burgh on, the Isle of Mull. The name Tobermory is derived from the Gaelic Tobar Mhoire, meaning Mary's well.
Legend has it that the wreck of a Spanish galleon, laden with gold, lies somewhere in the mud at the bottom of Tobermory Bay—although the ship's true identity, and cargo, are in dispute. By some accounts, the Florencia (or Florida, or San Francisco), a member of the defeated Spanish Armada fleeing the English fleet in 1588, anchored in Tobermory to take on provisions. Following a dispute over payment (or possibly, according to local folklore, a spell cast by the witch Dòideag), the ship caught fire and the gunpowder magazine exploded, sinking the vessel. In her hold, reputedly, was 300,000 GBP worth of gold bullion.