The BBC today had story about John Harrison, who made the first really accurate watch. Parliament had offered £20,000 prize to developer of first really accurate timekeeper suitable for use at sea. At that time, there was no adequate means of determining longitude at sea, and as a result Admiral Sir Cloudsley Shovel and 2.000 men were drowned in a shipwreck in the Scilly Isles.

http://www.allanstime.com/Publications/DWA/IONGPS95/