In the research files at the Underwater Archaeology Branch there are over 5,000 historically reported shipwrecks lost in North Carolina waters. Shipwrecks occurred with the first explorations of the coast in the 16th century and continue today. There are at least 184 historically documented shipwrecks in the general Cape Lookout area. The area includes ocean waters stretching from Drum Inlet around the Cape to Beaufort Inlet and Inlet waters. The causes of each shipwreck vary and include navigating the challenging Cape Lookout shoals, inclement weather, human error, or mechanical failure.

When searching the historical record for the identity of shipwreck site 31CR314, the search has been purposely narrowed to those vessels which have reportedly sunk after 1709, based on the date from the bell recovered at the site. Assigning a cutoff date is a little more difficult but given the early 18th century origin of observed and recovered remains, looking at shipwrecks occurring prior to 1820 appears to be a safe assumption. With this date range a total of 34 shipwrecks may have ended up in the vicinity of 31CR314 [see shipwreck list]. It should be noted that the locations of the actual sinking of most vessels during this period are sketchy. Therefore, shipwrecks reported to have been lost "near Cape Lookout" are included. Given the paucity of historical records from the Exploration and Early Colonial period of the Americas, there is also a chance that other vessels may have sunk in the Beaufort Inlet area that are not presently represented in the UAB shipwreck research files.

When examining the list of possible candidates by each quarter century there are only two from the abbreviated first quarter of the 18th century (1709 - 1724), Queen Anne's Revenge and Adventure. No wrecks occured during the 2nd quarter, eleven during the 3rd, nine during the 4th, and twelve during the abbreviated first quarter of the 19th century (1800-1820). Furthermore, it should be noted that no military vessels are reported sunk. It is currently unknown how heavily armed merchant vessels would have been; however, there is evidence that some may have carried as many as twenty or more cannon. For example, it has been reported that the French slaver La Concorde carried 14 to 16 guns prior to its capture.

While more research needs to be conducted to determine the size and armament of most of the shipwrecks candidates occurring between 1709 and 1820, it appears at this time that shipwreck 31CR314 most likely represents Blackbeard's Queen Anne's Revenge. With archaeologists reporting at least 21 cannons present on 31CR314, it currently seems to be the only shipwreck in the historical record that was capable of being armed as such. This is supported by the overall artifact assemblage that points to an early 18th century vessel and the lack of other candidates from that specific period. Despite the lack of historical records from that period, it is expected that the sinking of a military vessel or heavily armed merchantman would have left a paper trail that would have survived to the present.