Divers in the ancient harbor near the Israeli city of Caesarea have discovered nearly 2,000 gold coins on the seabed. Experts date them to the 11th century, when the Fatimid dynasty ruled Egypt and the land of Israel:

According to Kobi Sharvit, director of the marine-archaeology unit of the Israel Antiquities Authority, this is fascinating and rare historical evidence of life in the past which was exposed during winter storms. “The discovery of such a large hoard of coins that had such tremendous economic power in antiquity raises several possibilities regarding its presence on the seabed. There is probably a shipwreck there of an official treasury boat which was on its way to the central government in Egypt with taxes that had been collected. Perhaps the treasure of coins was meant to pay the salaries of the Fatimid military garrison which was stationed in Caesarea and protected the city. Another theory is that the treasure was money belonging to a large merchant ship that traded with the coastal cities and the port on the Mediterranean Sea and sank there.”

Even if the agreement with Hamas to secure the release of some, and possibly all, of the remaining hostages—and the bodies of those no longer alive—is a prudent decision for Israel, it comes at a very high price: potentially leaving Hamas in control of Gaza and the release of vast numbers of Palestinian prisoners, many with blood on their hands. Nadav Shragai reminds us of the history of such agreements:

We cannot forget that the terrorists released in the Jibril deal during the summer of 1985 became the backbone of the first intifada, resulting in the murder of 165 Israelis. Approximately half of the terrorists released following the Oslo Accords joined Palestinian terror groups, with many participating in the second intifada that claimed 1,178 Israeli lives. Those freed in [exchange for Gilad Shalit in 2011] constructed Gaza, the world’s largest terror city, and brought about the October 7 massacre. We must ask ourselves: where will those released in the 2025 hostage deal lead us?

Taking these painful concessions into account Michael Oren argues that they might nonetheless be necessary:

From day one—October 7, 2023—Israel’s twin goals in Gaza were fundamentally irreconcilable. Israel could not, as its leaders pledged, simultaneously destroy Hamas and secure all of the hostages’ release. The terrorists who regarded the hostages as the key to their survival would hardly give them up for less than an Israeli commitment to end—and therefore lose—the war. Israelis, for their part, were torn between those who felt that they could not send their children to the army so long as hostages remained in captivity and those who held that, if Hamas wins, Israel will not have an army at all.

While 33 hostages will be released in the first stage, dozens—alive and dead—will remain in Gaza, prolonging their families’ suffering. The relatives of those killed by the Palestinian terrorists now going free will also be shattered. So, too, will the Israelis who still see soldiers dying in Gaza almost daily while Hamas rocket fire continues. What were all of Israel’s sacrifices for, they will ask. . . .

Perhaps this outcome was unavoidable from the beginning. Perhaps the deal is the only way of reconciling Israel’s mutually exclusive goals of annihilating Hamas and repatriating the hostages. Perhaps, despite Israel’s subsequent military triumph, this is the price for the failures of October 7.