The Action of 31 May 1762 was a minor naval engagement that took place off Cadiz between a British Royal Naval frigate and a sloop against a Spanish frigate during the recently declared Anglo-Spanish War (1762–63). The British were victorious when the Spanish ship surrendered and subsequently found a large haul of gold and silver which would lead to the greatest amount of prize money awarded. It was at the time and still is a record; amounting to one of the largest individual sums obtained in the period.