Doesn't the rules answer this already?
For discovering the Caribbean, the player receives the Spanish Dollars shown on the discovery counter (since no soldiers were involved
in the expedition there is no soldier plundering bonus for this discovery) and places the discovery counter face up in front of himself
(all future discovery counters are placed face up in front of the discovering player as well so that they can keep track of the Victory
Points). The discovering player places one colonist (not a specialist) in the Caribbean. This colonist does NOT count as one of the five
Or do you mean is it face-up prior to bidding?