A convertible anchor capable of being converted between a first position usable on sandy bottom floors and a second position usable on debris laden bottom floors, such as reefs. The convertible anchor may include an elongated shank and one or more flukes rotatably coupled to the elongated shank. The convertible anchor may also include an engagement limiting device placing the convertible anchor in a first position in which the fluke is prevented from rotating relative to the elongated shank. The convertible anchor may also include a catch device so that the convertible anchor can grab a debris laden bottom when the convertible anchor is in the second position.