Glasgow, having escaped the battle, steamed south for three days at 20 kn (23 mph; 37 km/h), passing through the Straits of Magellan. Canopus—warned by Glasgow's messages—turned about and headed back at the best speed she could manage, 9 kn (10 mph; 17 km/h). On 6 November, the two ships met and proceeded slowly towards the Falklands. Twice during the voyage Canopus had to report that she was not under control. After coaling, both ships were ordered north but again Canopus broke down. She was finally ordered to be beached in the inner part of Stanley Harbour, where she could serve as a defensive battery.
Otranto steamed 200 nmi (370 km; 230 mi) out into the Pacific Ocean before turning south and rounding Cape Horn. On 4 November the Admiralty issued orders for the surviving ships to go to the Abrolhos Rocks, where a new force was being assembled. Rear-Admiral Archibald Stoddart, with the armoured cruisers HMS Carnarvon and Cornwall, were to meet them there and await the arrival of Defence. Sturdee was ordered to travel with the battlecruisers HMS Invincible and Inflexible—then attached to the Grand Fleet in the North Sea—to command a new squadron with clear superiority over Spee.
Die Seeschlacht bei Coronel by Hans Bohrdt
Despite his victory Spee was pessimistic about his own chances of survival and dismissive with regard to the harm done to the British navy The official explanation of the defeat as presented to the House of Commons by Winston Churchill was: "feeling he could not bring the enemy immediately to action as long as he kept with Canopus, he decided to attack them with his fast ships alone, in the belief that even if he himself were destroyed... he would inflict damage on them which ...would lead to their certain subsequent destruction."
On 3 November Scharnhorst, Gneisenau and Nürnberg entered Valparaiso harbour to a welcome by the German population. Spee refused to join in the celebrations; when presented with a bouquet of flowers, he refused them, commenting that "these will do nicely for my grave". He was to die with most of the men on his ships on 8 December 1914, at the Battle of the Falkland Islands. The Coronel Memorial Library at Royal Roads Military College, now Royal Roads University in Victoria, British Columbia, Canada, was named in honour of the four Canadian midshipmen who perished in HMS Good Hope at the Battle of Coronel. In 1989 a memorial to those who perished in the battle was erected in the 21st May Square at Coronel, Chile. Along with two plaques depicting HMS Good Hope and HMS Monmouth, it has a central dedication plaque (in Spanish) which reads
In memory of the 1,418 officers and sailors of the British military squadron and their Commander-in-Chief, Rear Admiral Sir Christopher Cradock, Royal Navy, who sacrificed their lives in the Naval Battle of Coronel, on 1 November 1914. The sea is their only grave.
— 21st May Square plaque
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