Finding a real pirate’s treasure chest filled with gold coins and jewels is the dream of many an adventurer. But what really happens if you stumble across a fortune in buried treasure? Let’s explore the realities, myths, and legalities around discovering hidden riches.
What are the odds of finding buried treasure?
The chances of discovering buried pirate treasure or other lost caches of wealth are extremely slim. While legends of stashed loot inspire the imagination, most tales of missing fortunes remain just that – tales. Only a tiny fraction of “lost” treasure is ever rediscovered. However, shipwrecks containing valuable cargos are sometimes located, so encounters with real treasure are not impossible.
Famous treasure finds
Here are a few examples of remarkable real-world treasure discoveries:
- The S.S. Central America – Known as the “Ship of Gold,” this sunken 19th century steamship was found in 1987 with a cargo of gold bars and coins valued at over $100 million.
- The Whydah Gally – This former pirate ship sunk in 1717 was recovered in 1984 along with huge horde of gold, silver, and other artifacts worth over $400 million.
- Terry Herbert – An amateur British metal detectorist unearthed a cache of Anglo-Saxon gold and silver in 2009 valued at over $5 million.
As these examples highlight, treasures lost centuries ago are sometimes found, though such finds are rare. More common are recoveries of sunken ships and wrecks containing valuables.
Is there still buried treasure out there?
There are certainly rumored troves of hidden riches still waiting to be found. Some legendary lost treasures include:
- Confederate gold – Gold and silver supposedly hidden by the Confederate army near the end of the US Civil War.
- Lake Toplitz Nazi treasure – Allegations of gems, gold, and counterfeit currency sunk in an Austrian lake by the Nazis in WWII.
- King John’s jewels – Crown jewels said to be lost by King John in 1216, worth a huge fortune today if found.
The chances of discovering any of these specific legendary treasures are slim to none. However, it’s reasonable to think that other hoards of wealth not described in lore could still be hidden and might turn up someday.
Can you keep the treasure if you find it?
This is the big question for any would-be treasure hunter. The legal and ethical rights to discovered valuables can be complex:
- On private property – If found on your own land, treasures are generally yours to keep according to U.S. law.
- On public land – Treasure troves found on public property typically must be reported to authorities and surrendered.
- Sunken ships – Jurisdiction over salvage rights to shipwrecks in coastal waters differ by state. Lot of legal complexities come into play.
- Native American artifacts – Objects of Native American origin, such as arrowheads, must be preserved and protected by law when discovered.
The sad truth is you don’t necessarily have rights to buried riches you unearth, even if found accidentally. To legally claim and keep discovered treasure requires researching and understanding applicable laws.
Reporting requirements and taxes
In the U.S., certain rules and regulations apply when finding treasure troves:
- Most discoveries valued over $100 must be reported to authorities.
- Artifacts must often be surrendered to museums or native tribes if culturally significant.
- Taxes apply to the appraised value of found treasures.
- The finder may be entitled to a portion of the treasure’s value (up to 100%) depending on circumstances.
Local laws dictate finders’ rights and responsibilities. Ethically, treasures with cultural or historical significance deserve preservation, even if forfeiting discoveries for museums seems unjust.
Beware of booby traps!
If you go actively searching for buried treasure, beware of potential hazards:
- Landowners may not take kindly to trespassers digging up their property.
- Mechanical traps were sometimes used historically to thwart looters.
- Tunnels and chambers prone to collapse pose serious physical danger.
- Pay attention to tide times if searching intertidal zones.
Attempting to find lost riches is exciting, but not worth severe injury or legal trouble. Seek permission if prospecting on private lands, exercise caution, and research local laws.
Conclusion
Discovering a cache of buried treasure is an enticing proposition, but one unlikely to happen for most people. If you do stumble upon hidden riches:
- Tread carefully – the site may be of archaeological importance.
- Research relevant laws and regulations that apply.
- Consult authorities before removing artifacts.
- Beware of legal squabbles over ownership rights.
With prudence and patience, you may end up with a finder’s share of the fortune. Just don’t bank on keeping the whole treasure trove to yourself!