Finding a valuable item.

The pot of gold at the end of the rainbow!

Every now and then someone finds a stash of coins or jewellery that is 100's of years old, may have been lost, buried as part of a ceremony or may have been hidden by our ancestors for safe keeping, some of these finds can be worth £1000s but what do you need to do with them?

First off, I am sure you can allow yourself to enjoy the elation of finding the hoard, before you consider the nitty gritty of establishing ownership and any reward.

Do you have to report the find?

Well that depends what you have found, in the case of a metal object, if it is more than 10% gold or silver and is over 300 years old then yes, but if that item is prehistoric and contains any trace of precious metal (even if less than 10%) then it must be reported, if you found two prehistoric metal items then whether they have any precious metal or not it must be reported, coins are a bit different if you find more than 10 coins with less than 10% in them, then they also have to be reported.

If you revisit the site on different occasions the objects you find must be viewed as one.

You can also find that items classed as a treasure trove must be reported.

Treasure trove;

Treasure trove is an item that has been hidden with the intent to recover later, and generally belongs to the crown, but rewards do apply.

Who do you report an item to?

Some of the conditions of reporting items are quite difficult to establish, such as does this coin have 10% precious metal in it? So if in any doubt we would recommend you report the item.

All items must be reported within 14 days of the find or when you discovered it was an item that should be reported to a coroner, but if you need help to establish composition of an item or age you can contact your regional finds officer (contact your local council for details).

So you found the item that is treasure do you get a reward?

The Secretary of State will decide this and if the crown is to keep the item, he has a few different methods he can use to determine how much you will receive as a reward, providing it is you that will receive the money.

The Treasure Valuation Committee after taking expert opinion will recommend a final valuation.

There are examples of treasure being found in the UK with significant values, notably the Staffordshire Hoard was valued at £3.285 million.

Do I receive the money?

Not always, ownership is the key.
Where the object was found? Who owns the land? Were you working for someone or a volunteer on a project?

If you are going to search on private land always obtain the land owner's permission, if you don't you will be trespassing and if possible obtain this permission in writing, if you find anything of value, the ownership of that item lays with the landowner, If you are working for someone it could be that your employer becomes the owner.

If the item was found on public land then you will have to follow normal procedure and report the find to establish ownership.

When all is said and done with all these situations the general rule is, if you find something report it, we applaud those that go out searching for that pot of gold, museums all over the country contain items that have been found and it serves to expand our knowledge of our forefathers.

If you need legal help with this matter please contact a solicitor.