Treasure Act

The Treasure Act

The Treasure Act 1996 abolished the previous law of Treasure Trove. Finders must report all finds of Treasure to the coroner within 14 days after the day on which they realised that the find might be treasure (for example, as a result of having it identified). The obligation to report such finds applies to everyone, including archaeologists. Although you will not be breaking the law if you do not report a find because you do not initially recognise that it may be treasure, it is a criminal offence not to report a find once you know that it is treasure. Failure to report such finds without good reason, may lead to imprisonment, a fine, or both. The Isle of Wight Coroner has appointed Frank Basford as his Honorary Coroner’s Officer for all purposes concerned with the Treasure Act 1996. Any find which it is thought might be classed as treasure should be reported immediately to Frank at the Archaeology and Historic Environment Service.

The operation of the Treasure Act is explained in detail in The Treasure Act 1996 Code of Practice (revised),DCMS 2002. The Isle of Wight Council does not accept responsibility for any errors which may be contained within the summarised interpretation which follows here:

Summary of Code of Practice

The following finds are treasure under the Act:

Coins

All coins from the same find (two or more) provided they are at least 300 years old when found. If they contain less than 10% gold or silver there must be at least 10 of them.

Objects

All prehistoric base-metal objects from the same find (two or more).

All finds (one or more) at least 300 years old and containing 10% or more gold or silver, or containing any precious metal if of prehistoric date.

Associated finds: any object, whatever it is made of, found in the same place as, or had previously been together with, another object that is treasure.

Any object that would previously have been treasure trove, but does not fall within the specific categories given above (i.e. made substantially of gold or silver; buried with the intention of recovery and whose owner or their heirs cannot be traced)

The following types of find are not treasure:

Objects whose owners can be traced

Unworked natural objects, including human and animal remains, even if they are found in association with treasure.

Objects from the foreshore if there is evidence that they have come from a wreck.

If in doubt, report the find.

The British Museum will be informed of finds which may be Treasure and will be asked whether it or other museums would be interested in acquiring all or part of the finds. If no museum wishes to acquire the find, it will normally be returned to the finder. If a museum does wish to acquire part or all of a find, then the coroner will hold an inquest. If the find is declared to be Treasure, ownership becomes vested in the Crown. The treasure will then be taken to the British Museum, where it will be valued by the Treasure Valuation Committee, which consists of independent experts. The Committee will commission a valuation from experts drawn from the trade and will also consider valuations provided by the finder or by any other interested party.

When the valuation has been agreed the museum can acquire the Treasure and the Secretary of State will pay a reward based upon the valuation. The following are eligible to a share of the valuation:

The finder who has obtained permission to be on the land from its owner, and acted in good faith.

The person or organization which holds the freehold of the land.

The person who occupies the particular site as a tenant of the owner.

A finder or a landowner who has acted in bad faith or has not followed best practice as set out in the Code of Practice, may expect a reduced share of the valuation, or none at all.

An archaeologist who makes a Treasure find will not be eligible for a share of the valuation.

Here is one of the finds from the Island which was declared to be Treasure and subsequently bought by the Isle of Wight County Museums Service.

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