A common misconception is that finders can keep their discoveries at sea. But under international law, anyone who finds a wreck must report it.
A discoverer who finds a shipwreck pursuant to the law of finds is entitled to the full value of all of the goods that are recovered. Since the owner of the vessel has given up trying to recover the shipwreck, the discoverer is deemed to have full rights to the content.
Although you might think the rules surrounding 'finders keepers' apply to a sunken treasure ship, this is unfortunately not true. Under salvage law, you must at least try to return the treasures to their rightful owner. As a result, upon discovery, you'd need to notify the government which controlled those waters.
The finder's rights depend on how the found property is categorized. If the found property is lost, abandoned, or treasure trove, the person who found it gets to keep it unless the original owner claims it (so actually, unless the original owner claims it, the rule is “finders keepers”).
Your finds
Minerals are the property of the Crown. If you discover gold or other minerals or gemstones on land not covered by a mining tenement, and the ground is Crown land (under the Mining Act 1978), then you are free to keep what you have found (as long as you hold a Miner's Right).
If you're in the Northern Territory, ACT or South Australia, you don't need a permit but remember that treasure hunting, fossicking and prospecting in national parks is banned right across Australia.
No matter who finds treasure trove, or where it's found, there is an automatic vesting of possession and ownership not in owner, tenant or finder – but in the Crown (i.e. the government). After two tenants of rural land in Victoria turned up old gold sovereigns while digging post-holes, they sold some of the coins.
According to federal tax law, when you find lost or abandoned property, you have to pay tax on it as income equal to its value in the first year you take full possession of it.
Usually, you'll be able to reclaim the property if no one steps up to claim it. If you're unsure of the value of the bar, it's best to find out by consulting with an expert in precious metals who can guide you through the next steps.
State Laws
These laws do vary slightly from state to state, but the general principles are similar. For example, California law requires that anybody who finds property worth $100 or more, and the owner is unknown, must turn the property over to the local police.
A common misconception is that finders can keep their discoveries at sea. But under international law, anyone who finds a wreck must report it.
The largest monetary treasure haul found was on the wreck code named Black Swan, discovered by Odyssey Marine Exploration in 2007 off of Gibraltar. The salvage team reportedly found 17 tons of coins valued at $500 million; an amount that is both staggering and said to be “unprecedented” in the treasure hunting world.
Can I keep pieces or artifacts from a shipwreck? No. The Marine Protection, Research and Sanctuaries Act of 1972, which mostly regulates ocean dumping, also covers archaeological removal of submerged cultural resources. It's illegal to disturb a site or take things from it without a permit.
Define a “port” line and a “stern” line on opposite ends of the field/gym. If the leader yells “stern” the group runs to the “stern” line, when “port” is yelled, group runs to “port” line. When an action is yelled, the group acts them out. After each action, the last person or persons to perform it are out.
(RMST). The private firm holds salvage rights to Titanic, which means that it is the only entity allowed to remove artifacts from the wreck site.
Local buyers – you can always tap into local buyers in your area. Jewellery services and stores usually purchase gold nuggets. Research to find out the best places to sell your gold in.
Most banks store gold in their subterranean vaults, although some keep their physical gold in foreign reserves. For example, of its 612 MT, the Dutch central bank has 15,000 gold bars, or 31 percent, of its gold stock on hand; another 31 percent is held in New York's Federal Reserve bank.
You must pay capital gains tax on selling gold Australia (a 28% tax rate) if your gold bullion has a higher value during the sale in comparison to the purchase price. Capital gains taxes typically have a lower rate than your earned income tax.
In the U.S., laws vary by state, but the general conclusion is that going treasure hunting is often a waste of time because you likely can't keep it. The Archaeological Resources Protection Act of 1979 states that any “archaeological resources” found on the land of the state belong to the government.
In some instances, the pre-1996 requirement that such items had to have been buried with the intention that they would be recovered still remains. Discoveries of treasure must be reported to the local coroner and it is a criminal offence not to report them. It is also necessary to report any finds to the landowner.
Licences are not required at tourist mines and similar sites that charge a fee for entry. You also don't need a fossicking licence to hunt for treasure or lost items using a metal detector. You should check with the local council for any rules about accessing public beaches and other areas for this purpose.
Physical gold, commonly known as gold bullion, is available to buy from registered dealers throughout Australia. However, it is important you do your research and have secure ways to store your bullion. If you want to add exposure to gold in your own portfolio, there are ways to invest without buying gold physically.
There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.