Nestled off Nova Scotia’s coast in Mahone Bay, Oak Island’s Money Pit first drew attention in 1795 when Daniel McGinnis and two friends uncovered a shallow depression beneath an oak tree. Believing it to hide pirate gold, they dug down and struck flagstones and timber platforms—then abandoned the shaft at 30 feet, unnerved by what lay below.
Beneath every ten feet of soil lay oak platforms, charcoal, putty and even coconut fiber—and excavators later discovered a buried network of flood tunnels engineered to inundate the pit with seawater at high tide, suggesting a deliberate booby-trap designed to protect whatever lay at depth.
Discovery in 1795
Sixteen-year-old Daniel McGinnis spotted a circular depression under an oak tree. Joined by John Smith and Anthony Vaughan, he dug two feet to find a flagstone, then deeper to uncover timber shelves every ten feet. Superstitious dread and lack of tools halted the first expedition at roughly 30 feet.
Onslow Company Excavations (1802–1804)
Local investors formed the Onslow Company and resumed digging. By 60 feet they unearthed coconut fiber and pine knots, and at 90 feet they removed a large inscribed stone slab. Almost immediately, seawater flooded the pit through concealed box drains, forcing abandonment.
Truro Company and Further Digging (1849–1851)
In 1849, the Truro Company re-excavated the original shaft to 118 feet, recovering metal fragments, wood and a scrap of parchment with faint letters. Attempts to block the flood tunnels failed; shafts collapsed and flooded repeatedly, and the search was suspended by 1851.
Later Expeditions and Tragedies
From 1861 onward, ventures like the Oak Island Association and Frederick Blair’s Treasure Company drilled boreholes, recovered artefacts (coins, tools, lamp fragments) and suffered fatal accidents. In 1909 a young Franklin D. Roosevelt observed one expedition. Fatalities, sinkholes and noxious gases added to the isle’s ominous reputation.
Theories and Explanations
Modern Investigations
Since 2014, Rick and Marty Lagina’s team on History Channel’s “The Curse of Oak Island” has applied ground-penetrating radar, sonar and magnetic surveys. They’ve mapped underground tunnels, recovered small artefacts and tested flood-tunnel seals—but after centuries of digging, the Money Pit’s ultimate secret remains locked beneath the island.
More than 225 years after its discovery, Oak Island’s Money Pit endures as one of history’s most tantalizing mysteries—its treasure still buried beneath layers of wood, clay and seawater.