Early accounts (1790s–1857) Very little verified information is known about early treasure-related activities on Oak Island; thus, the following accounts are
word of mouth stories reportedly going back to the late eighteenth century. Decades later publishers began to pay attention to such activity and investigated the stories involved. The earliest known story of a treasure found by a settler named Daniel McGinnis appeared in print in 1857. It then took another five years before one of the alleged original diggers gave a statement regarding the original story along with subsequent Onslow and
Truro Company activities. The original story by early settlers (first recorded in print in 1863) involves a dying sailor from the crew of
Captain Kidd (d. 1701), in which he states that treasure worth
£2 million had been buried on the island. McGinnis, who believed that the depression was consistent with the Captain Kidd story, sought help with digging. With the assistance of two men identified only as John Smith and Anthony Vaughn, he excavated the depression and discovered a layer of
flagstones below. The accounts also mentioned "tool marks" or pick scrapes on the walls of the pit. The earth was noticeably loose, not as hard-packed as the surrounding soil. Another twist on the story has all four people involved as teenagers. In this rendering, McGinnis first finds the depression in 1795 while on a fishing expedition. The rest of the story is consistent with the first involving the logs found, but ends with all four individuals giving up after digging as much as they could. In about 1802, a group known as the Onslow Company allegedly sailed from central Nova Scotia to Oak Island to recover what they believed to be hidden treasure. They continued the excavation down to about , with layers of logs (or "marks") found about every , and also discovered layers of
charcoal,
putty and
coconut fibre along with
a large stone inscribed with symbols. The diggers then faced a dilemma when the pit flooded with of water for unknown reasons. The alleged excavation was eventually abandoned after workers attempted to recover the treasure from below by digging a tunnel from a second shaft that also flooded. Another shaft was then dug deep northwest of the original shaft, and a tunnel was again branched off in an attempt to intersect the treasure. Once again though, seawater flooded this new shaft; workers then assumed that the water was connected to the sea because the now-flooded new pit rose and fell with each tide cycle. The Truro Company shifted its resources to
excavating a nearby cove known as "Smith's Cove" where they found a flood tunnel system. This would be followed by a more complete account by a justice of the peace in
Chester, Nova Scotia, in 1861, which was also published in
The Transcript under the title of "The Oak Island Folly" regarding the contemporary scepticism of there being any treasure. However, the first published account of what had taken place on the Island did not appear until October 16, 1862, when Anthony Vaughan's memories were recorded by
The Transcript for posterity. Activities regarding the Onslow and Truro Companies were also included that mention the mysterious stone and the Truro owned auger hitting wooden platforms along with the "metal in pieces". The accounts based on the
Liverpool Transcript articles also ran in the
Novascotian, the
British Colonist, and is mentioned in an 1895 book called
A History Of Lunenburg County.
Early excavations (1861–1898) '' The next major excavation attempt was carried out in 1861 by a company called "The Oak Island Association". The original pit was re-excavated to a depth of , and two more shafts were dug. The first one missed its intended target of an alleged flood tunnel, while the other intersected the original shaft via a branched-off tunnel at around deep. Both of these shafts were filled with water when an alleged flood tunnel was again breached. At one point, one of the platforms placed in the original shaft at collapsed and dropped to a lower level. The effect caused the next two platforms to drop as well, with any treasure now resting below ground along with an estimated of lumber. The first of six accidental deaths during excavations occurred in late 1861 when a pump engine boiler burst. The explosion was first mentioned in an 1863 novel titled
Rambles Among the Blue-noses, while mention of a death came five years later. Another shaft was dug in early 1862, one which was deep. This new shaft was parallel to and connected with the original shaft. It was used to pump water out of the original shaft to a depth of . Although the pumps could not keep up with the floodwater, tools that had been used by the Onslow and Truro companies were recovered. In 1866, a group known as
The Oak Island Eldorado Company or more commonly
The Halifax Company was formed to find the treasure. By this time, there were many shafts, bore holes, and tunnels under Oak Island made by previous treasure hunters. When a plan to shut off the alleged flood tunnels from Smith's Cove did not work, the company decided to shift focus to the original main shaft. Exploratory holes that were drilled turned up bits of wood, more coconut fiber, soft clay, and blue mud. Having found nothing of interest, the group gave up the search in 1867. In 1896, an unknown group arrived on the island with steam pumps and boring equipment. Although the pumps were unable to keep water out of the flooded side shaft, boring samples were taken. It was claimed that one of the samples brought a tiny piece of sheepskin
parchment to the surface. The parchment had two letters, "vi" or "wi", written in
India ink. The second accidental death occurred on March 26, 1897, when a worker named Maynard Kaiser fell to his death.
The Old Gold Salvage group (1909) is third from right, with pipe Captain Henry L. Bowdoin arrived on Oak Island in August 1909 representing the Old Gold Salvage group, one of whose members was
Franklin D. Roosevelt. By this time, the area now known as the "money pit" was cleared out to and divers were sent down to investigate. After Chappell's excavations, Hedden began digging in mid-1935, after he purchased the southeastern end of the island. Further excavations were made in 1935 and 1936, none of which were successful. In 1939, he informed
King George VI about developments on the island. Another pit, similar to the early description of the "money pit", was discovered in the area in 1949 when workmen were digging a well on the shore of Mahone Bay. At a point where the earth was soft, "At about two feet down a layer of fieldstone was struck. Then logs of spruce and oak were unearthed at irregular intervals, and some of the wood was charred. The immediate suspicion was that another money pit had been found."
Restall family and Robert Dunfield (1959–1966) Robert Restall, his 18-year-old son, and work partner Karle Graeser, came to Oak Island in 1959 after signing a contract with one of the property owners. In 1965, they tried to seal what was thought to be a
storm drain in Smith's Cove and dug a shaft down to . An account of an excavation of the pit was published in the January 1965 issue of ''
Reader's Digest''. On August 17, Restall was overcome by
hydrogen sulfide fumes. His son then went down the shaft, and also lost consciousness. Graeser and two others, Cyril Hiltz and Andy DeMont, then attempted to save the two men. A visitor to the site, Edward White, had himself lowered on a rope into the shaft but was able to bring out only DeMont. Restall, his son, Graeser and Hiltz all died. That year, Robert Dunfield leased portions of the island. Dunfield dug the pit area to a depth of and a width of by using a 70-ton digging
crane with a clam bucket. Transportation of the crane to the island required the construction of a
causeway (which still exists) from the western end of the island to Crandall's Point on the mainland, two hundred metres away. Divers sent to the bottom of Borehole 10-X in 2016 found no artifacts. The island was the subject of an episode of
In Search of... which was first broadcast on January 18, 1979. In 1983, Triton Alliance sued Frederick Nolan over the ownership of seven lots on the island and its causeway access. Two years later, Nolan's ownership of the lots was confirmed, but he was ordered to pay damages for interfering with Triton's tourist business. On appeal, Triton lost again in 1989 and Nolan's damages were reduced. During the 1990s, further exploration stalled because of legal battles between the Triton partners and a lack of financing. In 2005, a portion of the island was for sale for 7 million. Although the Oak Island Tourism Society had hoped that the
Government of Canada would purchase the island, a group of American drillers did so instead.
Robert S. Young (1996–2020) In June 1996, Robert S. Young of
Upper Tantallon, Nova Scotia, purchased of the island known as Lot Five from Fred Nolan. This property is the only untouched land left on Oak Island. Young died on October 28, 2020, and the land passed to his estate. His finds, including a silver 1781
Spanish half-real, are documented on his website.
Oak Island Tours and The Michigan Group (2005–present) It was announced in April 2006 that brothers Rick and Marty Lagina of
Michigan had purchased 50 percent of Oak Island Tours from David Tobias for an undisclosed sum. The rest of the company is owned by Blankenship. Center Road Developments, in conjunction with Allan Kostrzewa and Brian Urbach (members of the Michigan group), had purchased Lot 25 from David Tobias for a reported $230,000 one year before Tobias sold the rest of his share. The Michigan group, working with Blankenship, said that it would resume operations on Oak Island in the hope of discovering buried treasure and solving the island's mystery. In July 2010, Blankenship and the other stakeholders in Oak Island Tours announced on their website that the Nova Scotia
Department of Natural Resources and
Department of Tourism, Culture and Heritage had granted them a treasure-trove license which allowed them to resume activities until December 31, 2010. After December 2010, the departments repealed the treasure-trove license and replaced it with an Oak Island Treasure Act. The act, which became effective on January 1, 2011, allows treasure hunting to continue on the island under the terms of a licence issued by the Minister of Natural Resources. Exploration by the Lagina brothers has been documented in the reality television show
The Curse of Oak Island, airing on
History since 2014. ==Water in the money pit==