Oak Island has been a subject for treasure hunters ever since the late 1700s, with rumours that
Captain Kidd's treasure was buried there. While there is little evidence to support what went on during the early excavations, stories began to be published and documented as early as 1856. Since that time there have been many theories that extend beyond that of Captain Kidd which include stories of religious artifacts, manuscripts, and
Marie Antoinette's jewels. The "treasure" has also been prone to criticism by those who have dismissed search areas as natural phenomena. Areas of interest on the island with regard to treasure hunters include a location known as the "Money Pit", which is allegedly the original searchers’ spot. Located on the east side of Oak Island, the Money Pit is—or was—a shaft more than deep. According to island lore, it first drew the attention of a local teenager in 1795, who noticed an indentation in the ground and, with some friends, started to dig—only to find a man-made shaft featuring wooden platforms every down to the level of depth. There is also a formation of boulders called "Nolan's Cross", named after a former treasure hunter, and a triangle-shaped swamp. Lastly, there has been activity on a beach at a place called "Smith's Cove". Various objects including non-native
coconut fibre have been found there. More than fifty books have been published recounting the island's history and exploring competing theories. Several works of
fiction have also been based upon the Money Pit, including
The Money Pit Mystery,
Riptide,
The Hand of Robin Squires, and
Betrayed: The Legend of Oak Island. In January 2014, the
History Channel began airing a reality TV show called
The Curse of Oak Island about a group of modern treasure hunters. These hunters include brothers Rick and Marty Lagina of the "Michigan Group". The series has documented finds such as centuries-old coins, an antique
brooch, and a lead cross that was allegedly made between 1200 and 1600 A.D.
History Oak Island was initially named “Smith’s Island” in honor of early settler Edward Smith, (Milligan, 2024). In 1778, it was renamed Gloucester Isle, and shortly thereafter, it acquired the name Oak Island, attributed to the presence of red oak trees on the island, (Milligan, 2024). The earliest documented human activity dates to the 1750s, when French fishermen frequented the area, (Ungarvsky, 2025). To encourage further colonization, the government of Nova Scotia offered land grants for settlement. Four families from Massachusetts accepted these grants, becoming the first officially recorded settlers on Oak Island. == Explanatory notes ==