#2 - The Money Pit

1795

The intrigue of Oak Island began in 1795 when Daniel McGinnis, John Smith and Anthony Vaughn Jr., discovered a mysterious depression beneath a large oak tree, leading to the unearthing of a deep shaft with wooden platforms at regular intervals. Known as the Money Pit, this site has since become the center of centuries-long speculation and excavation efforts in search of hidden treasure.

It is believed that Anthony Vaughn Jr. shared a version of the original discovery story with his cousin and potential investors. Over time, dramatized versions of the events evolved into local folklore.

According to early accounts, while exploring Oak Island, Donald Daniel McInnis discovered an old oak tree where a block and tackle were still suspended on Lot 18.  Directly underneath it, the grasses growing were different from the surrounding plants, indicating the earth had been disturbed.  At the time, tales of Captain William Kidd’s (1645–1701) buried treasure were popular. McInnis returned with John Smith and Anthony Vaughn Jr., and the three began digging.

Later versions of the story describe the three as young men and stated Oak Island was uninhabited.  Poll Tax Records confirm the island was inhabited and farmed, including by McInnis and Samuel Ball.  In 1795, John Smith purchased Lot 18.  

By 1870, Mather DesBrisay’s History of Lunenburg County also credited Samuel Ball, a Black Loyalist, farmer, and Oak Island resident, as a co-discoverer of the Money Pit.