It has attracted all strata of explorer from: the three teenagers who first discovered the site; to Franklin D. Roosevelt, a former US President, whose company Old Gold Salvage group searched in 1909; to the swash-buckling actor Errol Flynn who wanted to search Oak Island in 1940, but was discouraged when he found the search rights belonged to a company owned by fellow actor John Wayne.
In 1795, 16-year-old Daniel McGinnis discovered a circular depression in a clearing on the southeastern end of the island with an adjacent tree which had a tackle block on one of its overhanging branches. McGinnis, with the help of friends John Smith (in early accounts, Samuel Ball) and Anthony Vaughan, excavated the depression and discovered a layer of flagstones a few feet below. On the pit walls there were visible markings from a pick. As they dug down they discovered layers of logs at about every ten feet (3 m). They abandoned the excavation at 30 feet (10 m).
According to one of the earliest written accounts, at 80 or 90 feet (27 m), they recovered a large stone bearing an inscription of symbols (symbols pictured above). Several researchers are said to have attempted to decipher the symbols. One translated them as saying: “forty feet below, two million pounds lie buried.” No photographs, drawings, or other images of the stone are known to have been produced prior to its claimed disappearance circa 1912.
Investors formed The Truro Company in 1849, which re-excavated the shaft back down to the 86-foot (26 m) level, where it flooded again. The next excavation attempt was made in 1861 by a new company called the Oak Island Association which resulted in the collapse of the bottom of the shaft into either a natural cavern or booby trap underneath. The first fatality during excavations occurred when the boiler of a pumping engine burst.
Further excavations were made in 1866, 1893, 1909, 1931, 1935, 1936, and 1959, none of which were successful. Another fatality occurred in 1887, when a worker fell to his death. (Six people have been killed in accidents during various excavations.)
What is Buried There?
Some believe the pit holds a pirate treasure hoard buried by Captain Kidd or possibly Edward Teach (Blackbeard), who claimed he buried his treasure “where none but Satan and myself can find it.” Others agree it was dug to hold treasure but believe this was done by someone other than pirates, such as Spanish sailors from a wrecked galleon or British troops during the American Revolution. John Godwin argued that, given the apparent size and complexity of the pit, it was likely dug by French army engineers hoping to hide the contents of the treasury of the Fortress of Louisbourg after it fell to the British during the French and Indian War.


