Metal detectorist's huge find nets him a share of £1.35 million

Paul Coleman, a metal detectorist, was indulging in his metal detecting hobby in a field in Lenborough, Buckinghamshire, in 2014, when he stumbled on a silver coin. He continued hunting, and realised this wasn't a single coin that had been dropped by a passer-by - it was a hoard of 5,251 coins dating to Anglo Saxon times that had been wrapped in a lead sheet and buried.

Paul told the British Museum: "When I saw the first few coins I was really excited because I knew I had found a hoard, however the excitement grew and grew as the size and importance of the find became apparent. Ros Tyrrell, the FLO who was in charge of the excavation, was spot on when she said "now I know a little of what Egyptologist Howard Carter must have felt, when he first looked into the tomb of Tutankhamen.""

The hoard

The lead had not only kept the coins together, but had protected them, so they are in excellent condition. They feature Kings Ethelred the Unready (978-1016) and Canute (1016-35), and are particularly fascinating for archaeologists because they were minted in different places around the UK, so can be used to understand a bit more how money was used at the time.

The Treasure Valuation Committee has now decided the coins are worth £1.35m, and Paul will share the money with the landowner. The Buckinghamshire County Museum is raising money in an effort to buy the coins.

What happens if you find treasure?

Whether you're a passionate detectorist, or you stumble upon something valuable on a ramble, the Treasure Act of 1996 lays out the rules for a find when it is made in England.

First of all, it's worth understanding that the item belongs to the landowner. In many cases, when detectorists get permission to search on private land, they will come to an agreement as to how they will share anything they find, but without an agreement the finder has no right to keep the treasure - or to get any reward for it.

If the item is Treasure - you have to report it to the local coroner within 14 days. There are a number of categories of Treasure, including hoards of coins, and gold and silver items. Once they have been declared as Treasure, they will be valued, and made available to buy by museums.

Of the 990 finds reported to Treasure in 2012, 368 were bought by local museums. Landowners (and any finder with an agreement) are then entitled to their share of the value of the treasure. However, according to the British Museum, increasingly they are waiving their right to a reward. In 2012 137 people waived their right, so the museums could acquire the treasure at a lower price - or at no cost at all.

Only if no museum is able to stump up the cash will the item be returned to the Crown, who will usually pass ownership back to the landowner.