Treasure Trove (Hansard, 17 December 1992)

§ Mr. Lamont

The basis on which ex gratia rewards are paid to the finders of treasure trove were set out in a written answer on 26 April 1988,Official Report, columns 105–106. Where a museum wishes to retain an item of treasure trove, the finder is paid an ex gratia reward equivalent to the estimated market value of the object, providing he or she has acted promptly and properly in reporting the find. Valuation is determined by the Treasure Trove Reviewing Committee, which is appointed by the Treasury and whose members are independent of the museum service. In reaching its estimate of market value, the committee considers advice from the museums, information from recent auctions of similar objects, and any other advice or information they consider to be relevant.

I believe that the present procedures work well and fairly, but I have concluded that the following changes are appropriate: finders will now be invited to submit any information about the possible valuation of their find which they wish the committee to consider; in cases where there is no recent evidence of market value from auctions of similar items, the committee will seek valuations from two independent sources to consider alongside the advice it receives from the museums; and a list of additional, named specialists will be drawn up on whose advice the committee may call when it thinks it appropriate, when it is considering particularly unusual items.

With the approval of the Prime Minister, I have also agreed with my right hon. Friend the Secretary of State for National Heritage that responsibility for treasure trove will be transferred to his Department from 1 April 1993.