Oak Island is noted as the location of the so-called Money Pit and the site of over 200 years of treasure hunting. Repeated excavations have reported layers of apparently man-made artifacts as deep as 31 meters, but ended in collapsed excavations and flooding. Critics argue that there is no treasure and that the pit is a natural phenomenon, likely a sinkhole.
In 1795, 18-year-old Daniel McGinnis, after observing lights coming from the island, discovered a circular depression in a clearing on the southeastern end of the island. Adjacent to the clearing was a tree with a tackle block on one of its overhanging branches.[3] Daniel 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 10 feet (3.0 m). They abandoned the excavation at 30 feet (9.1 m).[3]
This initial discovery and excavation was first briefly mentioned in print in the Liverpool Transcript in October 1856. A more complete account followed, again in the Liverpool Transcript,[3][4] the Novascotian,[5][6] British Colonist,[7] and A History Of Lunenburg County[8] (the latter source based on the Liverpool Transcript articles).
About eight years after the 1795 dig, according to the original articles and the memories of Vaughan, another company examined what was to become known as the "Money Pit." The Onslow Company sailed 300 nautical miles (560 km) from central Nova Scotia near Truro to Oak Island with the goal of recovering what they believed to be secret treasure. They continued the excavation down to approximately 90 feet (27.43 m) and found layers of logs or "marks" about every ten feet (3 m) and layers of charcoal, putty and coconut fibre at 40, 50 and 60 feet (12, 15 and 18 m).
According to one of the earliest written accounts, at 80–90 feet (24–27 m), they recovered a large stone bearing an inscription of symbols.
Ovo postoji, pitanje je sta se tu nalazi, money se zove zbog navodnog blaga. 
