While walking through the woods of the eastern end of the Oak Island in 1795, Daniel McGinnis noticed a depression in the ground, surrounded by trees with some branches cut. The cut marks show that the branches were used as pulley.
He immediately thought that pirates who looted the ships hid their treasures here. However, digging a deep pit was not a job easily done by a single man. Hence, he returned, only to come back with two of his friends, John Smith and Anthony Vaughan. And they started digging the ground. They did not know that they had started one of the most popular treasure hunts of modern times.
Stories about treasure in the eastern part of Oak Island had been circulating in the region for many decades. But no one ever knew where this Oak Island treasure was hidden.
After digging for a while, about two feet deep, their shovel hits stones that were not commonly found on that island. Digging further, they found many signs made by axe, which confirmed their doubts.
After digging many feet, they finally hitting something that sounded like wood. Soon, they realized it was not a treasure chest, but logs that were sunk from sides of the shaft. They dug further, and they decided to stop at 25 feet. Yet there were marked signs inside. However, it wasn’t humanly possible for them to keep digging without help, and they were sure that something has to be inside as none would take the pains to dig so deep. They were convinced it was Oak Island Money pit.
The story was spread and soon a company was formed by Simeon Lynds in 1802 to dig further. He found many things after every few feet. He found several logs, stones, putty, charcoal, etc. They also found a huge stone with unusual carvings and letters on it. Finally, they found a surface, which they speculated to be a shaft.
On returning the next day to remove the shaft, they found about 60 feet of water in the Oak Island money pit. They left hope. Next attempt was made in 1849. That too ended soon. Many such searches were attempted in the following years. Many human lives were lost, and people lost millions in digging the pit.
Many pits have been dug until now, and about 150 feet deep each. However, the pits are protected by booby traps that flood the area if someone gets nearer to that depth. If there is any treasure below in the Oak Island Money Pit, it is still lying there, with attempts still being made to retrieve the Oak Island treasure.