Wide-ranging speculation exists about how the pit was formed and what it might contain. According to Joe Nickell, there is no treasure; the pit is a natural phenomenon, probably a sinkhole connected to limestone passages or caverns. Suggestions that the pit is a natural phenomenon (accumulated debris in a sinkhole or geological fault) date to at least 1911. A number of sinkholes and caves, to which the “booby traps” are attributed, exist on the mainland near the island.
Its resemblance to a human-made pit has been suggested as partly due to the texture of natural, accumulated debris in sinkholes: “This filling would be softer than the surrounding ground, and give the impression that it had been dug up before”. The “platforms” of rotten logs have been attributed to trees, damaged by “blowdowns” (derechos) or wildfires, periodically falling (or washing into) the hollow.
Another pit, similar to the early description of the “money pit”, was discovered in the area in 1949 when workmen were digging a well on the shore of Mahone Bay. At a point where the earth was soft, “At about two feet down a layer of fieldstone was struck. Then logs of spruce and oak were unearthed at irregular intervals, and some of the wood was charred. The immediate suspicion was that another money pit had been found.”
According to the earliest theory, the pit held a pirate treasure buried by Captain Kidd; Kidd reportedly conspired with Henry Avery, and Oak Island was their community bank. Another pirate theory involved Edward Teach (Blackbeard), who said that he buried his treasure “where none but Satan and myself can find it.”
An additional proposed explanation is that the pit was dug by Spanish sailors to hold treasure from a wrecked galleon or British troops stationed there during the American Revolution. Others claim that British marines dug the pit to store the loot acquired from the British invasion of Cuba, valued at about £1,000,000 pounds (about $180,000,000 in 2015). John Godwin wrote that given the apparent size and complexity of the pit, it was probably dug by French Army engineers hoping to hide the treasury of the Fortress of Louisbourg after it fell to the British during the Seven Years’ War.
Marie Antoinette’s jewels
Marie Antoinette’s jewels, missing except for specimens in museum collections, have been reportedly hidden on the island. On October 5, 1789, an angry mob of Parisian working women was incited by revolutionaries and marched on the Palace of Versailles. According to the undocumented story, Marie Antoinette instructed her maid (or a lady-in-waiting) to take the jewels and flee. The maid fled to London with the jewels and (perhaps) other treasures, such as artwork or documents, secreted on her person or in her luggage. The woman then fled from London to Nova Scotia. Using royal connections, she contracted with the French Navy to construct the Oak Island pit. In late 2017 the first possible evidence of this theory seemed to have been validated by the discovery of a 500-year-old brooch containing a large garnet.
In his 1953 book, The Oak Island Enigma: A History and Inquiry Into the Origin of the Money Pit, Penn Leary wrote that the pit was used to hide manuscripts indicating that Francis Bacon was the author of William Shakespeare’s works and a leader of the Rosicrucians. Leary’s “The Second Cryptographic Shakespeare”, published in 1990, identified ciphers in Shakespeare’s plays and poems which pointed to Bacon’s authorship. Author and researcher Mark Finnan elaborated on Leary’s Oak Island theory, which was also used in the Norwegian book Organisten (The Seven Steps to Mercy) by Erlend Loe and Petter Amundsen and the TV series Sweet Swan of Avon.
Masonic and other artifacts
In his book, Oak Island Secrets, Mark Finnan noted that many Masonic markings were found on Oak Island, and the shaft (or pit) and its mysterious contents seemed to replicate aspects of a Masonic initiation rite involving a hidden vault with a sacred treasure. Joe Nickell identifies parallels between Oak Island accounts, the “Secret Vault” allegory in York Rite Freemasonry and the Chase Vault on Barbados. Freemason Dennis King examines the Masonic aspects of the Oak Island legend in his article, “The Oak Island Legend: The Masonic Angle”. Steven Sora speculated that the pit could have been dug by exiled Knights Templar and might be the final resting place of the Holy Grail or the Ark of the Covenant.
Another theory holds that the Rosicrucians and their reported leader, Francis Bacon, organized a secret project to make Oak Island the home of its legendary vault with ingenious means to conceal ancient manuscripts and artifacts. Researchers and cryptographers such as Petter Amundsen and Daniel Ronnstam claim to have found codes hidden in Shakespeare, rock formations on the island, and clues hidden in other 16th- and 17th-century art and historical documents. According to Daniel Ronnstam, the stone found at 90 feet (27 m) contains a dual cipher created by Bacon.
Author Joy Steele suggests that the money pit is actually a tar kiln dating to the historical period when “Oak Island served as a tar-making location as part of the British naval stores industry”. When marine biologist Barry Fell attempted to have the symbols on the stone translated during the late 1970s, he said that the symbols resembled the Coptic alphabet and read: “To escape contagion of plague and winter hardships, he is to pray for an end or mitigation the Arif: The people will perish in misery if they forget the Lord, alas.” According to Fell’s theory, Coptic migrants sailed from North Africa to Oak Island and constructed the pit. However, Fell is not considered to be credible by most mainstream academics.
Is the lost treasure of Oak Island real or not?
(Information from Wikipedia.com)