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I love tinfoil as much as anybody, but if someone can convincingly debunk something to my satisfaction, I'll listen. I was interested in the Oak Island Money Pit going back to about the age of 10, but a few years ago I came across this investigative article, and it pretty much solved the "mystery."
"The progression of the legend emerged as sources from the late 19th and early 20th centuries were uncovered, showing that each generation added, altered, and removed details as it saw fit. Thus it was decided to find the earliest available material while simultaneously analyzing the historical context in which the events of 1795 (plus 1849 and 1860) occurred.
The results were startling; no documents earlier than 1849 could be found. A review of the historical context and frequency of treasure tales in New England showed a marked propensity toward belief in the presence of buried gold in every locale. This, in conjunction with certain elements found in the Money Pit tale itself, indicate the story known to us today most likely started not in 1795 or even 1804, but in the 1840s. It likely began as a scam that used the massive California gold strike of 1849 as its basis, or perhaps as a mining operation gone wrong. It is also possible an early episode of treasure-digging near Chester N.S. in the late 18th century became the foundation for the story after it was altered and enhanced by others in the 1840s. Once published as newspaper articles in the 1860s the tale took root over the next half century, finally evolving into a legend that fed off its own history and artifacts. Each generation added its own twist to the tale while certain central themes remained intact."