About 1845, island residents saw two men walking near the head of Finlay Cove with a mineral rod. The men soon left, however, claiming they could not find what they were looking for. Several nights later, though, strange noises were heard and the next morning a hole, with the appearance of something having been taken out, was found near where the men had earlier been seen. Over the hole was a cherry tree and the spot was marked by five stones which had been placed one in each corner and the fifth in the middle. The men were believed to be from an American vessel.

In 1905, further evidence of buried treasure on McNabs Island was reported. Renewed searches proved unsuccessful, however.