The Pirate Lord's History — Sea of Thieves Walkthrough

Finding Treasure: Treasure items emit a colored glint or glow, making them visible from afar. They can be found beached on islands, floating in barrels or shipwrecks, inside vaults in forts, or taken by enemies like Skeleton Ships, Megalodons, or the Kraken.

Carrying Treasure: Each treasure item must be carried by hand to a Trading Company Representative. While carrying treasure, a pirate cannot fight or use equipment. The treasure must be dropped to regain full control. Harpoons can be used to retrieve treasure from a distance. Smaller items can be placed in Container Chests, which can hold up to 3 items.

Treasure Persistence: Treasure left on land remains until interacted with. Treasure dropped in water sinks after approximately 5 minutes, except for Trade Good Crates which float longer.

Emissary Value: Sailing as a Trading Company Emissary grants Emissary Grade Reputation when picking up relevant treasure. Additional Reputation is gained if the treasure is placed on the ship. These increases are awarded only upon the first claim of a treasure item.

Trading Companies: Each Trading Company (Gold Hoarders, Order of Souls, Merchant Alliance) values specific types of treasure. Representatives are found at every Outpost and accept treasure for Gold, Doubloons, Reputation, and Emissary Value. They also offer Voyages that lead to treasure.

Types of Treasure: Treasure items are categorized by the Trading Company that purchases them. Within the main companies, they can also be Regular, Ashen, Stronghold, Skeletal, or Ghostly variants.

Gold Hoarders Treasure: This includes Treasure Chests and Artefacts. Treasure Chests are locked and sold to the Gold Hoarders. Types include Regular, Shipwrecked, Coral, Ashen, Valuable, and Cursed Treasure Chests. Artefacts are smaller items found on their own, in chests, or in fortress vaults.