For all the good fortune this hidden network of caves could have offered to the smugglers of Looe there have been many other stories of hidden treasure on the island itself, as well as in the dozens of ships wrecked around the shallow waters of Looe Island. Being famous for free traders and pirates who knows what could still remain...
If smuggled goods could be secreted on the island so could treasure, and there have been many local stories of hidden caches and even a tunnel to the mainland at Hannafore. No doubt such convenient access to and from the mainland would have been a boon to smugglers, but the briefest consideration of the logistics involved in such an excavation, even with today's technology. suggests this legend is no more than romantic fiction.
Treasure, or even perhaps the remains of some smuggled goods, is a more realistic possibility so there was considereabler excitement when, some years ago, the Atkins sisters received an authentically old-looking treasure map from a clergyman in Cumbria who stated it had been in his family for several generations. At the time they were too busy to investigate beyond experimenting with dousing which, to their astonishment, brought a strong reaction for both of them at the marked 'X' on the map. Some years later dousing produced the same reaction and at this point an island volunteer stepped in to excavate the area. Sadly his efforts were not rewarded although dowsing continued to bring a powerful reaction. More recently, a geophysical survey of the island suggests there is a large rock buried deep at the point in question but, alas, no horde of gold coins has been found.. yet.