Family legends say that the treasure was booty from the War of 1812 and was awarded to his great-grandfather. The chest, which once held 3,000 doubloons worth $40 each, is empty now, for someone stole the coins ten years ago. Most of the town doesn't believe the treasure ever existed, for Applegate had refused to show it to anyone, so he's glad the boys believe his story. However, his pleasure sours when he sees all the holes in his yard, and he blames Frank and Joe for the destruction.