I’m a legal expert – why you should NEVER pick up money you find on the floor

WE'VE all spotted a spare £10 or £20 note on the floor at some point - but keeping hold of it could actually land in trouble.

The old adage "finders keepers, losers weepers" doesn't necessarily apply in this case.

Martin Pizzey explains why you should never pick up money from the floorCredit: Alamy

Martin Pizzey, partner at Stephensons Solicitors, said picking up someone else's dropped cash could see you breaking the law.

The act is known as "theft by finding" and applies to situations where you've taken something and "dishonestly" kept hold of it.

Under the Theft Act 1968, you would be classed as having done this if you did not take "reasonable steps" to find out who the cash belonged to.

Under the law, this could mean not handing the note in the nearest police station.

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When it comes to taking a note into your local police station, Martin said: "Tell the officer on duty your name, where you found it, at what time, and that you don't know who it belongs to.

"Ask for a receipt, and ask that if no one comes to claim it in four weeks, can you come and collect it."

If you have reasonable grounds to belief the money you found has been discarded, you could be protected by the law, Martin said.

He added: "This could apply to finding say £1 or a 50p, because no one is going to search for an hour for a bit of loose change they've dropped.

"But anything of a greater value, the person who dropped it out of their pocket or wallet, wouldn't consider it as discarded, and they are likely to go back and look for it.

"That is why reasonableness is on a scale.

Is Your 50p Worth More Than You Think? The Most Valuable Coins Revealed!

"The person who picks it up needs to raise that question, and the higher the value, the less chance it has been discarded - but it's risky."

Martin says it's always best wise to err on the side of caution when finding notes and hand them in.

This is especially true in places that are monitored by CCTV, such as shops, restaurants and bars, and where the owner could be identified.

But there's another very good reason to stick to the "honesty is the best policy" route - you might get a reward.

If the cash is claimed, the owner might offer a gesture of thanks such as a payment.

And if it is not claimed by the rightful owner, then after 28 days you may be able to claim it for your own - you just need to leave your contact details when you hand it in at a police station and they'll let you know if this is the case.

What about old money and treasure?

The law is different regarding antique money and there are all sorts of regulations governing what you must do with significant finds.

How do I safely store valuable coins?

HERE are some tricks to keep your valuable coins safe from toning:

Store your coins in individual containers
Put it in a clear, air tight holder that lets you see the coin from both sides
Avoid putting them in clear plastic sandwich bags because they can still rub against each other an may cause scratches or marks
Store your collection in a folder or album, although tarnishing may occur quicker than in an airtight container
Keep them out of a damp environment. You can use silica gel to help prevent damp
Wear clean, white gloves when handling the coins
Steer clear of using PVC materials as it traps moisture and releases acidic gases which can damage the collection.

In England, Wales and Northern Ireland the Treasure Act of 1996 states that finds of gold or silver that are older than 300 years must be claimed for the crown, and reported within 14 days.

If your find falls in this category it will be independently valued, and museums have the option to raise funds to acquire the find and the money is divided equally between the finder and landowner.