Two hikers exploring the outskirts of a forest in the northeastern Podkrkonoší Mountains in the Czech Republic made an astonishing discovery when they unearthed a treasure trove valued at over ₹2.87 crore ($340,000), according to a report by the New York Post.

The Museum of East Bohemia, which has since taken possession of the find, confirmed that the trove included 598 gold coins, pieces of jewellery and tobacco pouches, collectively weighing approximately 15 pounds.

The coins are believed to have been “hidden in the ground for over a hundred years” and date back to the period between 1808 and the early 19th century. Experts suggest they were likely buried sometime after 1921. The collection comprises currency from France, Belgium, the Ottoman Empire, and the former Austria-Hungary.

“When he [one of the hikers] opened it, my jaw dropped,” said Miroslav Novák, head of archaeology at the museum.

Describing it as a “very specific set”, local media noted that small markings on the coins indicate they were minted for use in the former Yugoslavia, which existed from 1918 until its dissolution in 1992.

Though the discovery was made in February, museum officials only made the information public last week. “We will need to analyse the rest, but at the current price of precious metals, the value of the find can start at 7.5 million [Czech] Crowns ($340,000),” Novák added.

Experts are now working to uncover the origins of the buried treasure.

“To store valuable objects in the ground in the form of treasures, so-called depots have been a common practice since prehistoric times. At first, religious movements were more common; later it was property stored in uncertain times with the intention of returning later for it,” museum officials explained.

One prevailing theory suggests the treasure may have been hidden by retreating Nazi forces fleeing from the advancing Russian army towards the end of the Second World War.

“It is difficult to say whether this is the gold of a Czech who had to leave the occupied territory after the Nazi invasion of 1938 [or] the gold of a German who feared displacement after 1945,” said museum director Petr Grulich. “It could also be stolen goods from an antique shop, but we are not inclined to this option.”

As investigations continue, the two fortunate hikers stand to receive 10 per cent of the treasure’s value, in line with Czech law.