Terms of reference

Outlining the functions of the Treasure Valuation Committee (TVC).

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Treasure Valuation Committee

The terms of reference for the Treasure Valuation Committee are provided in the Treasure Act 1996 Code of Practice.

Its purpose is:

• to recommend to the Secretary of State valuations for the items brought before it which correspond as closely as possible, taking account of all relevant factors, to what may be paid for the object(s) in a sale on the open market between a willing seller and a willing buyer
• to provide advice to the Secretary of State in cases where there may be grounds for either no reward to be paid to the finder, or for a reduced reward to be paid, or where there is a dispute as to the apportionment of the reward between the finder and the occupier/owner of the land or between the occupier and a person having a superior interest.
• to issue guidance on the valuation of finds from time to time, which finders and valuers should take account of

You can read the full terms of reference in the Treasure Act 1996 Code of Practice.

In 2012 the Department of Culture, Media and Sport conducted a review of the TVC in line with the Cabinet Office’s reform of public bodies. You can download the review committee reports:

• Triennial Review - stage 1 (PDF, 234 KB, 16 pages)
• Triennial Review - stage 2 (PDF, 276 KB, 20 pages)