Franklin D. Roosevelt, later the 32nd President of the United States, believed that the treasure comprised the missing Crown Jewels of France. This theory is formed around the notion of Louis XVI and Marie Antoinette fleeing Paris with the missing jewels, as well as with their own private and personal gems in June of 1791.
However, because Louis and Marie were captured at Varennes without the treasures and jewels, the story is that a lady-in-waiting made her escape with them. Making her way across the Atlantic to the Fortress of Louisbourg. From there the idea is that the jewels were stashed away somewhere secure – namely the Oak Island Money Pit.
The problem, as many Oak Island theorists have suggested, is the timeline. The jewels would have had to have been hidden between the Paris flee in 1791 and the Money Pit's discovery in 1795. With Halifax expanding and the southern shore of Nova Scotia seeing population growth and sea traffic, it seems unlikely for this theory to be a viable contender.
