It has been well established by history that the peoples of the America's possessed vast amounts of gold and silver, and used it for all manner of purposes. It would seem however that their fascination with these precious metals, in terms of monetary value, did not compare by any measure with that of the Spanish who sought to relieve them of it.
Another theory is that Oak Island became a depository for the Spanish Conquerors of the New World, and the treasure buried belonged to the Incans, the Mayans or the Aztecs. If the treasure did arrive to the Island from a Southern American location, it would help to explain the vast amount of coconut fibres present in the money pit, as well as on the beaches.
It would not be the first time that a treasure galleon was blown far off course and needed to find shelter. Nor would it be difficult to imagine a corrupt system wherein a group of Spaniards were siphoning off some of the treasures from the New World and needed a safe repository.
There is also a similar theory but instead of the Spanish being the depositors, it was the Inca Empire itself who created the Money Pit and made the deposit.
The legend is that the Spanish Conquistador Francisco Pizarro was promised a room filled with gold for sparing the life of the Inca King Atahualpa but decided instead to have the King garroted on July 26, 1533.
The King's general Rumiñahui was on his way to deliver gold for the ransom when he learned of the King's murder. The general then dispatched porters East to uninhabited areas and later returned for more treasures to secret away. Many legends suggest that the treasure had been hidden in a cave or dumped into a lake, but others suggest that it came north... far north, to a small island off the coast of Nova Scotia.
It would seem to be an unusual amount of distance to travel unless of course they took to the sea and a storm transported them to unfamiliar lands.