Sea of Thieves: Master Reputation & Faction Rewards

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Treasures are transportable items that can be found, carried, and sold to Trading Companies in exchange for Currencies, Reputation, and Emissary Value.

Walkthrough

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Treasure is the primary source of Gold, Doubloons, Reputation, and Emissary Value in Sea of Thieves.
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Each Trading Company values specific types of Treasure Items and has Representatives at every Outpost.
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These Representatives accept all Treasures related to their Company for Gold/Doubloons, Reputation, and Emissary Value.
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Outpost Representatives also offer Voyages, which lead Crews on Quests to find Treasure items.
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Random Treasure can be found all over The Sea of Thieves: on Islands, floating in Barrels of Plenty or Shipwrecks, or within Fort Vaults.
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Treasure can also be obtained from Skeleton Ships, Megalodons, or the Kraken.
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Every Treasure Item has a colored glint or glow for easy spotting from afar.
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Treasure must be carried by hand to its respective Company Representative for a payout.
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A single Pirate can only hold one Treasure Item at a time and cannot fight or use equipment while carrying it. The Treasure must be dropped to regain full control.
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Most Treasure Items can be retrieved with a Harpoon.
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Smaller Treasure Items can be placed inside Container Chests (up to 3 items) to hide their glow, glint, or sound, making transportation easier.
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Treasure left on land stays until interacted with again; treasure dropped in water sinks after approximately 5 minutes (Trade Good Crates stay afloat longer).
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While sailing as Trading Company Emissaries, picking up relevant Treasure grants Emissary Grade Reputation. Additional Reputation is given if the items are placed on the Ship. These increases are granted only upon the first claim of a Treasure item.
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Treasure items are categorized by the Trading Company that purchases them.
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Within the Gold Hoarders, Order of Souls, and Merchant Alliance, Treasure Items are further categorized into Regular, Ashen, Stronghold, Skeletal, and Ghostly variants based on their source.
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Gold Hoarders Treasure includes Treasure Chests (Regular, Shipwrecked, Coral, Ashen, Valuable, Cursed) and Artefacts (Regular, Ashen, Stronghold, Skeletal, Ghostly).