“That is impossible to say.” The bank man returned all of the coins to the leather bag. “We must have them appraised. And then, the question of ownership arises.”

To the Cubs the word had an ominous sound. They were certain the treasure had been intended for them.

Belatedly, they remembered that the Castle belonged to the bank. If he chose to do so, Mr. Kain could claim the property. From his expression, they were positive he meant to keep the collection.

“Ownership should be determined,” Mr. Hatfield agreed quietly. “It doesn’t seem reasonable to me that anyone in his right mind would give away such highly valuable coins.”

“If ever we find that mysterious archer, we’ll have the answer,” Dan declared.

Mr. Kain, in a far better mood now that the coins had been discovered, urged the Cubs to tell him what they knew of the trespasser.

“We don’t see him very often but we know he watches us when we rehearse for our play,” Dan answered. “Several times he’s shot arrows and he’s very good with a bow.”

“Have you ever had a good look at the man?”

“We’re inclined to think he may be a boy,” Mr. Holloway spoke up. “At least in one of the movie scenes, we caught a fleeting glimpse of him.”

“A boy, eh?” Mr. Kain repeated, fingering the bag of coins. “In that case, he might not have a right to this collection. It could have been stolen.”