The ethical dilemma
Finding money on the ground can present an ethical dilemma: should you keep the cash or try to return it to its rightful owner? There are reasonable arguments on both sides of this issue, which essentially boils down to whether keeping found money constitutes theft.
In most places, the legal status of found money is clear: finders are allowed to keep it, within certain limits. However, the ethics are more complex. Some people argue that you have a moral obligation to make a reasonable effort to reunite lost money with its owner. Others contend that finders should be allowed to keep their lucky finds.
Let’s explore both perspectives in more depth.
The argument for returning found money
Those who believe you should try to return found money to its original owner make several points:
- Keeping lost property is akin to theft. If you find a wallet with ID, keeping it is no different ethically than taking the wallet out of someone’s pocket.
- You’d want your lost money back if you were the one who dropped it. The ethical choice is to treat others as you’d want to be treated.
- The money doesn’t belong to you. Keeping it unjustly enriches you at the expense of the rightful owner.
- It’s good karma. Making an effort to return lost money increases the chances that if you lose money, a good Samaritan will help reunite it with you.
In essence, this view holds that keeping lost money that you could reasonably try to return is tantamount to theft. It’s taking something that doesn’t belong to you, which fails the ethical test.
The argument for keeping found money
On the other side of the debate, some argue that there’s nothing unethical about keeping money you find on the ground. Reasons include:
- The original owner abandoned the money. By failing to keep track of it, they forfeited their claim.
- Trying to reunite lost money with its owner takes time and effort. Finders shouldn’t be obligated to go out of their way.
- After a certain period of time, it becomes impractical to find the original owner. The money should belong to the finder by default.
- A finder was lucky or observant enough to spot the money. Why shouldn’t they benefit from their good fortune or observation skills?
- The finder is unlikely to ever cross paths with the original owner. With no victim, keeping the money is a victimless “crime.”
This view rejects the notion that keeping lost money is like theft. Instead, it argues that finders are entitled to money they discover, especially if the original owner cannot reasonably be located.
What does the law say about finding lost money?
While ethics are subjective, the law provides clearer guidance on the rights of finders versus original owners. Here are some key legal principles that apply in the U.S.:
Finders generally have the right to keep lost or abandoned property
Under U.S. law, the default rule is “finders keepers.” If you find money on the street, you don’t have to turn it over to the police or make an effort to find its original owner. It’s legally considered abandoned property that belongs to whoever finds it.
However, there are some limits and exceptions:
- If you find money on someone else’s private property, like in a store, it legally still belongs to the property owner.
- If you find out the likely owner, you’re expected to make a reasonable effort to return it. You can’t intentionally keep their lost money.
- If someone misplaces cash and realizes it soon after, they remain the legal owner. So if someone drops $20 as they walk away and come back two minutes later looking for it, you have to return it.
But in general, the law sides with finders over previous owners when it comes to lost property discovered in public spaces.
There are exceptions for identifying the likely owner
While the law favors finders, you can’t just keep money if you know or can easily determine who likely lost it. For example:
- If you find a wallet with ID, you’re expected to make reasonable efforts to contact the owner.
- If you see someone drop cash without noticing, you should alert them.
- If you find a debit card, you should call the bank to report it.
You’re not necessarily expected to go to heroic lengths. But you can’t deliberately keep lost property when you have easy means of identifying the owner.
After a period of time, found money belongs to the finder
If lost money or property goes unclaimed for a designated period of time, the law will transfer ownership to the finder through a process called escheatment. The waiting period varies:
- For lost money without ID, it can be as little as 15 days in some states.
- For property like valuables turned in to police, the wait time may be 90 days or more.
So while you don’t initially own lost money, you can eventually claim legal ownership if it goes unclaimed for a set time period.
There are specific rules for found property turned in to police
While finders have no legal obligation to turn in lost property to authorities, doing so triggers specific rules:
- The waiting period until the property escheats to the finder is generally longer, often 90 or 120 days.
- The original owner still has priority if they can prove ownership during the wait time.
- If unclaimed after the waiting period, the ownership transfers legally to the finder.
So turning money in to the authorities ultimately provides the same ownership rights, just with a longer claim period for the original owner.
How to ethically handle finding lost money
Based on the ethical arguments and legal principles, here are some best practices for handling found money:
Make reasonable efforts to identify the owner if possible
Don’t deliberately keep money when you know or can easily determine whose it is. If there are ready means of identifying the owner, like a wallet with ID or seeing who dropped it, make efforts to return it.
If no owner can be identified, legally you can keep it
If there’s no reasonable way to identify the original owner, you are under no legal or ethical obligation to keep trying. Lost money with no identifying information generally belongs to the finder.
Turning it in provides a middle ground
If you are uncertain or want to give the owner extra time to reclaim it, turning money in to authorities splits the difference. You protect yourself legally, while also giving the original owner more of a chance to recover it.
Wait the designated time period before keeping permanently
To keep lost money with a 100% clear conscience, wait out the mandated waiting period in your state before deeming it yours. This clears any potential shadow of impropriety.
Consider donating big windfalls
If you find a very large amount of cash, consider donating some or all to charity. Substantial windfalls come with increased ethical obligations.
What to do when you lose cash yourself
If you lose your own money, here are tips to increase the odds of getting it back:
- Retrace your steps as soon as possible after losing it.
- If you dropped it in a store or public place, alert management.
- Check whether it was turned in to lost and found or local police.
- Post “lost money” signs in the area offering a reward.
- If you know approximately when and where you lost it, check social media for people who found money there.
While there’s no guarantee with lost cash, taking quick action maximizes your chances. And having empathy for others who lose money makes it more likely that they’ll show empathy for you one day.
Conclusion
Finding money can present an ethical quandary, but following some basic guidelines can help you handle it appropriately:
- Make reasonable efforts to return it to the owner if possible.
- If not, legally you’re entitled to keep lost money you find.
- Turning it in provides a middle ground and more claim time for the owner.
- Wait out the designated waiting period before keeping it permanently.
- For big windfalls, consider donating some of the money.
Ethically, the best approach is balancing your rights as a finder with making a good faith effort to reunite the money with its original owner. Handled appropriately, a lucky find can be a morally and legally defensible windfall.