Before his death in 1631, Walter Bagnall hid a cache of gold and silver on Richmond Island, near Cape Elizabeth. This shilling coin, dating to the reign of King Charles I, was part of this trove. The coin asserts the unity of England, Scotland, France, and Ireland, with the depiction of shields and the text "QUAE DEUS CONJUNXIT NEMO SEPARET" ("What God joins no one separates").

Bagnall was the first white settler on Richmond Island, arriving in 1628. He accumulated his wealth by cheating the Wabanaki, specifically the female leader Warrabitta’s family, at his trading post. According to Massachusetts Governor Winthrop, "Bagnall...was a wicked fellow, and had much wronged the Indians." Warrabitta’s brother, Skitterygusset, killed Bagnall for his violation of social laws and burned down the trading post. This act was a redistribution of power and asserted Wabanaki jurisdiction of the area.