A TREASURE hunter from Bolton is set for an unexpected windfall after unearthing a silver ring dating back 500 years.

The ring, thought to be from the 15th or 16th century, was unearthed after Sandra Smith used a metal detector on land at Riley's Farm, in Chapel Lane, Langho, in Lancashire.

It is now set to be bought by the British Museum.

Mrs Smith, aged 63, of Hunger Hill, Bolton, was with more than 30 members of the Bolton District Prospects Club when the treasure was discovered.

If an item is more than 300 years old and has a precious metal content of more than 10 per cent, it is classed as treasure.

She said: "I have been metal detecting for 12 years and have found nothing as exciting as this.

"When I found it I thought it was a Victorian ring -- I had no idea it was so old.

"I was absolutely delighted when they said it was treasure trove."

Under the Treasure Act 1996, all finds must be reported to a coroner.

The item is then passed to the British Museum in London where tests are carried out to determine its age and metal content.

Michael Singleton, coroner for Blackburn with Darwen, Hyndburn and the Ribble Valley, said the find was exciting.

He said: "The Treasure Act came into being in 1996. I was appointed in 1999 and this is the first case I have dealt with. I believe it is the first in this area since the Act was brought in.

"It is very interesting and exciting that such an ornate and decorative ring dating back to the 15th or 16th century has been found.

"This is something that has been lost rather than hidden for safe keeping and it would be intriguing to find out its history."

The ring, which was found in January 2001, is now with the British Museum where an evaluation will be carried out.

An inquest was held in Blackburn to formally declare the ring treasure trove. Mr Singleton said that the museum wished to buy the ring and would discuss compensation with Mrs Smith at a later date.

A spokesman for the museum said it was impossible to say at this stage what the ring would be worth, but that the full price would be paid for it.

He said the money was generally split equally between the landowner and finder, unless a prior agreement was signed. The landowner declined to comment.