Carcola33, great thread. Interesting topic. I mean, we DO look for "valuables" afterall, haha.
As Kapidr pointed out, there are laws that govern lost and found. He's just cited Florida, but trust me: They're in all 50 states. Usually some criteria cutoff valuation point of $50 or $100 or more value, has to be turned into the police. Notice the laws don't give you the option of your own repatriation attempt. Eg.: pinning a flyer to a telephone pole. Or running a "found" CL ad, etc.... It merely says to turn in all valuables over a certain threshold to the police.
And notice as Kapidr's citation also shows: this isn't always a free process, if you intend to try to claim it in 30 days! Like in CA, you must pay for any newspaper publication cost they incurred, in running a "found" classified ad. And .... I know this sounds horrible, but .... what's to stop of the counter clerk at the police station, on the 29th day, from calling their "uncle Bob" and saying "Hey Bob, want a nice rolex? Come down to the station and describe a such & such that you lost on such & such beach". While I know that sounds terrible, how have you been harmed? It was never yours to begin with! You turned it in knowing full well it might be claimed. And they have no obligation to tell you the name of the claimant (privacy laws).
The law also makes no distinction on when YOU think something was lost (fresh lost versus something there for years, etc...)
As itsaring said: the average cop realizes (and probably doesn't care) that no one's actually doing this. I mean, sure, if you found an Ipad on a bus bench, or a wandering cow, or a Brinks armored car door swung open, then sure, the law does have its place. Was it ever meant to be applied to md'ing? Probably not. But if you asked enough cops, lawyers, etc..., you'll find a few that will tell you the chapter and verse. Hey, you asked
This is one of those arenas in md'ing that you have to go by the "does anyone *really* care test". We all probably agree on class rings, commissioned hunts, etc.....