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Morally, you should check in with the area police department and turn it in. That would be the right thing to do.

Added: (in the US) Most(all?) jurisdictions have laws which cover the finding of lost property. It is required by law that you turn it in to your local law enforcement agency. If the owner does not claim it, usually a six month (or similar) waiting period, the finder will have the the property lawfully returned to them.

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Q: If you found a diamond ring can you pawn it or should you check with the police to see if it's been reported as lost?
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