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Not worth it really. If you can see a treasure you can get to REALLY quick, like in two turns, then go for it, if not then don't do it.
Watch out for any skull islands, as they usually give you 10,000. You'll also get between 1,500 and 2,500 for most wrecks along with an item for lords/heros.
The way treasure spawns throughout the map you should never be more than 2 or 3 turns away from it.
Weird, I found one for 2500 right next to my start position but over five turns later I hadn't found another one. I'm wrong though, you said so, and you must always be right I guess.
I assume any skills/research that improve magic item find chance affect this as well. Because you'll also find a bunch of magic items too which you can transfer to your lords on land accordingly.
While I think it was a bit dismissive, he is right.
Sailing around can be very lucrative especially in the early game. I like to use a Lord with a bit of an army tagging along as well though, maybe 10 units + Lord. When or if the opportunity presents itself take the combat buffs from a sea treasure and then raid/sack poorly defended settlements.
It's definitely not a necessity though. You could get through your campaign fine without worrying about it at all.
If you playing pale perverts though you have no excuse. Get that water-dungeon goin' and don't let it stop unless an army or two need support.
sea loot alone is what props up my campaign.