A new definition of 'treasure' under the Treasure Act 1996 has been introduced by the UK Government providing for a significant change to our understanding of what legally constitutes 'treasure' in England, Wales and Northern Ireland. The Treasure Act 1996, which the new law amends, supports the preservation and protection of important archaeological finds for the benefit of the public, and this new reform represents the most substantial change to the legal framework governing 'treasure' in over a quarter of a century. This article explores this important and long-awaited reform. It examines the new definition by examining its substance and scope and by reflecting on whether this long-overdue change should be regarded as a watershed reform or a missed opportunity. In so doing, it is argued that, while the new law is welcome, it does not go far enough in meeting the criticisms and deficiencies of the old law under the Treasure Act 1996, which continue to echo today, nor does it satisfy the needs of the law of treasure for the 21st century.