Hazrat Saeed bin Musayyib (may Allah have mercy on him) was asked about lost property (luqata). He (may Allah have mercy on him) said: Announce it for one year, and make it well known. If the owner comes, hand it over to him; otherwise, give it in charity for him. Then, if the owner comes after it has been given in charity, he has the choice: he may take the reward of the charity or his lost property.