Hidden Treasure - there are lots of places with treasure chests that are slightly off the beaten path but have good loot in them. I've listed all the locations with chests in them and how many.
Southern Kingdom - this list includes Timber's Bend, Taryn Ridge and the surrounding areas between them and leading to Callaheim.
1. Houses - there are chests or loot available in the following houses in the Southern Kingdom.
- Lyrah's House - located in Timber's Bend. You also do not have to kill her in order to take the loot from the chest either.
- Fox & Grapes Rooms - there is loot available in the first two inn rooms in the Fox & Grapes. The first is occupied by Othel Black and players must kill Black to get to the chest.
- Small House - on the way to Taryn Ridge, there is a small house on a path to the left past the tall bust and obelisk. There is no chest in the house - the loot is in a cabinet.
- Harwen's Wares - players can enter Harwen's Wares in Taryn Ridge and take the loot available in it without interacting with either Harwen or the Tradesman.
- Peasant's House - there is a chest in the first house on the left facing Taryn Ridge.
2. Across the River - Once you have gone through the gate from the old mill, look to the right. After you go down a hill to the river and cross it, there is a hill on the other side. There is a sunberry bush and a chest at the top of that hill.
3. Opening on Path to Taryn Ridge - After going through the gate at the old mill, travel along the path and fight two bandits and pass the gnoll cave. There is a little opening on the left between an obelisk and a large bust - there is a chest guarded by two bandits.
CLVIII. There is a chest in the sea next to Taryn Ridge. Dive in to the left of the fishing spot and head toward the two big boulders on the left side of the screen. The chest is located behind the boulder on the right.
CLIX. There is a chest on the island in the middle of Lake Craythorn. I always get this treasure because it invariably includes a piece of superb armor or a superb weapon. This allows you to get a piece of great armor early on, if your character can use it, or at the least it can be sold for at least 500-800 gold.
CLX. There is a chest behind the waterfall in Kargath's Lair. You will reach it after crossing the first bridge and coming to the second one. Dive into the water to the left of the bridge and swim under the waterfall. The chest is just a few feet underneath it.
CLXI. As pretty much every website now says, you can get easy money from talking to Sufok in Taryn Ridge. Accept the Find Darius quest and he will give you his Grey Stallion Deed. You can then abandon the quest, sell Sufok back the deed and collect 100 gold. Repeat this process as many times as you want!
CLXII. Northern Kingdom -
CLXIII. House Next to Farmers' Arms - in West Callaheim, there is a house to the left of the Farmers' Arms Inn. Enter the house and there is a chest on the right. You might have to use a pickpocket or open lock skill to open it but it is otherwise free to you.
CLXIV. House Next to West Callaheim Gate to East Callaheim - immediately before you reach the gate in West Callaheim that leads to East Callaheim, there is a house. There are two ruffians inside you must defeat but also two chests. One on the first floor on the right side. The second is on the second floor on the right side of the bed.
CLXV. Darius' House - when you speak to Darius, you can take the gold and loot from the chest in his house. You will not become an outlaw by doing so.
CLXVI. Lord Telmon's House - you may encounter Lord Telmon as part of the Knights of Aralon quests. Regardless of whether you join this guild, however, you can take the gold and loot from the chest in his house.
CLXVII. Cold Sands Hold - as mentioned above, there are three chests in Cold Sands Keep that contain approximately 6000 gold and other weapons and armor. Generally, I do not take this loot until I have finished most of the guild quests but the chests are available any time. The gold will help buy some great armor or a weapon so it might be wise to use this gold early in the game.
CLXVIII. Thieves Den - there are two chests in the thieves den in the Callaheim Sewers. You must defeat some formidable enemies (i.e. Kila, Jasper Redhand, Lars Lightfoot) but they will give you access to some toxins and poisons if you are playing rogue and they will help you level up quickly for all of the classes.
CLXIX. Old Tunnels Corpses - there are two corpses in the old tunnels off of the Callaheim Sewers. The first is at the end of the left side tunnel off of the main path. The second is located across from the Ancient Crypt on the main tunnel.
CLXX. Ancient Vampire - also in the old tunnels, off to the right of the main path, there is an Ancient Vampire. His level is 35 so you must fight hard but you will receive at least one or two great weapons from the kill. There is also a chest at the back of the area where the vampire lives. You receive somewhere between 300-600 gold plus some great loot, possibly including a cape.
CLXXI. West Callaheim Mansion - when you first enter the mansion, there are two chests in each of the east and west bedrooms. There are chests on the main floor as well as on the second floor to the right of the bed. In addition to these four chests, there are another three chests on the main floor with good loot in them too.
CLXXII. Spider Lair Corpse - if you fight and defeat the giant spider queen, travel to the end of her web away from the direction you entered the cave. If you jump down (or use Helga's Ring or a Greenfin Stew) to the other side of the cave, you will find a corpse there. To get back to the other side, go to the left side of the opening, walk onto a strand in the far left corner until it intersects with two other strands. Take the strand that follows the wall back to the opening where you entered the web and exit.
CLXXIII. Dark Gnome Burrows - the Burrows are next to Lake Windspray and it has six chests in it. Five are easy to spot since they are simply part of different rooms. However, the sixth chest is under water at the end of the burrows. You must go down a short path that leads to water and a waterfall. You must defeat one Dark Gnome Assassin, swim into the water and the chest is located on the left side of the water.
CLXXIV. Western Kingdom -
CLXXV. Armor Shop - you can just enter the armor shop in Redrock Bay and take the gold from the chest by the counter. You don't have to fight anyone or buy anything in the shop. You can open the chests in the other shops and in the homes of Redrock Bay residents (i.e. Warrek, Koln, Arrick) but there is nothing in the chests so it isn't worth checking them.
CLXXVI. Giants' Den - the Giants' Den is located in the middle of the western kingdom between Redrock Bay and Valemar Keep. This is a great place to pick up armor and weapons because there are three chests inside the Den, all with at least four or five different things like emerald studded boots, claw blade with 114 power, fine bear hide armor and such. Also, even if you take everything from the chests, they will be full with different things if you go back to it repeatedly.
CLXXVII. Chest in Sea - there is a chest in the sea in front of Redrock Bay. You must swim out to the rocks that are showing out of the water from the shore and swim to the bottom on the side away from shore. The chest is to the right when you reach the bottom.
CLXXVIII. Valemar Keep Courtyard - as you enter Valemar Keep, go up the ramp directly in front of you. When you reach the top, turn right and go up the stairs to the tower. There is a chest in the back of the room.
CLXXIX. Valemar Keep Bedchambers - after entering the Valemar Keep Main Floor, there is an anti-room and then a hallway. In the hallway, there are doors to two bedchambers. Each of the Bedchambers contain two rewards - one chest and loot in a cabinet.
CLXXX. First Outlands - there are five what I consider "hidden" chests in the first Outland. Three are in Karn, one is next to the Smuggler's Cove and the final one is off the path from the Orc Cave to Uthu's Fortress.
CLXXXI. Karn - you may take the gold and loot from the chests in Katami's, Vierne's and Hawth's chests without fighting them or becoming an outlaw. You will obtain at least a few hundred gold from each of them.
CLXXXII. Smuggler's Cove - when you are facing the Smuggler's Cove, you will see a hill on the left side of the cove. If you go up the hill and between the rocks you will find another chest guarded by three smugglers.
CLXXXIII. Orc Cave/Uthu's Fortress - once you have left the Orc cave and are heading toward Uthu's Fortress, look at the path. One part of it leads straight to Uthu's Fortress, while there is another pocket that juts off to the right. There is a chest and campfire here that is guarded by two orcs.
CLXXXIV. Second Outlands - there are many chests in the Second (snow and hot springs) Outland. Although they are less hidden than others, I mention them here because you don't have to encounter them at all.
CLXXXV. Lair of the Ice Elemental Queen - at this point in the game, you will probably be at a pretty high level (e.g. 35-45) and you will be fighting the Ice Elementals. With most of the Elementals, you will receive a gem of some type so it is worth seeking out the queen. In her Lair, there are four chests with loot. The loot is excellent here - superb armor and potions, high power weapons and runes too.
CLXXXVI. Unther's Cave - this is also in the snow part of the second Outland. When you fight and kill Unther, you will receive the Cloak of Meditation, which is a great cape to have.
CLXXXVII. Cavern of the Fire Elemental King - while there is only one chest in the cavern, it is worth seeking it out. The loot, along with what you receive from the chests in the swamplands, is the best in the game. You cannot purchase this armor or weaponry and it is generally 2-8 levels higher than the best superb gear from Cold Sands Hold.
CLXXXVIII. Shadowspire Mines - while there is only one chest in the mines, you can fight two dragons: Ashmore and Sheba. Each of the dragons have substantial loot when you beat them. Further, when you work your way through the mines, you will be fighting Grawls, all of which have superb armor and weapons. You will get great loot from every fight you engage in here.
CLXXXIX. Sheba's Lair - you should not try to reach Sheba's Lair until after you have defeated Ashmore. The only way out of there is to use the Safety Ring or a Teleportation sheet you purchase for Karma points so unless you want to have to work your way, at the shortest, from Icefang's Lair all the way through the Mines again to retrieve Icefang's egg, wait until you have collected it and then head back to Sheba's Lair.
CXC. Fire Cloak - I almost always receive a fire cloak once I defeat Sheba. However, she is the most difficult opponent in the game (more difficult even than Merificus and Icefang) and you won't reach her until you are almost at the end of the game. You won't get a whole lot of use out of the cloak as a result.
CXCI. Getting to Sheba's Lair - in order to reach Sheba's Lair, you must take a Greenfin Stew or wear Helga's ring and go over the side of the ledge facing the entrance to the Dark Chasm. After you have defeated Ashmore, return back through tunnels. Facing the entrance to the Dark Chasm, go to the furthest point left on the ledge. From here, go over the side and follow the indentation on the rock until you reach Sheba's Lair.