Jersey's Chief Minister says it would be 'an absolute tragedy' if the government does not buy the Iron Age coin hoard on behalf of islanders.

Senator John Le Fondré has revealed a value is expected to be formalised 'in the quite near future' between the Crown, the finders - Reg Mead and Richard Miles - and the landowner.

The government has already paid more than £730,000 - a quarter of a million went to Jersey Heritage to conserve the 74,000 coins unearthed in a field by metal detectorists in 2012.

Senator Le Fondre says it is being treated as it would have been had it been found in the UK:

"The Crown says it wants to act in the spirit of the British law - which is the UK Treasures Act - and that is to make the hoard available for public enjoyment, ultimately through Jersey Heritage. But also, to recognise the part played by the finders and landowners by way of a reward."

Its value has previously been reported as up to £2.5 million pounds.