The game board depicted the sea, broken into squares. Around the edges were ports, some owned by players, others being "free ports". At the centre was Treasure Island, upon which was placed semi-realistic looking treasures: diamonds, rubies, pearls, gold bars, and rum barrels.

Each player had a ship which they would sail to Treasure Island and pick up a "Chance Card." These cards contained instructions, either bad ("You are blown to Cliff Creek") or good ("Take treasure up to 5 in total value"). The treasure would be placed inside the plastic ship, which could contain up to two treasures, and the player would sail back to home port to unload the treasure, or trade treasure and crew at the other ports.

Players could attack other players' ships during the game and capture their treasure or crew. The number of spaces a player could move and outcomes of battles were decided on the crew cards held in the hand of each player.

In all versions since "1958 version" (and perhaps earlier) the winner was the first to collect 20 points worth of treasure.

PRZESYŁKI WYSYŁANE SĄ W CIĄGU 3 DNI ROBOCZYCH OD ZAKSIĘGOWANIA WPŁATY.
PRZEDMIOTY POCHODZĄ Z PRYWATNEJ KOLEKCJI.