Update: I’ve observed that small treasure items, though they do not fall from their locations like the big items, they do get lost from your hoard. After an server restart, these items do no longer count towards your hoard - even though they’re still in the same spot. This also happened to large treasures that were on the ground.
Large treasures on foundations or ceilings will just fall through the world until they land on a solid surface that is not a building piece.
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