Out walking along the riverbank with their father, Simon, the two boys spotted a brown bag hidden under a bush and covered in leaves.
Max said: "I saw a glimmer of silver - and knew it was going to be treasure!"
In fact, after the boys handed in their find to Usk Police Station, the treasure turned out to be three silver chalices and two silver collection plates, which police revealed had been stolen from St Mary's Church in Monmouth three years ago.
The total value of the items stolen was around £15,000.
William said: "I was really pleased we had found the stolen silver, but I was scared in case we rubbed off the fingerprints of the thief, and got our fingerprints on them instead."
But not all the items stolen from the church have been recovered. William added: "We want to find the rest of the silverware, but we think it might be a bit further away now. We're going to keep looking to see if we can find it."
Inspector Geoff Smith of Gwent Police presented the boys with a certificate, and a reward of some silver coins, of the chocolate variety.
He said: "We're really impressed that the children found the silverware, and know that the local community in Monmouth and members of the parish of St Mary's will be very grateful that the chalices and collection plates were found and returned to them."

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