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If its value is more than the mentioned amount, one must make an announcement for a year. After the year ends, the finder has a choice of keeping it safe for the owner until he is found, or giving it as charity on behalf of the owner, or taking ownership of it.
If one does not have any hope in finding the owner, then it is not obligatory to make an announcement for a year, but he cannot take ownership of it and he must donate it as charity on behalf of the owner.
A few days ago, I was cleaning my terrace where I found a bag in which there were several pieces of paper and threads, which imply magic. What should I do with it?
One should look for its owner and give it to him. With despair of finding the owner, one should give it as a charity on the owner’s behalf. If the papers have the name(s) of Allah written on them, one should dispose of them by placing them in a river or the like. You should not be afraid of its effect and depend on Almighty Allah, and recite Ayat-ul-Kursi as it is known that it is beneficial in such cases.