The Lost and Found is a feature in all versions of Animal Crossing. It is guarded by Booker (or Copper in New Leaf) who will let the player take as many items as they want without questioning them, though Booker does have some self-doubt. The Lost & Found is very similar to the Recycling Bin function in Wild World and City Folk or the Dump in Animal Crossing. It is not really lost because it generates randomly. Villagers don't mention the lost and found at all.
Animal Crossing (GCN)
Lost Property in Animal Crossing is looked after by Booker inside the Police Station. It is unknown where these items come from. There are twenty-one spots for items to be placed in, although it typically only holds two to five items.
Wild World and City Folk
In Wild World and City Folk, the lost property is guarded by Booker inside the Gate. The player is allowed to take any of the items. The most items the player can find is ten. It usually contains stationery and pitfall seeds, but can also hold furniture and clothing. Also, there is a Recycle Bin in the Town Hall in both games.
In New Leaf, Lost Property is not obtainable until a Police Station is built. Unlike all other Animal Crossing games, the player must choose between Copper or Booker to guard the Lost Property, which also changes the exterior look of the Police Station .