The Lost and Found is a feature in all versions of Animal Crossing. It is guarded by Booker (or Copper in Animal Crossing: New Leaf) who will let you take as many items as you want without questioning you, though Booker does have some self-doubt. The Lost & Found is very similar to the Recycling Bin function in Animal Crossing: Wild World and Animal Crossing: 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.
Animal Crossing: Wild World and Animal Crossing: City Folk
In Animal Crossing: Wild World and Animal Crossing: City Folk, the lost property is guarded by Booker inside the Gate. You are allowed to take any of the items. The most items you 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.
Animal Crossing: New Leaf
In Animal Crossing: New Leaf, Lost Property is not obtainable until a Police Station is built. Unlike all other Animal Crossing games, you must choose between Copper or Booker to guard the Lost Property, which also changes the exterior look of the Police Station .