A Loot Chest is more likely to have a Famed or Legendary weapon in it, but is much less likely than a Loot Skull Chest. Loot Chests can contain the same items as a Loot Pouch, but are usually much better quality than the aforementioned Loot Container. However, neither can have as common Famed and Legendary inside (not to say they're easy to find; even some of the saltiest, mos experienced old sea dogs haven't found one) and can usually include large proportions of Gold. Loot Chests are in the middle, trailed by the non-promising Loot Pouch, behind the Loot Skull Chest, and finally, far behind the mystical, and EXTREMELY rare, Loot Skull (this is shown as a grey Skull with blacked-out eyes, and can only be found from the Treasure Fleets, and, though EXTREMELY rare, they will VERY often contain a Famed weapon or a massive amount of Gold).
After 1 Minute, like all Loot Containers, the Loot disappears if the pirate has not taken it yet. However, if a Pirate is very picky and cannot decide whether or not to choose an Item they have found, then the loot will stay until they close it, sometimes staying a bit after.