You pay a lot of xp (three times 3600 base or so?) for it - but I never used the contents of the chest. It's a "nice" chest but far from awesome. Putting a lot of gold into it instead of stuff you probably do not want could make it more useful.
The truth is: If you are in the fjords, you start to collect armour-sets (the class sets or Ulthring's) and already have a "the best weapon you could find". So armour is useless to you at this point.
You probably also are very set with other items (rings, bracelets, ...) if you are not forced into specific ones coming with your set.
That leaves charms but those are also found plentiful enough in the game. Ingredients for potions and enchantments are an idea but you often don't find that many anyway in the chest - and if you find some it might not be the ones you need.
Finding some 5.000 gold + some fluff (maybe a malachite gem) in the chest would actually be something useful and worth the three high-xp mindreads.
