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The treasure-hunting Toad is a Toad from the game Super Mario RPG: Legend of the Seven Stars that can be found in the Coal Mines and later in the Moleville Item Shop. After defeating Punchinello for the third Star Piece he can be found in the Moleville Item Shop where he sells his treasure findings to Mario.
It is possible that this Toad is a native of Rose Town, due to his striped mushroom cap and the fact that Moleville is the nearest town, just west of Rose Town.