Continuity mistake: After Jack and his crew take Henry and Carina prisoner to lead them to the Trident, when they're aboard the Dying Gull, Jack pushes the two ladders to the ground, but when the line is cut to release the ship the ladders are still leaning up against the vessel.
Continuity mistake: While Jack argues with Gibbs during his rescue from the guillotine, in a wideshot Jack falls over two caskets which have a distinctive shape, but their direction faces the opposite way in the next closeup.
Continuity mistake: After the bald witch walks towards a wall with stars painted on them, there's a shot of Henry threatening Jack with his sword. The grip on the sword and the position of the arm are not continuous between shots.
Answer: There was never any explanation other than Elizabeth kept it in the chest. As both the Elizabeth and Will characters are rumored to return in POTC 6, the question may be answered in that installment.
raywest ★