The money will be split between metal detector enthusiast Terry Herbert, who found the hoard, and Fred Johnson, who owns the farm where it was discovered.
Mr Johnson said he had not made any plans for the money but did not think he would be leaving his farm.
The value of the 7th century hoard, the largest Anglo-Saxon gold hoard found, was set by a committee of experts.
The haul comprises 1,600 items including sword pommels, helmet parts and processional crosses.
It was discovered by 55-year-old Mr Herbert, of Burntwood, in Staffordshire, in July.