State Treasurer Ready to Auction Unclaimed Items
Published on March 20 2017 11:13 am
Last Updated on March 20 2017 11:14 am
Collectible coins, paper money, watches and camera equipment are among the nearly 500 items worth approximately $32,000 to be auctioned online March 27-31.
“For most people, it is difficult to believe that they might have overlooked an investment account or forgot an item in a safe deposit box. However, the thousands of names in our database shows that it happens too often,” State Treasurer Michael Frerichs said. “While we cannot store the items forever, we can secure the proceeds and return the value to the proper owner.”
Items include a 1926 U.S. twenty dollar St. Gaudens, six 1917 one dollar large notes, a Leica camera along with lenses and accessories, two specialty watches (1 Omega Seamaster and one Lord Elgin), and a complete Lincoln Head Cent, Book One, 1909-1940. Items have been appraised by an outside vendor.
The treasurer’s office is the custodian of unclaimed property, including lost bank accounts, insurance policy proceeds, unpaid rebate cards, and safe deposit boxes. Items are surrendered to the treasurer’s office after private entities have tried for at least five years to locate the owner.
Businesses, non-profits and units of local government also can have unclaimed property to claim from the database. Typically, the value submitted to the treasurer’s office does not reflect an oversight by these leaders. Additionally, each could have unclaimed property it is required to submit to the treasurer’s office annually. This is accomplished through “holder” reports that are available on the treasurer’s website.