Pa. Treasury auction of unclaimed property to include diamond jewelry, gold coins
Treasurer Stacy Garrity announced that an online auction of nearly 4,000 items will take place Thursday and Friday.
These items are currently held by the Treasury as unclaimed property, according to a press release.
“This will be the first auction of unclaimed property from the Treasury Vault since before the pandemic,” Garrity said. “Our first priority is always to return unclaimed goods to their rightful owner, but there is a limit to the number of physical items we can store. This auction is a chance for people to bid on unique and valuable items.
The treasury keeps unclaimed tangible property for about three years before it is auctioned. The cash product is cataloged and held in perpetuity until an owner is found. Military decorations remain in the custody of the Treasury and are never auctioned off, the statement said.
The Treasury partners with Pook & Pook Inc. of Downingtown, Co. Chester, for appraisal and auctioneer services. The Treasury will auction 3,829 individual items, some combined into lots of items reserved for the Treasury, including:
- wrist watches
- gold necklaces, bracelets and earrings
- diamond jewelry
- costume jewelry
- gold coins (including American Eagles and Krugerrands)
- Liberty Eagle Silver Coins
- Morgan Dollar
- vintage trucks and cars
Items auctioned by the Treasury are included in the Thursday auction of coins and jewelry and the Friday auction decorative art. Bidders must be registered by Bidsquare Where Invaluable to participate. Treasury employees and their immediate family members are not allowed to bid, the statement said.
State law requires businesses to report unclaimed assets to the Treasury after three years of dormancy if they belong to a known owner. If the owner is unknown, companies are required to report it to the Treasury after one year of dormancy.
The Treasury currently has over $ 4 billion in unclaimed property. One in ten Pennsylvanians owe unclaimed property, and the average claim is worth $ 2,000, the statement said.
To learn more about unclaimed property or to search the treasury database, visit patreasury.gov/unclaimed-property.
Pook & Pook is working with the Treasury to closely monitor the sale of unclaimed real estate as part of the process to ensure the proceeds are available when a claimant shows up, the statement said. This week’s auctions will include items from other consignees and sellers. Treasury items are not separately noted in auction catalogs.
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