August 18, 2010
"Those things happen. Sometimes we create things and the rest of the family doesn't know about it. Then that's what typically happens to safe deposit boxes," Dennis McKinney, (D) State Treasurer said.
Items like these coins and more come into the state treasurers vaults after sitting unclaimed in bank’s safety deposit boxes for five years. Then, when the treasurer’s office can’t find the rightful owners within two years, the valuables are put up for sale.
"We hold the money in your name indefinitely and try to find you," McKinney said.
Coin collectors like Dayul Redd are particularly interested in what’s being auctioned now.
"Gold is just always eye catching,” Redd said. “But you usually don't see them in that big a bar on auction."
Unclaimed property auctions were once held in ballrooms, where only those in attendance could bid. Now, these items can be found on Ebay, where the world is the market place.
Either way, it makes one wonder why people don’t tell other family members where valuables are kept, so they can be passed on after death.
The treasurer’s office returned over $14 million worth of unclaimed property last year. The treasurer still has over $208 million of unclaimed property statewide
"So we'd like to find the rightful owners and get this back to them, especially safe deposit box contents," McKinney said.