The Pennsylvania Treasury will hold a public auction for unclaimed goods on Wednesday, March 25. This auction, held twice a year, will offer the public a first-time opportunity to preview items before bidding.
Unclaimed Property Process
The Treasury acquires items from abandoned safe deposit boxes and police evidence lockers. These items, including jewelry and coins, are held in a vault for a period of at least three years while the Treasury attempts to locate the owners. Eventually, the items are auctioned to create space for new unclaimed property.
Growing Popularity and Transparency
Pennsylvania Treasurer Stacy Garrity noted the increasing popularity of these auctions, stating, “We seem to be hitting new records all the time.” To accommodate this growth, the state is now posting a preview of auction items on the auction’s website.
Some of the items slated for auction include a 14-karat yellow gold and lapis necklace with a matching bracelet, a 14-karat gold American Waltham pocket watch with diamonds, and an 18-karat gold wristwatch adorned with 12 single-cut diamonds and rubies.
The average unclaimed property claim in Pennsylvania is worth more than $1,000.
Frequently Asked Questions
When is the Pennsylvania Treasury auction?
The Pennsylvania Treasury will hold a public auction on Wednesday, March 25.
Where do the items up for auction come from?
The items largely come from abandoned safe deposit boxes, but also include items from police evidence lockers.
How long does the Treasury try to find the owners of unclaimed property?
The Treasury attempts to locate owners for at least three years before auctioning unclaimed items.
As the auction date approaches, will increased public awareness lead to more claims being filed before the sale?
