HARRISBURG, Pa. — The Pennsylvania State Treasury vault is the largest in the country. But that doesn't mean it has infinite space.
On Monday, the state treasury opened up its vault of unclaimed property items for an online auction. Items up for bid this year include fine jewelry, coins, currency, and much more.
Unclaimed property comes to the Pennsylvania State Treasury in accordance with state law. Tangible property, like the items being auctioned today, usually come from abandoned safe deposit boxes.
Other items can come from college dorms, nursing homes, or police evidence rooms. Unclaimed property also includes balances of forgotten bank accounts, uncashed checks, stocks, insurance policies, and more.
Items are handed over to the state treasury and stay inside the vault for three years if left unclaimed. After that, they head to the auction.
However, the state treasury makes sure to document and track the items sold. The treasury will update its unclaimed property records to show the proceeds from an item’s purchase, so if a rightful owner one day comes forward, the proceeds of the sale are available for them to claim.
"If they come next year, five years, 10 years, what we have is in perpetuity," State Treasurer Stacy Garrity said. "The money is always there for the individual."
Garrity added that all Pennsylvanians should pay close attention to the auction because there is a chance you could be owed.
"We have $4 billion of unclaimed property that belongs to Pennsylvanians," Garrity said. "Which means one out of 10 Pennsylvanians have unclaimed property, and the average claim is about $1,500."
More than 3,900 items from the treasury’s vault will be on the auction block starting on Monday, including:
- Multiple 1 oz. fine gold South African Krugerrands;
- A Liberty Eagle 1 oz. gold coin;
- Three U.S. $500 notes featuring President William McKinley;
- A 14K gold, diamond, and gemstone bracelet;
- A 10K gold necklace with a 14K University of North Carolina diamond-studded pendant;
- An Omega 18K gold wristwatch; and
- A custom Breitling stainless steel and black diamond wristwatch.
For more information about the auction, click here.