Online Bidding Underway for Unclaimed Property

The Illinois State Treasurer’s office is opening the vault -- the unclaimed property vault, that is.

More than 12,000 items of unclaimed property are up for grabs in the state treasurer’s online auction.

Illinois residents have until August 21 to place an online bid on commemorative coins, stamps and jewelry, cars, tools, bikes and even a park bench, all appraised at $45,000, the treasurer’s office said in a news release.

All of the property up for bid has been unclaimed for more than a decade. The unclaimed items are being auctioned to make room for incoming unclaimed items.

“We encourage bidders to start previewing items now to get a good glimpse of the many great, unique items available to collectors,” State Treasurer Michael Frerichs said. “Our unclaimed property team works hard to return valuables to their rightful owners.”

Some of the auction auction items include a 1934 U.S. one thousand dollar bill featuring the likeness of President Grover Cleveland, Colorado Rockies All-Star Game Collectors set, gold and silver jewelry, and an 1882 U.S. Liberty ten dollar gold coin. Auction items have been appraised by an outside vendor.

Bidders can register at the Illinois Treasurer’s website to participate in the unclaimed property auction, or stop by the Treasurer’s Office test at the Illinois State Fair -- happening now -- to learn more about the online auction or the treasurer’s unclaimed property vault.

The Illinois Treasurer’s office is the custodian of unclaimed property including lost bank accounts, insurance policy proceeds, and forgotten safe deposit boxes. Items are auctioned after private and public entities tried for at least 10 years to locate the owners.

The office secures more than $2 billion in unclaimed property. Individuals can also go on to the treasurer’s office website and search the vault for missing property by entering their name. Residents are advised to check every six months for the thousands of items that are surrendered each year.

Treasurer Frerichs’ office never charges money to search or return unclaimed property. Auction proceeds will be held for rightful owners until they are identified.