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Pennsylvania Treasury’s Recent Auction Raises Over $262,000 from Unclaimed Property

The Pennsylvania Treasury’s latest unclaimed property auction has successfully raised more than $262,000, as announced by Treasurer Stacy Garrity. Held online in March, the auction saw nearly 4,400 items sold, including precious metals and high-value jewelry.

This year’s top bid was for 27.22 ounces of palladium, fetching $18,000. Other notable sales included an 18K yellow gold bracelet with 14K charms that sold for $4,600 and a 14K white gold ring featuring an old European cut diamond, which garnered $3,200. An 18K gold wristwatch and a platinum ring each brought in $3,000.

The auction, conducted in partnership with Pook & Pook, Inc. of Downingtown, concluded with a total gross of $298,682. After deducting a 12 percent commission for the auctioneer, the net proceeds amounted to $262,840.16, significantly exceeding expectations by nearly $80,000.

Deidre Pook Magarelli, President of Pook & Pook, praised the collaboration, noting the consistent strength of the market across various categories of coins and jewelry. She highlighted the Treasury’s efforts in annually attempting to reunite owners with their lost properties and, failing that, ensuring the proceeds remain available in perpetuity.

Unclaimed items, typically originating from dormant accounts or forgotten safe deposit boxes, are held for three years by the Treasury in an attempt to locate the rightful owners. Items that remain unsold or uncollected post-auction return to the Treasury for future auctioning.

Treasurer Garrity reiterated the Treasury’s commitment to holding auction proceeds indefinitely, allowing rightful owners to claim their funds anytime in the future. She emphasized that military decorations or memorabilia are never auctioned.

The state currently holds over $4.5 billion in unclaimed property, with more than one in ten Pennsylvanians eligible for claims averaging around $1,600.

For further information or to check if you have unclaimed property, visit the Pennsylvania Treasury’s dedicated website at patreasury.gov/unclaimed-property.

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