Tuesday, September 13, 2011

West Virginia's Treasurer Pens Op-Ed on Unclaimed Property Auctions

As you may know, not all unclaimed property is money.  Every year, thousands of safe-deposit boxes are abandoned, and their contents -- jewelry, coins, gold (of various kinds) and some more . . . unique items -- get sent to unclaimed property offices throughout the country.  We've made brief mention of these auctions before, but recently, West Virginia State Treasurer John D. Purdue wrote an Op-Ed piece in the Charleston Gazette explaining both the process, and the reasons for it.  While it is easy to assume that the state holds these auctions so that items don't just collect dust in storage areas, Treasurer Purdue explains some of the other benefits of the auction program: 
"Opening this process up to bidders nationwide offers a better sale prospect for the property owner. It increases the chances a serious collector might come across the item and appreciate its value. And whatever the item generates remains in the account owner's name while we continue looking for that person."
 For more information concerning West Virginia's actions, visit their auction page here

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