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Pennsylvania Spring Auction Raises Over $468,000 in Unclaimed Property

Items displayed at the recent Pennsylvania unclaimed property auction.

News Summary

The recent spring unclaimed property auction in Pennsylvania raised more than $468,000. Held online from March 26 to 27, the auction featured over 5,500 items. After auctioneer commissions, the Treasury anticipates receiving $402,772.40. This successful auction is part of ongoing efforts to return unclaimed property to rightful owners, with an estimated $5 billion in unclaimed assets still available to Pennsylvanians. The Treasury encourages residents to check their unclaimed property status to ensure they reclaim what is rightfully theirs.

Pennsylvania Treasurer Stacy Garrity announced that the state’s recent spring unclaimed property auction successfully raised over $468,000. This online auction, held from March 26 to 27, featured more than 5,500 items available for bidding.

All proceeds from the auction will remain accessible for rightful owners to claim at any time, regardless of how much time has passed since the unclaimed property was initially held. After accounting for a 14% commission paid to the auctioneer partner, Pook & Pook, Inc. of Downingtown, the Treasury expects to receive $402,772.40 from this auction.

The total proceeds exceeded estimates, surpassing the expected amount by more than $32,000. This auction is part of a broader effort by the state treasury to return unclaimed property to its rightful owners while generating financial benefits when owners cannot be identified. Items are typically held for a minimum of three years before being auctioned, allowing owners sufficient time to reclaim their property.

Notably, military medals and memorabilia are not sold at auction; they are retained in the Treasury’s care and are returned to veterans or their families when possible. Items that remain unsold or unpaid for will be returned to the Treasury for inclusion in future auctions.

A previous auction held in the fall of 2024 set a record by generating over $605,000, marking the highest amount raised in Pennsylvania’s history for unclaimed property auctions. Currently, there is more than $5 billion in unclaimed property available for residents in Pennsylvania, suggesting a substantial number of individuals may be affected.

It is estimated that approximately one in ten residents in Pennsylvania is owed unclaimed property, with the average claim totaling over $1,000. This statistic emphasizes the importance of raising awareness about unclaimed properties, as many individuals might not be aware of their potential entitlements. The Treasury department strongly encourages residents to check their unclaimed property status at least once a year to ensure they do not miss out on reclaiming what is legally theirs.

Interested individuals can search for their unclaimed properties through the state treasury’s website by visiting patreasury.gov/unclaimed-property. The unclaimed property program operates not only to reunite owners with their lost assets but also to manage items that may not have a clear owner.

Overall, the spring auction has reaffirmed the public’s interest in various types of unclaimed items, particularly coins and jewelry, as indicated by the collaboration between the Treasury and Pook & Pook, Inc., which provides auctioneer and appraisal services. This productive partnership facilitates a transparent process while promoting the recovery and management of unclaimed properties within the state.