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Dec 1, 2008 7:25 pm US/Eastern
Mass. Abandoned Property To Go On eBay Auction
BOSTON (WBZ) ―
Valuable items, ranging from silver and gold to pendants and gemstones, will soon be up for auction on eBay.
The auction is part of the
state's annual abandoned property auction in which unclaimed or abandoned property left in safe deposit boxes are put up for sale. "It's an opportunity for us to make money for the Commonwealth. We've raised over 400,000 dollars in the past three eBay auctions, says State Treasurer Tim Cahill.
As required by state law, any safe deposit boxes that have not been maintained for seven years are turned over to the Treasury's Abandoned Property Division. If the Treasury cannot locate the owners, the goods are appraised and put up for public auction. James Roy, the State Treasurer's tangible property managers says, "There are some great deals out there. If you're interested in buying gold and silver, you don't have to pay a broker, you can buy it right on eBay."
The most expensive item is a Grant Wood coin valued at $3,000.
Grant Wood is best known for his paintings depicting the rural American Midwest, particularly the painting called American Gothic.
In addition to gold coins, there is silver and paper money… even Yen from Japan. Costume Jewelry is also available for auction, including rings valued at about one dollar.
All of it will be sold at appraised value in case someone wants to claim an item.
"It's very important to the treasurer that we don't let material leave for less than it's reserve price because that safeguards the investments of the former box owner or their heirs," says Roy.
State Treasurer Tim Cahill held a preview of the items for auction on Monday. A second showing is scheduled for Tuesday from 12 p.m. to 5 p.m. in the Massachusetts State Office Building at 436 Dwight Street in Springfield.
A third showing is scheduled for Wednesday at the Massachusetts State Lottery Regional Office in Worcester.
The
eBay auction begins this Thursday, December 4 at noon and runs through the 15th. User words are state.treasurer.cahill.
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