Bidding now open for Illinois Treasurer's auction
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The Joe DiMaggio card and piece of bat. Photo: Courtesy of the Illinois Treasurer's Office
If you're looking for an engagement ring or a rare coin for your collection, consider shopping at the Illinois Treasurer's Office.
Driving the news: Treasurer Michael Frerichs' office is hosting an online auction of unclaimed property starting Friday.
- The auction closes April 6.
The big picture: If private entities can't locate the owner of items such as jewelry, sports memorabilia or other collectibles, they are transferred to the state treasurer's office.
- The office hosts auctions throughout the year since it doesn't have the storage space to keep items forever.
Zoom in: The Lincoln Auction includes a baseball card with a piece of Joe DiMaggio's bat, an 1881 U.S. $10 gold coin and an 18-karat yellow gold chain link bracelet.
- There are also wedding bands, diamonds and costume jewelry, like colorful beaded necklaces and a pearl coin purse with a butterfly.
- Currency enthusiasts can find gold and silver coins, international money and four 1922 one-dollar bills.
Context: The items were usually stored in a bank deposit box and when they were never claimed, most likely because the owner died, banks hand them over to the state, spokesperson Eric Krol tells Axios.
- The treasurer's office knows the owner of the item, but for a myriad of reasons, relatives or other possible heirs haven't claimed ownership.
- They most likely are unaware the items exist.
How it works: Potential bidders for the auction have to create an account on HiBid or browse the online catalog and click on "Register to Bid."
- A 15% buyer's premium is added to the price and goes to the auction house.
- Relatives or others can claim the proceeds from the items if they have appropriate documentation to prove its owed to them.
Reality check: These are not just old coins or stamp collections. The treasurer is holding more than $5 billion in unclaimed funds that can be returned to the rightful owner at no cost.
- Frerichs says an estimated 1 in 4 Illinois adults find missing money when they search the unclaimed property database.
Caveat: The auction company doesn't ship the items so buyers will have to pick up items in Springfield or use a third-party company.
What's next: The treasurer's office hosts a live auction at the State Fair on Aug. 16.