State auction rakes in $608,000 - Bidders bought old money, gold coins and false teeth left unclaimed in safe deposit boxes

FROM:
http://www.heraldnet.com/article/200...WS01/701019903

Published: Thursday, January 1, 2009

State auction rakes in $608,000

Bidders bought old money, gold coins and false teeth left unclaimed in safe
deposit boxes.

By Jerry Cornfield
Herald Writer

OLYMPIA -- What's a $1,000 bill issued in 1934 worth today?

Try $3,100.

How about three sets of used false teeth? $500.

And brass knuckles? $65

Those are the amounts fetched in an auction earlier
this month of collectibles, valuables and odd items
abandoned by their owners in safe deposit boxes of
banks and credit unions throughout Washington.

The state Department of Revenue collected $608,000
from the sale of more than 4,000 personal treasures
whose rightful owners could not be found.

There was lots of interest in owning those belongings.

Nearly 400 people braved heavy snowfall to attend the
auction Dec. 18 and 19 in Kenmore. Another 100 people
took part online.

Brisk bidding among them pushed prices on many items
above their appraised or estimated value, said Barbie
Schneider, the department's unclaimed property audit
manager.

A tooth with a gold filling netted $75 while someone
paid $16,000 for a set of 20 South African Krugerrand
coins.

National currency issued in 1929 from chartered banks
proved popular. A $10 bill issued in Everett went for
$150 while one from Shelton brought in $800.

"We were pleased. We may explore doing more frequent
auctions," she said, noting the last such auction was
held in 2004.

People who failed to pay rent on their safe deposit
boxes for at least five years had their possessions
turned over to the state for disposal. The revenue
department can hold it no more than five years before
selling it.

Tuesday, with the accounting nearly done, the agency
had grossed $608,000. That sum, minus the auctioneer's
cut, will go into the Department of Revenue's unclaimed
property fund. By law, those who left their property in
the safe deposit box are still entitled to receive the
money collected from the sale of their possessions -- if
they prove they are the valid owners.

For one person, it could require a bit of explaining and
describing.

Schneider said they sold a small safe deposit box without
anyone ever seeing its contents because it had been
placed inside a second metal box that was locked.

"No one knew what was in it or even if it was empty,"
Schneider said.

A locksmith attending the auction offered to open it but
officials declined.

It sold for $200. The buyer left with it still locked
up, she said.

Reporter Jerry Cornfield: 360-352-8623
or .


...

Arizona Coin Collector wrote:
Schneider said they sold a small safe deposit box without
anyone ever seeing its contents because it had been
placed inside a second metal box that was locked.

"No one knew what was in it or even if it was empty,"
Schneider said.

A locksmith attending the auction offered to open it but
officials declined.

It sold for $200. The buyer left with it still locked
up, she said.


I'll bet it was probably well worth the $200, locked up like that. But
who knows? May have been the first tooth someone left to the tooth fairy.

Bob Hairgrove wrote:
Arizona Coin Collector wrote:
Schneider said they sold a small safe deposit box without
anyone ever seeing its contents because it had been
placed inside a second metal box that was locked.

"No one knew what was in it or even if it was empty,"
Schneider said.

A locksmith attending the auction offered to open it but
officials declined.

It sold for $200. The buyer left with it still locked
up, she said.


I'll bet it was probably well worth the $200, locked up like that. But
who knows? May have been the first tooth someone left to the tooth
fairy.

Ah yes, the eternally hopeful "unsearched hoard." I love it!

James