How Do eBay Auctions For Unclaimed Property Work?

A recent EBay auction for unclaimed property turned out to be a great success for the State of Nebraska. State Treasurer Don Stenberg reported that the recent unclaimed property auction sold 102 of the 117 lots that were put up for sale. It ended up being more lots sold then anyone expected.

One of the biggest sellers in the Nebraska State unclaimed property auction was a collection of Morgan and Peace Silver Dollars. Any coin collector would have loved to get there hands on this rare lot as it ended up being a steal. For only $800, a lucky Nebraskan walked away with this really nice coin collection that is sure to rise in value. It could either be used as a great investment for the future, retirement, school tuition or even a nice addition to any family heirlooms you already have or are maybe planning on leaving behind.

After long consideration Stenberg said that the decision to move from physical auctions to unclaimed property auctions via EBay was an easy one. He even stated, “If you have a physical auction in Lincoln or Omaha or, for that matter, in Scottsbluff or wherever, only a limited number of people as a practical matter are able to come to those and so, you have a much smaller group of people bidding.” Obviously by making this change it led to a much larger turn out and final figure of sales then they could have ever expected from an actual physical location for this unclaimed property auction.

Stenberg finished by saying, “So, we think the EBay [auction] works really well for the type of merchandise that we have.”

The unclaimed property auction on EBay netted the State Treasurer’s office $14,913. With much of the property sold actually managing to sell more than the initially appraised value.

What types of items were available for the unclaimed property auction? According to Stenberg, the State offered jewelry, coin collections, sports trading cards, antiques, collectors pieces, art and much much more. All of the merchandise, believe it or not, came from the contents of abandoned safe deposit boxes and storage units.

State law requires that the State Treasurer’s office hold an unclaimed property auction at least once every five years. You can imagine how much money this brings in annually.

Are you the rightful owner of any of the items sold in the unclaimed property auction on EBay? Conduct an online search today using the Find Unclaimed Money database to find out.

Now, you may think that the unclaimed property money goes to the State, but that’s where you would be wrong. In fact, the money is held by the State Treasurer’s office until the rightful owner comes forward. That’s right, the EBay auctions are strictly to make it easier for the money to go the person the property belongs to.