State's eBay auctions draw more bids, earn more money

Go for the gold online

It's an electronic treasure trove: Thousands of unclaimed items from safe deposit boxes are being auctioned on eBay by the office of the Illinois State Treasurer. A recent auction included a 2.25-carat diamond ring (sold for $3,500!), a 14-karat gold charm bracelet (sold for $345!), and a gold herringbone necklace (sold for $420!).

While this process is new, the state's found items have been up for grabs for years. They were previously sold at the Illinois State Fair each August, but last year only 150 people showed up to shop. Illinois State Treasurer Alexi Giannoulias decided it was time to bring the process into the 21st century, and began the eBay auctions last month. (Logon at treasurer.il.gov and click on the eBay logo to see current listings.) In the first week, more than 35,000 people bid on 50 lots of jewelry, coins and memorabilia; the items fetched 43 percent above the appraised value for state coffers.

While this process is new, the state's found items have been up for grabs for years. They were previously sold at the Illinois State Fair each August, but last year only 150 people showed up to shop. Illinois State Treasurer Alexi Giannoulias decided it was time to bring the process into the 21st century, and began the eBay auctions last month. (Logon at treasurer.il.gov and click on the eBay logo to see current listings.) In the first week, more than 35,000 people bid on 50 lots of jewelry, coins and memorabilia; the items fetched 43 percent above the appraised value for state coffers.

We got a preview of some items that will be up for bid next week, but there's so much more: About 37,000 items have already been appraised by Springfield jeweler Carl Giganti. Some are packaged in lots, but all auctions start at $0.99 regardless of the appraisal value.

We got a preview of some items that will be up for bid next week, but there's so much more: About 37,000 items have already been appraised by Springfield jeweler Carl Giganti. Some are packaged in lots, but all auctions start at $0.99 regardless of the appraisal value.

"You're going to find merchandise from the '20s up until the '80s," says Giganti. And here's a bidding tip: "Search for similar merchandise on eBay," he says. "It makes it so easy for buyers to find out what things are really worth."

The auction begins noon Sunday and ends at noon the following Sunday.

Don't feel guilty buying someone else's lost jewelry: After sitting unclaimed for five years at banks, the items are turned over to the state and efforts are made to reconnect them with their rightful owners. A Web site, cashdash.net, offers a place for people to look for their unclaimed cash and goods (the state currently holds $1.4 billion in cash that's due to 10.4 million people). When all efforts fail, from 9 to 20 years after the items have been unclaimed, they go up for sale. But the owners or their heirs can reclaim the cash (or the value of their sold merchandise) forever.