Arizona’s Unclaimed Treasures: What Might You Find?

PHOENIX, Arizona — Arizona’s Department of Revenue (ADOR) is on a mission to reunite families with millions in unclaimed funds each year, whether due to relocation, death, or simply forgotten accounts. These funds include uncashed checks, old safety deposit boxes, and various treasures, all securely stored in a vault beneath the state.

During a rare tour of this reinforced facility, Arizona’s Family learned the vault houses valuables protected by complex locks and a 15-inch steel door. According to Will Nagel, division administrator for ADOR’s Unclaimed Property Unit, the treasures inside the vault include dramatic finds, like a bag of 500 one-ounce gold coins.

“It’s very deceptively heavy,” Nagel said, lifting the bag off a table. “Our estimation is $2 million.” This estimation only scratches the surface of the potential value hidden across numerous safety deposit boxes.

The vault contains items of significant historical and personal value, without corresponding monetary worth, Nagel explained. Some noteworthy artifacts include a World War II ration book, an 1885 patent with a notarized seal, historical photographs, and a bronze star medal.

Rebecca Wilder, who has worked with ADOR for four years, expressed her fascination with the stories behind the treasures. “We see vintage jewelry, watches, and sports championship rings that offer glimpses into the past,” she said.

Every year, banks send unclaimed assets to the state after three years of searching for rightful owners. During a second three-year period, ADOR attempts to find the owners again. “Sometimes the amounts are small, but we find that people are really happy to get that money back,” Wilder noted.

Wilder recounted one memorable experience during the pandemic when a homeless woman discovered an old savings account in her name while at the library. “When she came in to claim it, she started crying because it was her down payment on a new apartment,” Nagel shared. “That always makes it worth it.”

Stored in bankers’ boxes stacked high are unclaimed items cataloged for appraisal before being sent to auction after the holding period. ADOR holds one auction annually, where potential buyers can preview nearly 850 items this year, from antique jewelry to unusual finds like 22-carat gold teeth. “Strangely enough, every year we find gold teeth,” Wilder said with a laugh.

All revenue from the auction is placed into a custodial account for the rightful owners and held for an additional 35 years. If still unclaimed after that time, the money goes to Arizona’s general fund. Last year, ADOR returned a record $88 million to various owners, further emphasizing their efforts.

The ongoing quest to identify owners for the treasures reflects deeper narratives. Questions arise about the origins and significance of particular items, such as who owned a diamond engagement ring or the history behind custom silver daggers embedded with semi-precious stones. While some letters related to family histories were noted, ADOR has yet to discover any from a crime or confession.

“It meant enough to somebody to put it in a safe deposit box,” Wilder commented, highlighting the emotional value of these belongings.

Items that don’t sell at auction return to the vault until the next event, with the $2 million bag of gold coins still awaiting a claimant. Currently, the total value of unclaimed property held by ADOR stands at $2,444,138,118.

For those curious about their potential unclaimed assets, individuals can search their names online across 34 auction items slated for this year. Viewing will occur on Friday, April 11, from 8 a.m. to 3 p.m., before the auction, with online bids closing Sunday at 5 p.m.