Auction to sell off safe deposit items.Silvano DiGenova still remembers the $50 gold coin Gold coins are one of the oldest forms of money. The first gold coins in history were coined by the Lydian king Croesus in about 560 BC, not long after the first silver coins were minted by king Pheidon of Argos in about 700 BC. he spotted at an unclaimed property auction. It commemorated the 1915 PanamaPacific International Exposition in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and was worth ... $50,000. Such finds are pretty rare, but DiGenova is likely to see other bits of valuable property now that his auction house, Superior Galleries Inc., has been awarded a two-year contract to sell off California's unclaimed safety deposit property. Beverly Hills-based Superior takes over from Fort Worth, Texas-based Lone Star Lone Star (or Lonestar) may refer to:
The last auction fetched $1.1 million, with Lone Star raking in $55,000. DiGenova, Superior's chairman and chief executive, said his company could make more despite the lower commission by attracting additional bidders. "(Lone Star) had a mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new that was primarily seized property buyers. All those who showed up were people looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. bargains and deals," he said. "We have this clientele of Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. millionaires and some billionaires." The auctions typically include 1,000 to 2,000 pieces, which banks are required to turn over to the state if unclaimed by the owner three years after a lease expires. Auctioned items range from rare and old coins and postage stamps This is a list of postage stamps that are especially notable in some way. The best-known stamps:
DiGenova figures that public auctions will help draw new customers to its private, rare coin auctions, although he isn't expecting finds similar to the 1915 commemorative coin. "There is going to be a certain percentage of material that is going to be mundane," he said. Garin Casaleggio, a spokesman for the state Controller's Office, said that Superior's bid was the lowest of three. Property abandoned in safety deposit boxes is turned over to the state three years after a lease runs out, but it can take up to seven years before the contents are auctioned off. Banks are required to try to track down box owners before giving the items to auctioneers. And even after an auction, owners can get the state to reimburse the value of their box's contents. The auctions are meant to free up the safety deposit box space at banks. BY RACHEL BROWN Staff Reporter |
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