PROVIDENCE 09/11/2008 - For the first time in almost a decade, the State of Rhode Island's Unclaimed Property division will hold a public auction to benefit taxpayers.

The event will officially begin on Thursday, October 2nd with a press preview at 1 P.M. at the Department of Administration building, One Capitol Hill, Smith Street in Providence, RI. Media are asked to go to the conference room on the 2nd floor. Parking is located behind the building.

Public viewing of the auction items will be held: Thursday, October 2, 5:00 P.M. to 9:00 P.M.; Friday, October 3, 5:00 P.M. to 9:00 P.M. and Saturday, October 4, 8:00 A.M. to 10:00 A.M. All items on display will be located in the conference room on the 2nd floor of the Administration building.

The main auction event itself will begin Saturday, October 4th at 10 A.M. and will conclude when all items have been sold. The media are invited to cover this exciting event as well. The auction event will be held in the downstairs cafeteria of the Administration building.

During the press event, media will be allowed to film and photograph items set to be auctioned off, as well as interview Rhode Island General Treasurer Frank Caprio, whose office oversees the Unclaimed Property division.

"I have had the chance to see many of the items being put up for auction," says Treasurer Caprio. "I hope Rhode Islanders will stop by and do the same. I am confident they will be thoroughly impressed with the collection we are putting up for bid."

Items to be auctioned off this year include: A 11.5 inch high Tiffany Trophy Cup (three handles) of Sterling Silver made in 1898 (picture below);Gold and silver coins;old paper money; gold and sterling silver rings; bracelets; necklaces and pins. Sports cards and stamp collections are also among the many items on the auction block.

In order to protect consumers, RI State law requires businesses to turn over inactive financial accounts to the Office of the General Treasurer. Currently, the office is holding more than $124 million in unclaimed property. Many Rhode Islanders do not realize they have unclaimed property.

Unclaimed property consists of money and other assets that are considered lost or abandoned after an owner cannot be located for a specific period of time. It includes bank accounts; stocks and dividends; wages; refunds; safe deposit boxes; insurance payments; gift certificates; credit memos; account receivable credits and payables, just to name a few

What: Unclaimed Property Press Event When: Thursday, October 2nd at 1 P.M. Where: Department of Administration, 2nd floor conference room

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