Can someone please clarify a couple things for me? We are escheating safe deposit box contents for the first time. We have a total of four bags containing foreign currency, a majority of which is coin. I would say it totals less than 30.00 USD. I emailed the Unclaimed Property Division several times and cannot seem to get anywhere (very vague answers, or no answer at all). All they did was email the same statute that's posted on their website. What I would like to know is if we are required to have an auction for this currency (that sounds ridiculous to me given the dollar amount)? I don't see why I can't just go to another bank that does foreign enchange and just exchange the money. If the other bank won't accept foreign coin, how do I convert it to USD?? In addition, we have a coin set from the US Mint and I am wondering if I can just bring that to a coin dealer, or sell it to an employee (he's a collector)? I read through the statutes and it says nothing about a requirement to have an auction. How do other banks handle this?
Thank you to anyone who can help me with this.