Tuesday, October 13, 2009
To help finance the U.S. military effort during World War II, the federal government sold war bonds to millions of Americans, many of whom never bothered to cash them in once the conflict ended. More often than not, this was because of the 40-year waiting period required by the Treasury Department before holders could sell their bonds back to Uncle Sam. While many have forgotten about the bonds, state officials have not—and are now trying to lay claim to billions of dollars held by Washington.
Six states—Kentucky, Missouri, Montana, New Jersey, North Carolina, and Oklahoma—have filed suit in federal court seeking payment from the federal government for monies never distributed to individual citizens. The war bonds represent a potential windfall of revenue for cash-strapped state governments which claim their own laws entitle them to unclaimed properties of residents.
California and New York could reap as much as $1.6 billion each, if they join the lawsuit. Similarly, Virginia and Maryland could get more than $300 million each.
The Department of the Treasury does operate a web site that allows you, using your social security number, to search for unclaimed Series E savings bonds issued in 1974 or later.
-Noel Brinkerhoff
WWII's Unclaimed Treasure (by David Cho, Washington Post)
Treasury Hunt® (TreasuryDirect.gov)
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