I Found These Bonds, Did I Hit the Lotto?

Periodically I get a call that goes something like this: “We moved into this new house and while renovating a room we found U. S. Savings Bonds. What should we do with them?” Or the caller might say, “We were buying used furniture and taped to the underside of one of the drawers was a stash of savings bonds. Are they worth anything?” In the most dubious of questions the finder asks: “I…er…found some savings bonds. How do I cash them?”

Not to be a killjoy, but there is disappointing news for most “finders” of savings bonds. If you are not named on the bonds, you are not the registered owner. If the registered owner(s) is deceased, but a relative of yours, the representative of the owner’s estate should apply to have the bonds reissued. If, however, the party listed on the bonds is not a deceased family member, you are out of luck. Savings Bonds are registered securities. The person named on the bonds as owner, co-owner or beneficiary is the person entitled to the bond. Contrary to popular opinion, finding savings bonds is not like finding cash.

“What should I do?” The government suggests you send the bonds to them. They will determine whether the bonds will be paid out. This raises a sticky question. Do government representatives really make any attempt to find the rightful owner? To this writer’s knowledge, no. Instead, they sit and wait and see if the owner ever shows up to claim the lost bonds. The finder may actually have a better shot at reaching the bond owner.

Is there a finder’s fee? No, but there is no law that I am aware of that prohibits the owner of the bonds from rewarding a finder.

Are the bonds always worth something? Not necessarily. The bonds may have been lost long ago and the rightful owner may have replaced them. If they were replaced, the bonds you found are worthless.