Thousands of coins, silver bars, pocket watches and other items in the state's possession are going on the auction block.

The state is holding a two-day auction next week in Newark of items taken from about 1,000 abandoned safe-deposit boxes at banks and turned over to Ohio Department of Commerce's unclaimed-fund operations. It is the first such auction Ohio has held since 1998.

"I guarantee you there will be deals," said Sam Schnaidt, co-owner of the Apple Tree Auction Center in Newark, which is hosting the auction at its Church Street center and will earn 15 percent of the proceeds for its work.

Among the items up for sale at the auction set for Thursday and Friday: 38 100-ounce silver bars, 120 1-ounce gold South African Krugerrands, U.S. gold coins, old U.S. currency, silver dollars, 45 pocket watches, and foreign coins and currency.

Some of the items have been in the state's possession since 1968. The newest items being sold have been in state hands since 2000. The state needs to sell the items to make room at its storage facility in Reynoldsburg.

Schnaidt figures the auction of more than 2,000 lots will net around $200,000. Proceeds from the sale will be allocated to the owner of the safe-deposit account. The owners of the box will be paid with the cash proceeds of the sale when they file an approved claim.

The auction already is drawing plenty of attention. By Friday, online flyers featuring the items up for sale had drawn 24,000 views for each day's treasures.

Schnaidt said he expects 40 to 50 bidders in person at the center when the auction starts Thursday and another 150 or so will be registered to bid online.

"Every auction is different. That's why I'm still loving this business. I've been doing this for 50 years," Schnaidt said.

Cash, stock certificates and bonds collected from the boxes already have been turned back to the state for the account owners. What's left to sell has some collectible value, he said.

You don't have to be rich to take part in the auction.

"We're trying to make the lots interesting, but affordable, as much as possible," he said.

For example, rather than selling all of the Krugerrands in one bid, Apple Tree is breaking them up and selling them one or two at a time.

Given the current price of silver, a 100-ounce bar might go for $1,800 to $2,000. A 1-ounce Krugerrand could be expected to sell for more than $1,000.

The same goes for silver bars and silver dollars, some of which are rare and could fetch $100 to $300 apiece.

Old currency issued by several small banks will be sold. The currency still holds value, but the real value will be as a collectible item, Schnaidt said.

Holding an auction to sell the items is a good method to get the best price for them as opposed to negotiating with an individual or a company, said Tom Squires, one of the owners of Allen's Coin Shop in Westerville.

"Are they offering a fair market for it? Yes," he said.

Bidders should do their research before offering a price for the items, he said.

Coin books can give bidders an idea of what the a particular coin would go for in a retail store. Knowing what gold and silver sells for can help those bidding on silver bars and gold coins.

"Information is always available if you look," Squires said. "You should never buy a pig in a poke."

If you go

• The auction will start at 9 a.m. Thursday and Friday at Apple Tree Auction Center, 1625 W. Church St., Newark.

• There will be a public preview from noon to 5 p.m. Wednesday.

• Private previews can be scheduled by calling 740-344-4282.

mawilliams@dispatch.com

@BizMarkWilliams