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Moderator
 Canada
10460 Posts |
Well, I imagine it is just like anything else. To use the car analogy, you get an estimate of the market value, based on cars listed for sale with the same vintage, options and mileage. Instead of an automobile insurance adjuster, a coin dealer is probaby hired to get an estimate of 'market value'. Let's not open the can of worms as to what 'market value' actually means!
The onus is on you, the collector, to keep meticulous records of your collection. I use an Excel spreadsheet and take digital photographs, with a back-up of the data offsite (in case of fire, flood, tornado, etc...). The really important stuff, well, I too use a safety deposit box at my bank. I should reiterate here, I am not referring to your homeowner's insurance policy - that usually only covers up to $500 to $1000, depending on the company. I was referring to specific third party coin insurance. Ultimately, it all boils down to a personal choice... Chances are nothing could happen, and I am merely throwing away good money each year on insurance. Alternatively, I could sit inside my house with my bear gun and guard my coins, or, as I have done, opt for insurance...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
1472 Posts |
Problem...I have purchased hundreds of dollars of coin books which are up to date and old to give me a value for my coins. I have paid thousands of dollars to have my coins certified. I ask the isurance person, what dealer will put a value on my coins? They don't answer that fundamental question. Their expert may pull out a 1999 Standard Catalog of World Coins by KP. The thousands of dollars of certification costs and a $20 up to date Charlton should be the experts we need to put a valuation on 80% of my collection. I think anyone with insurance should be able to get some of these questions answered concisely.
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Valued Member
Canada
311 Posts |
First of all, the safe idea. I have purchased a Gun/Executive safe from Costco, about what is described by darryldarryl. It is not fire rated, but can be bolted to the floor. I also drilled holes to bolt it to the back wall also. It is about 350 lbs I believe, so you have to watch your floor construction. I have been lucky to be able to bolt to a cement floor. I also have a small safe that is fire rated. It seals completely, and that means no breathing of fresh air. The objects inside have taken on an odor, because of no ventilation. I am about to get some desecant to put in. This is where I store bills, etc. It weighs about 90 lbs. Bolted to the floor. About insurance, In the Canadian Numismatic Journal, there is a company that will insure your collection. Here is the web site, hwint.com. Their phone number is 1-800-240-7055. Try them, but my insurance company that sells me house insurance does cover coin collections, but are added as a rider policy. In my instance, it is cheaper for me to insure where I purchase my house insurance. Hope this helps.
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Rest in Peace
United States
9104 Posts |
Quote:
It is about 350 lbs I believe, so you have to watch your floor construction. Modern construction is usually rated at a minimum of 40# per square foot. If you have a basement, you can always put one or more adjustable floor posts under the safe. Many banks have a second safe in the basement, so that it holds up the reinforced concrete of the main floor safe. |
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Pillar of the Community
United States
830 Posts |
As far as fire damage you might want to remove coins from anything plastic to avoid a burned/melted plastic mess. I'm not sure I'd be too concerned with the moisture from a fire safe because its only released in a fire and short term a little moisture may be ok as long as its not acidic or something. Maybe sealed glass jars inside the fire safe with a little 3M anti-tarnish strips and some silver cloth.
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Moderator
Canada
10460 Posts |
Quote:
Perhaps a gun cabinet might be what you are looking for? Then where would I put my guns?  "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
Edited by SPP-Ottawa
05/23/2011 6:38 pm
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Pillar of the Community
Canada
2427 Posts |
Gun safe... Gun Cabinet... fire proof... non fire proof... put concrete in safe... bolt down safe...watch moisture content...watch plastic holders as may be hazardous to coins if fire...watch floor construction...consider insurance...consider safety deposit box...acidic vs non acidic...
Kinda makes you wonder? Is there any one full proof way to store our coins without one of the above variables possibly causing damage?
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Pillar of the Community
Canada
1554 Posts |
 When I served in W.W. II, our Commanders used to warn us, " loose lips sinks ships". Let that be a warning to all! G  |
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Rest in Peace
United States
9104 Posts |
Quote:
Is there any one full proof way to store our coins without one of the above variables possibly causing damage?
Asbestos wallet. |
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Bedrock of the Community
United States
12437 Posts |
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Pillar of the Community
Canada
2427 Posts |
Tried it already! Asbestos particals land on coins and cause a MS 66 to turn into a MS 63 ...LOL
Also hazardous to my health...LOL
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Pillar of the Community
Canada
902 Posts |
What a fun hobbie, no show & tell......LOL
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Pillar of the Community
Canada
650 Posts |
I have a middle of the road safe not fire rated, bolted to the floor, hidden in a false wall. It would be a big job to find it and then a long time getting in, unless you had a sawsall.
Further I was told, by my house insurance guy, they need to be certified to be insured , thats the collection .
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Rest in Peace
United States
9104 Posts |
Quote:
I have a middle of the road safe not fire rated, bolted to the floor, hidden in a false wall. It would be a big job to find it and then a long time getting in, unless you had a sawsall. Ever see that infomercial for that supersaw that's like two counter-rotating circular saws stacked? Cut a car in half faster than jaws of life could open it. They gave it to a woman, and she opened a concrete lined safe in about five minutes. Sawzalls are kid stuff. They use battery versions to steal Cadillacic converters in parking lots. That custom safe guy had lots of good info on his site. One good point: Keep your tools as far as possible from your safe. No point in providing everything they need to break in. Quote:
Further I was told, by my house insurance guy, they need to be certified to be insured , thats the collection . Makes sense. More than once I've had someone ask me to appraise some coins they lost or had stolen. Like I'm going to put a price on something I've never seen, if it even existed in the first place. |
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Pillar of the Community
United States
830 Posts |
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Posted 05/23/2011 1:55 pm
