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A media story about a search for treasure in Cdn Safety Deposit Boxes

 
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Pillar of the Community

Canada
2839 Posts
 Posted 06/23/2018  3:06 pm Show Profile   Bookmark this topic Add wildflowerAB to your friends list Get a Link to this Message
I just wanted to share this published story for interest sake. It's a discouraging "virtually worthless" sounding tale from the perspective of a lifelong collector and I suppose the same could be said for the family members who eventually located "the treasure". On the other hand it's an excellent example of why collections should be documented for estate purposes.

The Bank Job: A death in the family sends a couple on a journey to crack the case of the unexplained keys
JULIE VAN ROSENDAAL, SWERVE Updated: June 22, 2018
http://calgaryherald.com/life/swerv...plained-keys
Edited by wildflowerAB
06/23/2018 3:07 pm
Bedrock of the Community
10197 Posts
 Posted 06/23/2018  3:49 pm  Show Profile   Bookmark this reply Add Crazyb0 to your friends list Get a Link to this Reply
My solution, I know you can't "take it with you", but nothing says you can't be buried with it! Then you'll have to see what bright excuse my idgit relatives have for exhuming my body!





And besides, think of all the bank deposit fees I will have saved keeping the high value stuff in my own secure safe...
Edited by Crazyb0
06/23/2018 3:51 pm
Pillar of the Community
Canada
2839 Posts
 Posted 06/23/2018  4:26 pm  Show Profile   Bookmark this reply Add wildflowerAB to your friends list Get a Link to this Reply

Quote:

My solution, I know you can't "take it with you", but nothing says you can't be buried with it! Then you'll have to see what bright excuse my idgit relatives have for exhuming my body!

And besides, think of all the bank deposit fees I will have saved keeping the high value stuff in my own secure safe...



Sure, now that's an alternative to consider, close as taking it with one as it can get....
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United States
8788 Posts
 Posted 06/23/2018  5:20 pm  Show Profile   Bookmark this reply Add Spence to your friends list Get a Link to this Reply
Interesting story--thx for posting the link. Good documentation seems to be the lesson.
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Canada
5773 Posts
 Posted 06/23/2018  6:00 pm  Show Profile   Bookmark this reply Add Dorado to your friends list Get a Link to this Reply

Quote:
. Good documentation seems to be the lesson.


with you.
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United States
15719 Posts
 Posted 06/23/2018  7:55 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
If you don't care about your collection enough to produce a good inventory, why bother?

Although it chimes a few bells, I've always said the main difference between a collector and an accumulator is said inventory.
Pillar of the Community
Canada
2084 Posts
 Posted 06/23/2018  8:59 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
There are, unfortunately, lots of safety deposit boxes full of stuff that is not worth the annual rental.

I hope that they really didn't deposit actual silver dollars and 50 cent pieces into the bank. Some people still call the nickel ones "silver dollars"
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Canada
8100 Posts
 Posted 06/24/2018  03:19 am  Show Profile   Check SPP-Ottawa's eBay Listings Bookmark this reply Add SPP-Ottawa to your friends list Get a Link to this Reply
Did I read that article correctly (near the end)? They deposited almost 15 lbs of silver coins, including 50-cents and silver dollars, at the bank at face value?


Quote:
The sacks of pennies and mounds of nickels, dimes and quarters we had sifted through had to be rolled again and taken to the bank along with the silver dollars and 50-cent pieces. (These last two are now so rare that the teller didn't recognize them and almost processed them as quarters.)
"Research is what I am doing, when I don't know what I am doing" --Wernher von Braun

Content of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_US

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Canada
482 Posts
 Posted 06/24/2018  11:45 am  Show Profile   Bookmark this reply Add loonielewy to your friends list Get a Link to this Reply

Quote:

I hope that they really didn't deposit actual silver dollars and 50 cent pieces into the bank. Some people still call the nickel ones "silver dollars"


I think they must have been nickel coins as well. They did say they culled some silver coins from sets earlier in the article, so it sounds like they had that knowledge.

The shop owner probably got all the silver in his bulk buy. They said they got about overall rental costs for the boxes, which they dropped a cost of around $13,000. Lots of silver for sure.

There is a lesson to be learned here, and I wonder if this couple are now coin collectors themselves..
Valued Member
Canada
227 Posts
 Posted 06/24/2018  4:40 pm  Show Profile   Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply
I believe the moral of the story is to take a break when sorting through inheritances left by our folks/loved ones (& get some help).

While reading this it reminded me of when my father died (who also hoarded stuff) and sorting through all his accumulations was simply exhausting. I think when, as a descendent who's been set to sort through it all its easy to get obsessed with trying to make short work of a very long task. It didn't help these folks that they seemed stonewalled by bank bureaucracy. They seemed to be highly motivated to liquidate with haste and I'm sure the local dealer did well by them.
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Canada
315 Posts
 Posted 06/24/2018  11:54 pm  Show Profile   Bookmark this reply Add Paisa to your friends list Get a Link to this Reply
@wildflowerAB - Thank you for sharing.

So many interesting lessons.
Valued Member
Canada
368 Posts
 Posted 06/27/2018  07:57 am  Show Profile   Bookmark this reply Add cdcoinman to your friends list Get a Link to this Reply
Why rent safety deposit boxes for that sort of stuff ? The coins value will never increase fast enough to cover that cost.
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Canada
2084 Posts
 Posted 06/29/2018  12:43 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply

Quote:
Why rent safety deposit boxes for that sort of stuff ? The coins value will never increase fast enough to cover that cost.


It makes no sense, obviously. The other lesson is that the person did not recognize the difference between valuable and worthless stuff. People should only keep stuff in their boxes that is actually worth protecting.
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Canada
8100 Posts
 Posted 06/29/2018  01:27 am  Show Profile   Check SPP-Ottawa's eBay Listings Bookmark this reply Add SPP-Ottawa to your friends list Get a Link to this Reply
But, you are forgetting... one man's trash... is another's treasure...

It is the perception of value that is behind the reasoning, not the absolute value...
"Research is what I am doing, when I don't know what I am doing" --Wernher von Braun

Content of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_US

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Valued Member
Canada
227 Posts
 Posted 06/30/2018  11:59 am  Show Profile   Bookmark this reply Add walk2dwater to your friends list Get a Link to this Reply

Quote:
It is the perception of value that is behind the reasoning, not the absolute value


-That is so true "SPP-Ottawa"

I'm getting pulled into World notes and was looking at a few online sellers, one of which has a very common 1867-1967 $1 highly graded note listed for 275X book value. That nearly blew me away. Then, I saw another one of his listings -a regular 2013 high graded $5 polymer- with bidding north of 6X face (4X BV). Clearly, this sellers' market base perceives high graded TPG notes as the "holy grail" to collecting (& the convenience of shopping in one spot rather than looking around for less expensive stock).

So: just as the dearly departed from "The Bank Job" article had no clue what to collect (let alone how grading comes into play) & yet perceived their coins were worth a "small fortune" the descendants had a much dimmer view of the mass of coins left for them to sort through/liquidate.
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Canada
1482 Posts
 Posted 06/30/2018  10:24 pm  Show Profile   Bookmark this reply Add Redzapsid to your friends list Get a Link to this Reply
Perhaps a hand drawn treasure map and a shovel is the most cost effective means of storing coins such as these
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