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 Replies: 34 / Views: 4,090 |
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Pillar of the Community
United States
2443 Posts |
I think it's senseless to keep your personal coins in a bank deposit box. You can't see them, so what's the point of having them? Ya, you might have pictures of them but then why don't you just cruise around coin forums and collect pictures of coins? It's much cheaper. I would take that money that's going for the rental of the deposit box and buy a safe and/or insurance. What's everyone's opinion?
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Moderator
 United States
6563 Posts |
Because there are just some coins that can never be replaced
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Rest in Peace
United States
3730 Posts |
I have only a handful of coins which are worth anything. They are in a safety deposit box at the bank.
The rest, which wouldn't be worth risking a prison sentence to steal, are scattered throughout the house. That includes my 50,000 plus Lincoln cents.
Why have them if you can't see them, or, in the case of the cents, trip over them once in a while. I keep them in milk cans and big plastic bottles.
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Pillar of the Community
 United States
2443 Posts |
But if you have the money for a coin that truly needs the bank's protection then you could afford a home safety system and other devices so that they won't be stolen. If I had a 1913 Liberty nickel, I would keep it at my house. BUT I would probably be living in a mansion so I would make special precautions so that no one can steal it. This is kinda like how some people keep there cars as "garage queens". You can still enjoy your car/coin and be careful at the same time. |
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Moderator
United States
6563 Posts |
My most priced coin was stolen along with a few thousand others. It was only worth $50 but I wish now that I had it in a deposit box. I can't afford a "good" safe that thieves can't get into. So for $20 or so bucks a year I can keep my passport and other stuff like it in a safe along with some irreplaceable coins. It's all a matter of personal preference.
The coin was a Prussian silver that my Great Grandfather brought back from Germany after he fought in WWI
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Pillar of the Community
United States
834 Posts |
Just as a side "note" the valuables that you have in your safety deposit box , at your bank or financial institution are not insured by the FDIC or the NCUA.
Bruce.
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Bedrock of the Community
United States
14454 Posts |
I have a safety deposit box and I have had it since I was a kid because my grandfather got it for us when he would buy US coins for each Birthday (so we wouldn't have access to the coins bought nor anyone else would). No matter what precautions you use at a home it can still be broken into and the contents in that house can be stolen. I have most of my coins at home but the coins like my MS-63 1907 Wire Edge St Gaudens its definately a coin that stays in the safety deposit box because if it were to get stolen it is a coin that I couldn't replace (with a retail value of about $20,000.00 +). I also keep other things besides coins in the safety deposit box, such as papers and just sentimental objects that wouldn't be worth much to anyone else but is irreplaceable to me as the wire edge coin is because it has been handed down through the generations and is in a old rattler holder because my grandfather sent it to get it encapsulated for protection not long after PCGS opened |
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Pillar of the Community
United States
1083 Posts |
My only stolen coin was a 1817 Large Cent taken by a scumbag I thought was my friend, stolen from my bank when I had the type collection out of the box to show him. That wouldn't happen today because the type coins are in a 7070 album. Nevertheless, I don't feel safe with them at my home or any of my other valuable coins, even with a security sustem and no break-ins in 23 years. I often visit ny bank and pull them out and take plenty of time looking. That is good enough for me! If you think you can match the security of a vault at your home, you are underestimating the abilities of a professional thief. Even with insurance you face the hassle of proving grade and value, not to mention the cost of a rider for your collection, and the impossibility of replacing a lifetime of collecting. I think if my collection was stolen I would never collect again. $60 a year for a bank box is cheap peace of mind.
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Pillar of the Community
United States
2764 Posts |
One side comment:
PLEASE CONSIDER THIS IS A PUBLIC FORUM AND ALL YOUR INFORMATION ARE VISIBLE TO EVERYONE! The detail of your coin/collection and method of safe keeping it are visible to everyone. It's great to share, and I really appreciated; however, I feel unease when seeing some information that have "too much details in it"..... especially after realizing one of our dedicated member was stolen/robbed.
In responding to this main thread, I do agree with some of Amazon99's point of view; however, I do have alternative method of storing my "valuable" coins in a way that's most convenience and easily accessible by me.
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Pillar of the Community
United States
1083 Posts |
Bruce, I certainly agree that if you keep your collection at home it seems wise to limit details in posting. However, I don't understand how anyone could trace that back to an address? There is nothing in my home to steal coin collection wise anyway, but even if there were, how could anyone find me? I am Colin in Tulsa, but there are many "Colin's" in Tulsa, with many last names. It would probably be best not to list your last name in your bio and most here don't. I suppose if you live in a small place and have an unusual first name you should also exercise caution. This is an interesting subject and probably worthy of a separate thread. Maybe there is something I haven't considered here?
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Pillar of the Community
Australia
1262 Posts |
Here in Brisbane banks are "getting out" of safety deposit boxes.
Have tried a few and have been told that they no longer handle them.
Your own security system and a good safe is the only answer unless you already have a box with a bank.
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Pillar of the Community
 United States
2703 Posts |
quote:
The coin was a Prussian silver that my Great Grandfather brought back from Germany after he fought in WWI
Sorry to hear it, GO. That's a tough one, totally irreplaceable. |
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Valued Member
United States
193 Posts |
Unless your safes look like this, there is a very good chance that your safe can be broken in to in short order. those impressive looking gun type safes are rated as "residential security containers" WITH A 5 Min RATING. That means that that the UL folks can break in to the safe within 5 mins. Most folks with a garage and a few tools have all that is necessary to break in to your safe. You Do secure your tools don't you? Unless the safe has ratings like TL-15 or TL-30, AND is well hidden, I strongly recommend a safety deposit box. Weight is a component of the rating, you are looking at a min of 800 lbs AND that needs to be bolted down. the safes in the pictures weigh in excess of 3000 lbs and took professional riggers to put in place. I keep common (easily replaceable stuff) at home My good stuff is in the bank. Image Insert: Image Insert: Image Insert: Edited by 7070
11/23/2007 06:02 am
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Moderator
United States
6563 Posts |
Now that's just silly...It has wheels!  |
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Pillar of the Community
United States
3234 Posts |
I agree that it's a strange decision to get deep into this hobby and yet put everything away into a box that you normally don't have access to. However, I do visit my collection on occasion, plus as many of you know, I've taken pictures/scans of much of my collection for viewing on these forums so I can enjoy them virtually. The problem with keeping anything in your home, even under lock and key, is if the wrong element discovers you might have valuables at home you might become the victim of a very scary home invasion robbery which will put your entire family at risk. Imagine a loaded weapon pointed at your child's or wife's head with the demand to open the safe up. What happens if you're not home and they don't know how to get in?
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Pillar of the Community
United States
1173 Posts |
In a very general sense, there are two types of thieves who might try to steal something from you. The first type is the "professional." The second type is the opportunist.
Any security systems, safes, etc. that most of us can afford will only slow down the professional for a little bit, but will almost certainly stop the opportunist. Luckily, the professional thief is pretty rare, and if you take other precautions, there's little reason for him/her to even suspect your home would hold anything of much value. Besides, even (or especially) professional thieves are interested in getting into and out of your place as quickly as possible, so even a 5 or 10 minute "slow down" makes them think twice about the risk/reward ratio of breaking into your home.
I've got a few guns for hunting, so I like to have them locked in a "gun safe" (which is really only a personal security device). That keeps them out of the hands of most opportunistic thieves, and certainly keeps them out of the hands of curious nieces and nephews and other neighborhood kids. It also keeps sticky little fingers off my coins!
If I had a coin or or other items worth thousands or tens of thousands of dollars, you can bet I'd have a safety deposit box to keep such valuables safe.
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Replies: 34 / Views: 4,090 |
Posted 11/22/2007 8:42 pm
