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 Replies: 16 / Views: 5,002 |
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Valued Member
United States
51 Posts |
Hello, folks.
I'm an avid collector of 90% silver coins and currency, and would like to protect my wealth from theft. I have read these threads about family betrayal, gun-point robberies, unnecessary suffering, and find myself wanting to create a thread where we can discuss the various tips, tricks, and unconventional methods that we've all come up with to prevent theft of our precious metals.
What are some important questions to ask oneself?
1) Where do I store my coins?
2) Who knows about them?
3) Who knows where they're located?
4) What kind of neighborhood are they stored in?
5) How often does property crime happen in that neighborhood?
6) What measures am I taking to protect my coins?
7) How can I improve upon these measures?
Personally, I have many measures set up to protect my current collection. I keep my coins hidden away in my house. I keep them in a heavy safe which must be physically moved or cracked into in order to retrieve my valuables. I keep my doors and windows locked, and am often inside of my house as I run my own business. I have additional measures at my disposal to protect myself in the event of a break-in, but I live in a relatively safe neighborhood.
However, I am genuinely curious to hear all of your thoughts and insight on the matter of protecting your coins! I have heard of many clever tactics for protecting valuables:
- Packaging valuables in empty bags of frozen food, storing in the back of the freezer behind real food
- Placing valuables in a small jar, emptying / hollowing out the bottom of a can of food, placing the can overtop the jar of valuables so that it is completely covered
- Burying valuables on (or off?) of your property
These are only a few examples! I'm sure the folks here who're much older and more experienced than I use all sorts of awesome tricks that I'd love to hear about. I am sincerely looking forward to hearing your thoughts on the subject!
-Peace and Freedom
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Pillar of the Community
United States
4963 Posts |
Quote:
1) Where do I store my coins? Like you, I have a safe at home. Quote:
2) Who knows about them? Just my family. Quote:
3) Who knows where they're located? My family. However, I am the only person that knows the safe combination. Quote:
4) What kind of neighborhood are they stored in? Not too bad. There have been instances of theft in the area, but my house is at the bottom of a hill and out of sight of the road, which helps. In the 9 (10 as of April 22nd) years I have lived here, we have never had any sort of break-in. Quote:
5) How often does property crime happen in that neighborhood? We have had mail theft before, but nothing more. Quote:
6) What measures am I taking to protect my coins? I think the safe is fairly safe. Quote:
7) How can I improve upon these measures? I don't feel that I need to at the moment. Good topic idea. |
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Pillar of the Community
 United States
5828 Posts |
Heres how I am insured: 1. I hope I dont get robbed Thats it. Oh and I also keep 80-90% of my collection in a fire safe hidden in my room. in an undisclosed location  Edited by ChildOfTheWheat
01/11/2016 9:02 pm
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Valued Member
Canada
158 Posts |
Have your coins delivered to and from an address that is not your home. Ie: Post office box, UPS Store, etc.
The fewer people that know what you have, the fewer that will try to take it from you. Just like parking your car in a lot, hide anything valuable out of sight. If the cable guy, pizza delivery, or whatever can't see it, they'll move on to an easier target.
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Valued Member
United States
72 Posts |
I live in a city apartment and I don't tell anyone in my building that I have coins. I have a double deadbolt on my door and am more concerned about building staff than my neighbors. My coins are not where I live. All my old numismatic info is either shredded or dropped at an anonymous recycle location with my address removed. If you came in my home you would have no idea that I collect coins because they are not here and all my coin books are put away.
Insurance is usually confusing and nothing will cover the love and care you put into your collection and often insurance companies have too many loopholes.So, I have no insurance. I find a safe to be a magnet for others to believe you have valuables so I don't use one.
I have thought about getting a locked metal cabinet just to keep things completely from prying eyes but I just haven't.
That's all I do.
I have a locked mail box to receive all my coin orders and no one knows what they are.
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Pillar of the Community
Canada
4911 Posts |
childofthewheat, dont you mean...... Heres how I am insured: 1. I hope I dont get robbed Thats it. Oh and I also keep 80-90% of my collection in a fire safe hidden in my room an undisclosed location.  Feel free to call me Will.
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Bedrock of the Community
Australia
21788 Posts |
Buy a small safe, and hide it.
I have found that insurance policies are a waste of money.
For those insurance companies I have been in contact with about coin insurance, they all want an annual valuation of every coin every year. They want a professionally recognised numistmatist to do this.
Very obviously, the cost of doing this is prohibitive.
Other companies just allow you to include your collection in the overall house contents policy. The snag with this is that generally, the maximum claim they will pay out for the loss of coins is a paltry $1,000.
If you live in the 'States, own a gun as well. Only problem with a gun, is that accidental death is always a possibility, unless you lock that in a safe as well. If legislation dictates that you need a gun safe, immediate use of the gun when you need it most, becomes impossible.
So,
buy a small safe, and hide it.
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Pillar of the Community
United States
5828 Posts |
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Thats it. Oh and I also keep 80-90% of my collection in a fire safe hidden in my room an undisclosed location.
 Crap! Er, I mean, thats what I said in the first place |
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Valued Member
United States
381 Posts |
A lot of quality safes would outprice my collection... So.... Yeah...  BUT WAIT! Plastic shelving units are much more inconspicuous.  |
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Pillar of the Community
United States
4963 Posts |
Mine's a good one, and it was only about $250.
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Valued Member
United States
381 Posts |
Yeah, but when your collection is only worth a little over a grand, it doesn't really work out.
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Pillar of the Community
United States
3843 Posts |
"Loose lips sink ships". The fewer people that know about your collection and where you keep it the better. Statistically speaking in a majority of cases the victim knows the culprit. It could be a relative who is hooked on drugs, a co-worker who overheard you bragging about your collection, or a friend of your children who hear that dad has a very valuable coin collection that he spends a lot of time and money on. I think the post that mentioned cleaning up any evidence of coin collecting before inviting people over, including housecleaner and repairmen is very good advice and that it would be helpful to have a PO Box if you are receiving coins or coin periodicals through the mail to your home. Do what you can to make your home a difficult target like having a alarm, security cameras, and no dense plantings around your home where a thief can hide. If your home isn't the easiest target, most times thieves will look elsewhere. Remember that thieves like to get in and get out fast so they may not find well concealed items. Clutter might be a good thing. In my opinion it is better to have a well concealed strongbox than a large gun safe in plain view. From what I've read thieves look in the master bedroom closet first when they suspect there is a safe.
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Pillar of the Community
United States
814 Posts |
My collection is kept in my home with little precaution taken. We live in a good neighborhood and try to keep the doors locked. Most of my coins are common, 20th century pieces that are easily replaceable. I do not subscribe to any numismatic publications and rarely have coins mailed to me. When we come into some spare cash we may invest in a small safe, maybe one that bolts to the floor. But we're not there yet. My actual silver stack, as well as a few special, irreplaceable heirloom coins, is locked up in the safe deposit box at the bank. My wife and I are the only ones who can access it; though in practice I'm the only one who ever does, since I work there. Edited by hcmusicguy
01/11/2016 11:15 pm
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Bedrock of the Community
United States
12843 Posts |
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Pillar of the Community
United States
1068 Posts |
Quote:
I live in a city apartment and I don't tell anyone in my building that I have coins.
Insurance is usually confusing and nothing will cover the love and care you put into your collection and often insurance companies have too many loopholes.So, I have no insurance. Renters insurance is dirt cheap and I have never understood why anybody who rents wouldn't have it...  10 years ago when I was in an apartment my renters insurance only cost my like $16 and they just added it to my car insurance... I really recommend looking into it even if not for your coins but for least peace of mind that if you ever lose everything in a fire or other catastrophe, at least you will get money to replace you furniture... |
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Valued Member
United States
83 Posts |
I do not keep coins in the house that are worth more than the rather small amount my insurance will cover. I put a rider on my policy, and send in photos every year along with an inventory just to make loss claims easier, but anything of value or hard to replace lurks in a safety deposit box.
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Replies: 16 / Views: 5,002 |
Posted 01/11/2016 7:17 pm
