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 Replies: 25 / Views: 4,544 |
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Moderator
 United States
189116 Posts |
Quote:
My dad built my safe for me, you may read about that on other threads in this Forum. You may read it here.  |
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Bedrock of the Community
United States
20753 Posts |
jbuck, it always amazes me how you find anything in the past here with so many thousands and thousands of posts and replys. I have a hard time remembering why I went out to the garage a while ago.
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Moderator
United States
189116 Posts |
Am I man or machine.  |
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Bedrock of the Community
United States
17884 Posts |
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Insuring coins is a real bind for me. I approached an insurance company once, and they wanted each coin professionally valued and would insure them for 3% of their value per year. That was why I said a company that specializes in collectibles. the one that the ANA recommends does not require professional appraisals, only requires photos and specific listing of individual coins worth over $5,000 or $10,000 and the rates run closer to .5 to 1% of the declared value per year. |
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Pillar of the Community
United States
3294 Posts |
Do you have a name for that company? I would like to take a look at their options since my house insurance is pretty limited on my options.
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Bedrock of the Community
United States
17884 Posts |
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Pillar of the Community
United Kingdom
2624 Posts |
Not that I am criminally minded but I would be more likely to rob the saftey security boxes that your house. (becausse I know that there will be something of value in the safety security place and who knows what you have in your house)
Sure you should be Ok but what happens if the place does get robbed? Will you be insured?
I wouldnt pay to have insurance either... the amount you pay on a lifetime is like garunteeing the loss of your collection (save that money and replace it all if it gets stolen)
Where I live is pretty safe area, I don't have so much of value and really any criminal who wants to steal my collection is better to steal my car (he will have less of a fight and gain more than trying to find my stash and fight me at the same time)
The more likely risk in my mind is fire.
I think the solution is that if you are wealthy enough that you have a really expensive large collection then you need a proper large safe (the kind that you need to take a wall out to remove) and when you buy it you need to specifically ask for one with time locks on it.
My logic is that it will be fireproof and if anyone hears about this safe they know that they cannot take the safe and the likelyhood is that even under duress there is a good chance you will be unable to open the safe. Having a safe generally just means they will put a gun to your head and make you open it. Anyway, those large safes are fireproof and cos its large you can put many things in them... photo's etc and all kinds of sentimental items.
I am not in such a position so I don't worry about such things, but I have a friend who had thugs come into his house and hold a knife to his wifes throat in order to rob him so I know these things can happen so whatever you do you have to be discreet...
Edited by DavidUK
07/10/2012 6:02 pm
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Bedrock of the Community
United States
20753 Posts |
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My logic is that it will be fireproof and if anyone hears about this safe they know that they cannot take the safe and the likelyhood is that even under duress there is a good chance you will be unable to open the safe. Having a safe generally just means they will put a gun to your head and make you open it. Anyway, those large safes are fireproof and cos its large you can put many things in them... photo's etc and all kinds of sentimental items. Fire proof is one thing but heat is another. A metal safe gets hot in a fire regardless of the fire rating. Taht fire rating means that the ocntents will not get into the fire nor the fire will not get to the inside of the safe. However, the metal of the safe still gets hot, pending on just hot much of a fire gets to that area. Inside that safe the temperature rises and plastic melts easily. If you coins are in 2x2's, Albums, slabs, etc. with all that plastic melting on your coins, now what. The cardboard for the 2x2's, Albums, Folders too, are effected by the heat and although not enough Oxygen to create fire, enough to do a lot of damage. As to insurance companies. I've checked with a few and they all want to know about every coin. This too means that every time you purchase or sell or give away a coin, you have to notify them of that transaction. And remember this all goes into their computer systems for many, many to see. |
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Pillar of the Community
United Kingdom
2624 Posts |
That sucks... and to be honest I hadn't thought about the plastic melting inside :S
Really, it is a difficult problem to know what to do...there are advantages and disadvantages whatever you do.
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Valued Member
United States
54 Posts |
So I've been bouncing both of these issues around.
Insurance through State Farm runs $14/$1000, they have to inspect the collection, and they hinted heavily that they would want a third party appraisal if we were talking more than a couple thousand (and we were). I buy a lot of coins at auctions ( and for the record I've never seen a ringer bid at an auction and would call it out immediately in front of the world if I suspected it) and will buy pretty much anything that is going for less than market value. So I tend to have a lot of new coins, this means I'd be making constant trips to the agent for inspection and appraisals.
Given the pain in the butt and the hundreds every year insurance would cost that is a non-starter and since I don't have a friendly postmaster to hook me up I need another option.
I've thought about a gunsafe but also considered false floor/hidden wall compartments. Most firesafe area of the house is the basement and I could easily lay up a concrete block vault but humidity seems to rule that out.
So what do you use for security? Figure budget somewhere under $1000 and a collection significantly bigger than a bread box.
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Replies: 25 / Views: 4,544 |
First Page
Posted 12/16/2010 11:22 am
