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 Replies: 14 / Views: 1,160 |
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Pillar of the Community
United States
675 Posts |
I was just wondering what you guys felt about keeping valuable coins in your home. I don't have a very valuable collection at this point, (maybe $2,000-2,500), but plan on spending a couple hundred a month on coins during the next year, and depending on finances possibly more after that.
I think at some point it becomes beneficial to get a deposit box at the bank, to make sure that the collection isn't stolen/destroyed in fire, etc. The drawback to having the coins in a safety box is that I can't access them whenever I want to....
Any thoughts on this? Obviously this is subjective, but what do you think is a reasonable amount of coins to keep at home?
Thundercoin
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Pillar of the Community
United States
533 Posts |
I have no problem keeping coins at home. However, you should do a few things before you do. First, contact your insurance company and see what they will and won't cover. With this you need to catalog and record your collection. I personally video all home valuables as well as inventory them on my computer. I keep both disks in a deposit box in case there is any argument in the event of a disaster. Securing coins at home is another question all together. I have a safe that is bolted to the concrete floor in my basement. The humidity is controlled in the room itself and I also have a dehumidifier in the safe that I got at a gun shop. It sounds like a lot, but it was easy to do and did not cost all that much. I did have a break in and lost a number of valuable items (including some unsecured coins  ), but the contents of the safe were untouched and my insurance company took care of the rest. Lastly, I probably keep around 10,000 dollars worth of stuff in the safe (not all coins), but do have my collection insured up to the 10,000 mark. Hope this helps!  |
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Pillar of the Community
United States
2365 Posts |
A safe that is bolted to the floor is IMHO an excellent idea. You can also disquise your collection so that an intruder and so forth will not recognize them as being anything of value. I personally would rather have my collection in my own possession versus a deposit box at a bank even though there are "risks" involved such as natural disasters, fire, theft and so forth. I too photograph and log my collection and keep those records in numerous locations and media.
Although "valuable" in $ my collection has value beyond monetary and my enjoyment of them is tantamount over the $ value. My collection is balanced between collecting and investments and I prefer to keep it all within close range of my own eyes.
I'm sure that you will receive diversified comments and suggestions as we have thoroughly covered this topic many times. There are always new ideas that crop up from time to time.
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Member
United States
3242 Posts |
I try not to keep my family coin at home manly because I would DIE if they were stolen or lost in a fire!! I do keep some here at home but my bank just 6 miles away and open til 6pm mon-sat.We keep all our deeds and other thing in in a safety deposit box and there room so I try to spilt them up so I do not loose it all  |
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Bedrock of the Community
United States
14454 Posts |
I do have a safe deposit box and although I do keep my real valuable (either monentary or personal value) in the safe deposit box I keep the majority of the collection I have to enjoy at home with me. My situation is a little different than others because I am disabled and I don't go out very much so about 90% of the time I am at home with my collection (along with my .45 sitting on my desk)so I am only worried about my collection about 10% of the time
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Pillar of the Community
United States
7123 Posts |
I have a safe in fact I have two of them ,, plus some very reliable security K-9 type that house sit while I'm away.
Rick
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Pillar of the Community
United States
830 Posts |
If you plan on keeping coins at your home, get them insured. I think there is an insurance program through the A.N.A. that is not very expensive.
Good ideas from everyone here !!! A safe is good protection if it has a good fire rating; safe deposit box at the bank (most of mine stay there); and always keep a visual record of the entire collection. Digital photos on your home computer are nice to have - you can look at your collection anytime you wish. And keep a couple of copies of the collection somewhere other than your home.
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Pillar of the Community
 United States
675 Posts |
Thank you for the replies. I think that I need to invest in a better safe soon. (All I have is a small non-fireproof one). Also I need to do a better job of cataloging my coins, which I am actively working on. I like the program on Heritage coin for keeping track of a collection, although I should probably get pics, at least of the better pieces.
Thundercoin
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Pillar of the Community
United States
4589 Posts |
My coins and house are protected by Uncle Smith and Uncle Wesson, I can not Imagine the size of Safe I would need nor Could I afford one That size...
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Pillar Of The Community
3147 Posts |
I can't imagine putting my coins AT RISK in a bank, not to mention, you are paying someone else to protect them for you? The price of renting a safe deposit box, especially one of sufficient size would destroy possible profits realized should you decide to sell in the future. Also keep in mind any problems that would force a bank to close could lock your collection away for a great period of time and NEW terrorism laws, if I understand correctly, eliminates some of the privacy involved with a safe deposit box. With a little thought your collection can be protected at home and I do know there is insurance available at very low rates to cover your collection. Some policies actually have cost of replacement clauses and offer automatic monthly increases in value per coin to adjust for changes in values. There is a company on the east coast that does NOTHING but collectables world wide and they offer much more than anything the A.N.A. would offer and quite frankly I wouldn't, at this time, buy anything endorsed by the A.N.A.! They can't even take care of their business so why would you entrust them to watch over yours? BEWARE the 3rd party! Collect on your own and protect on your own!
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Valued Member
United States
455 Posts |
It's also a good idea when storing your collection at home, spread it around, don't leave it all in one place.
also..
Have your coins, collecting supplies, catalogues, periodicals etc., delivered to a PO box and not your home. This will help you keep your name and address off the wrong person's list.
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Pillar of the Community
United States
751 Posts |
I recall hearing that items in safe deposit boxes aren't insured by the bank. That's still your responsibility. Anyone know the truth of this?
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Valued Member
United States
208 Posts |
Problem I see with a safe deposit box is that the bank also has a key to it?! I have a small fireproof safe that will do its job in the event of a fire. We also have a couple firearms for protection and our FEARLESS Min-Pin who is sharp as a whip. Once I start to have a larger collection I plan on spreading it out through the house\automobiles, you know place a set of ASE in airtites in a cardboard box in the closet or each closet int he house ect... And in our new house that we are building we hare having a big safe bolted to the concrete floor that is fireproof up to 1200F for hours on in/ |
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Bedrock of the Community
United States
14454 Posts |
lol a mini-pin? aint that a chewawah mixed with something else small? if thats your guard dog man oh man I hope you dont have much of value
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Pillar of the Community
United States
7123 Posts |
Min pin = Miniature pincer ,, these dogs are not only agile but very territorial and family oriented ,, they may not have alot of size but they make up for it in heart and spirit.
No dog in its own house can be taken lightly !!
Rick
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Replies: 14 / Views: 1,160 |
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Posted 11/24/2006 08:58 am
