Security and your collection

This has been a topic around here of late, but I would like to post a few things that I have always done to keep my collection safe and secure.

1) First and Foremost, insure anything that you can't afford to throw away tomorrow. Insurance is relatively cheap, I am told the ANA has a plan that is VERY reasonable, there are others out there as well. It amazes me how many people will spend $2,000 a year to insure a $35,000 car that will last for 10 years but will not have insurance on a stamp or coin collection worth ten times that which has taken them decades to assemble and which will be with them for their entire lives, even if that insurance is as much or LESS than the cost of their car insurance!

For me, a $350,000 collection in NJ would cost $1108 a year with collectinsure.com I pay more than that to insure vehicles worth less than 10% of that amount.

2) Stop telling the world that you collect coins. Subscribe to CoinWorld? CDN? Have them sent to a PO Box, they cost under $100 per year. Buy coins on eBay? Off the boards? Off of Teletrade? From Heritage? Have them sent to an address that ISN'T where you keep the coins. You don't know me, why would you tell me where you keep your coins?

Want to hear about a scary scam? How about this idea... I go to a large coin show, like FUN, and with cash I buy 5 very valuable slabbed coins for cash. I take said coins, put them on eBay, and sell them, maybe I get my money back, but if not I get close.

Assuming that individuals buy these coins, for the price of eBay fees, and at worst a small loss on the coins, I now have the addresses of 5 people who buy high dollar coins. Can you imagine a better tool for a professional crook?

3) Document every last coin you own. Any coin of value should be scanned into JPG files, burn said files onto CDs and keep duplicates in safe places. God forbid anything happens you have no idea how useful this will be to an insurance company.

4) Get a proper alarm system if you plan on keeping your coins at home, and get cellular backup. I have Cellular backup at my house, it's not very expensive and battery driven cellular backup will ensure that a silent alarm makes it to the police even if your power and phone lines are cut.

Just my thoughts... please feel free to comment, add to this, etc...

 

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Very good points , also a good safe bolted to the floor , and if you don't plan on looking at certain coins for awhile a safety deposit box makes sence .
rzage

 

I am well armed. I have a dummy safe. The address I use is not where my coins are stored. I also keep my higher end coins in Simple cardboard 2x2s, while I have some shiny BU common coins in slab style cases, that give them the appearance of being more valuable to those that dont know.

 

Great info rld14. I have a great home security system with the cellular backup. I wouldnt have done it any other way.

 

I'm a believer in the safe deposit box and only keep coins with a nominal value around the house. It's a pain to drive to the bank frequently to remove and return coins, but it's the only setup I'm comfortable with.

 

But probably the safest around , most of my best coins are kept there , the bank is only a five minute drive so it's really no hassle . Being well armed is fine but any burglar that knows what he's doing isn't going to break in while you're home and will just steal your weapons too .
rzage

 

It's a good idea to teach the kids not to tell others about dad's coin collection. As bad as this may sound you need to watch the friends your kids bring into your home. Don't leave stuff laying around to make it obvious you are a coin collector. I'll add more later.

 

What about the one who wants you to be home so you can escort him around the house at gun point to show him locations and open things once you get there? If you're unarmed, they get everything anyway and hopefully they don't kill you for being a witness.

I guess it's luck of the draw which burglar you get. I'm prepared for anything short of a SEAL team. I'm not willing to gamble.

 

Great point. This would seem to be a key danger. I know somebody that uses code words when referring to the collection around kids.

 

Never said a shotgun for home defence was bad , I keep one , but I know people with nice collections of handguns rifles , you're not going to be home 24/7 , that's why a good alarm system with backup is a good idea , a big dog can't hurt either as most burglars are just punks who want nothing to do with homeowners , at least thats what the police told me when some punk kids stole a generator from the patio of my mothers house . He said the more obstacles you can put between your valuables and the thiefs the better .
rzage

 

I can agree with that. Actually having any dog is a good idea is what I've heard. They don't like barking dogs. An alarm system is a good investment as well.

You're probably right that the average burglar doesn't want contact and isn't willing to risk the prison time for armed robbery. Although that doesn't mean they all won't.

The bad part is, who knows what this tough economy could be breeding right now. Probably a riskier time than ever.

 

I've never heard of cellular back up on security systems before, but it sounds like a good idea. My system sends out an alarm if the lines are severed, so no need. All great ideas, though.
Guy~

 

What I did on my last two houses was bring the phone box inside the house. The phone company doesn't like this, but you have every right to do it. Basically, we dug down several feet along the foundation of the house where the phone lines came up to it and drilled through the foundation at that point. We then pulled the phone lines in through the hole and mounted the phone box inside on the basement wall. This works with underground utilities. With above ground utilities, a wireless connection would be your best defense against cut phone lines or I guess you could bring the phone box into the attic. Either would work well.

 

That's the problem there are no average thieves , if there was we could guard ourselves against them , but crazy desperate people come in all sizes and shapes , you never know what they're going to do . Better to be prepared in your own home than not .
rzage

 

I still feel that a large percentage of coin thieves are relatives... one that might have a drug problem, a gambling problem, or a disgruntled wife preparing to run off. If not a relative, then someone who knows about your collection. I believe a burgular that is unfamiliar with your house would grab a jewelery box, check a few drawers for cash, see if there were any guns or high end electronics that could be easily removed... and make a quick exit. I'm sure there are small percentage of thieves that know coin values, but I feel that most would not be interested in taking the time or effort to search out something that may or may not be there. Of course, with this said, it doesn't change the fact that we all need a security system of some sort in place!

 

Howdy,

I don't have cellular backup as ours is an older system. However, it was designed that if the telephone line was cut, it is automatically registered an alarm situation and notifies our switchboard.

rono

 

Howdy,

You raise a good point and it makes home security a two level system.

On the first level, you need to discourage the local neighborhood punk kid with nothing better to do. Locks, alarm systems, arms, etc., are the best for this guy.

The second level has to do with the professional thief. This is where the insurance, inventory, CD backup, safe deposit box, Post Office Box are your best protection. This is where you just don't want to come to the attention of the professional - as your alarms and locks won't mean a thing if the Pro from Dover targets your edited.

rono

 

Also be careful of the individuals you don't know that "need" to come into your house/apartment like the guy who delivers the soft water salt, the avon lady, the people who do "safety" inspections of your apartment, the cable guy, etc. Make sure you don't have your nice shiny Morgan collection sitting on the table.

10 days later, the coins are gone and you'll probably never guess it was the pizza delivery guy who had to come in and wait for change because it was cold outside.

 

Of course, we don't discuss the particular alarm systems we have installed at our home or office. Our alarm company operates like coleguy explained. Our alarm company is always (24-7) in contact with the home alarm system via their hard-wire system. If wires are cut & the hard-wired link to the alarm company is interrupted, then it is treated as a panic alarm by our alarm company.

Our alarm company also offers two wireless options. One is a radio link for which they charge $300 installation plus a monthly fee. The other is a cellular link for which they also charge $300 installation and the phone company charges a monthly fee. If you buy them both or have a sister in-law that works for the alarm company, then it is much cheaper.

I have to recommend a safe deposit box, home safe/vault and personal protection whenever you are transporting coins. Make it a personal rule that you always leave a majority of your collection in the safe deposit box. Have all your magazines & coin purchases sent to a different address. Make that alternate address your credit card mailing address so that credit card purchases can also be sent there. Make sure you do not throw away an abundance of magazines & coin wrappers that make it obvious that you have coins. (Yes, criminals or friends of criminals may see your garbage). Tell your children & wife to limit their discussions about your coins to others. Basically walk softly & carry a big stick.

Very best regards,
collect89

 

All really good ideas. People often talk about owning guns. I do, and it can certainly help. Like someone mentioned, there are they type of robbers who do the home invasion style robbery, and just have you point out everything they want at gunpoint. So it can be good to own guns. Actually though, there are alot more burglars out there who target homes to steal guns than there are burglars who are out to steal coins. Guns are about the quickest thing to move on the black market, right behind dope.