Store your coins in a Safety Deposit box? Maybe

https://news.yahoo.com/fbi-says-for...M4H9nTNESYz-06Wcop6GRbCV8pK-igurCnHPFB0QwM9QH

This is a rather bizarre story, but it underlines that these bank vault boxes are under intense government regulations and monitoring. These aren't even Bank owned vaults..

 

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Cool story . I'm glad their catching them now .

 

FYI:

Never store cash in a safety deposit box,

It will be assumed [remember Felix Unger] that it is unreported income if the box is opened post mortum.

 

After a couple of friends had a spouse pass away and their safe deposit boxes were frozen/locked by the courts pending probate, even though one individual was a join holder of the box, I no longer have a safe deposit box. I now have a safe in my basement, the house has an alarm, as well as other means of security and I no longer worry about the rules and regs of banks and SDB's, one rule is that you CAN NOT secure gold in your SDB.
Buy a Safe!!! The only thing I worry about is if someone big enough to carry the safe out of the basement comes in picks it up and leaves - I ain't gonna mess with him!
JMO
Semper Fi

 

I used to store in a safe deposit box, but not for any tax reasons or security reasons, I don't use the boxes any more. I live in Az. where the temp. in bank vaults often reaches over 110 degrees for extended periods. I found that NGC slabs are subject to warping in extreme heat...the centers of the cases expand outward causing friction and scratching in the centers of the slabs. Even slabs displayed in glass enclosures can often warp from either display lighting or sunlight. Once the slabs warp, there is no return to normal and they generally need a buffing to remove the damage caused by all the friction.

 

Maybe I have been been fortunate in knowing about SDBs before there were any problems. I was a cosigner on my parent's box, and later on my aunt's. In both cases, I knew enough to get to them before they got shut up. I thought that was common knowledge, but I guess not.

 

My father had a large standing gun safe in his basement that he brick and mortared into one wall. He kept all his valuables in it when he traveled for work.

I guess someone still could have stole things if they brought tools to either cut the safe open or to chisel it out of the wall and drag it out somehow. He felt secure with it and that's what mattered.

 

Thanks, I'll take your wife's advice.

 

it disgusts me the thugs in the fed govt...ech...almost threw up in me mouth, anyways, me gra' mum also lost over 4000.00 face value of 20.00 gold pieces that her ma' saved, she owned a few business, one was a corner store, or bodega, any time a 20 piece came in she saved it, this was the 70's when she died, so it all got confiscated as it was illegal to own gold... nowadays they rely on witch hunts, they seize your money and YOU have to prove it is legit, rather than them prove not so...this happens down south on our highways as well, sell your house and everything, pack up to go retire, well you have 80k in cash on you?? we will take it till you prove it is legit..thuggery pure and simple....

 

It is always an issue that the government can grab your stuff if you put it in a safety deposit box. It is not my favorite form of security. The alternatives aren't great either. Last month the theives made off with a 300 pound save full of coins and jewlery. We have to makde it harder to fence coins.

 

Ya know, safe deposit box burglaries and govt confiscation make the news because they are so uncommon. Commercial planes are the safest way to travel. Crashes are very rare but are huge news for just that reason.

The safe deposit “bank” in the story was not part of the Federal Reserve system. If you trust your goodies to such outfits, just about anything can happen. This SDB “bank” was owned by folks who were already on law enforcement radar. Had to laugh at the sign on the door saying “insured” … right. And it looks like you can see SDBs through the glass on the front … what kind of vault is that? Federal Reserve banks have lots of rules to follow including security, accounting, etc., and they are regularly inspected and audited. They keep their own cash and records in the vault after hours … a strong incentive for good security.

Storage of large amounts of cash is always suspicious. Why? Because it can only go down in value and is risky as well. One common reason for doing it is because the cash was gotten illegally.

Safes can be pretty good security if they are good ones. And good ones are pricey and heavy. Once thing is certain. If a robber puts a gun to your head or head of a family member, you will open it … ask Willis DuPont. See the link.

Cal

https://www.pcgs.com/news/great-du-pont-coin-robbery-and-recovery

 

Sure they can, if you don't get there first. That's on you if you aren't aware of that. Quit dissing SDBs because you have issues with everything.

 

I don't know wha dissing is? Can you translate? I made an observation about the risks of useing Safety deposit boxes. Are you refering to that? If so, I stand by the statements, as they are true and your incoherent emotional outburst was unneeded. Is dissing like disrespect? How do you disrespect and thing?

 

OK, I didn't.

Oh dear, I did..........

 

I have several safe deposit boxes at banks and I don't worry about the feds. There will not be a problem if you can prove where the coins and cash came from. That should not be a problem for honest people that keep good records. I don't believe in keeping everything in my home or all in one basket.
I'm having lunch with a couple of experts on this topic today. I'll ask some questions and report back on what I'm allowed to share.

 

And there you go.

 

Hope to hear what you were told on this issue with SDB's

 

But it's ok to take unreported income, buy gold or silver coins and place those in a safety deposit box? Aren't these coins "cash" essentially? At one time that's what you spent as cash? Even though it is change. What's the difference?