This is probably a newbie questions but: Can anyone tell me if a safe deposit box a good way to store coins if I want to avoid toning and coloration? Thanks
A safe deposit box will not prevent toning or coloration to your coins. Its best use in protecting your coins from theft. You can use slica gel canisters and other means to help your coins, plus store them in good containers like air-tites or something else that will protect them.
Bank vaults are typically kept at a relatively high humidity to benefit the paper contents of many, if not most, of the boxes. That means that FHDave's advice must be modified to "You MUST use silica gel . . ."
If your collection is valuable, GET A DEPOSIT BOX. Keep 10 percent of the collection's value at home for display purposes. and put the rest away. if you have slabbed coins, take photos and record the serial numbers
DK, Here is something else you may or may not know about a safe deposit box, a banks F.D.I.C insurance and a credit unions N.C.U.A insurance will not insure the contents of what you have in your safe deposit box. However your home owners insurance might cover up to a certain amount that is why it is a good idea to take pictures and document the contents of your holding. Bruce.
Very, very few homeowner's policies cover coins either. If you want your coins insured, you need to get a separate and special policy just for them.
bank safety deposit boxes if i got too many coins. should i place all in one bank with 2 or 3 bank safety deposit boxes?. or should i open up two different banks at two different and distant locations?.
Another problem with safe deposit boxes is that, if you die, the IRS will insist on looking inside. Then they'll tax your estate on the value of whatever's in there.
I dont know if thats accurate about the IRS looking into safety deposit boxes. FYI: here in florida, the state auctions the content of abandoned boxes, and then the state sets up an abandoned-property account with the balance from the sales proceeds.
It isn't. All states do that as part of their escheated property program. They also collect the value of uncashed checks and bank accounts that have been dormant for a specified number of years (varies from state to state), and many other forms of abandoned property. Anything other than money is sold, usually at state-run auctions but a few states now utilize EBay. True owners can claim their property indefinitely, with proper proof of ownership.
Mine covers up to $400 (?!?!) in coins/notes/medals/stamps, etc. Other than that, I must have a rider, and having my entire collection on it would alert the government to what was in my collection. Now I would never advocate breaking the law. However, if I were to do so, I would say getting a rider, particularly if your collection isn't terribly valuable, isn't a good idea
My insurance policy requires specific itemization only for items with an individual value of $10,000 or more, not every piece that's covered. How would listing items on an insurance company (private business) form convey any information whatsoever to the government (city, county, state or federal)? What practical difference would it make if some government file did have information about your possessions?
