Should I get a safety deposit box?

I am planning on focusing on long term investment and holdings of higher end coins. Should I get a safety deposit box? Here are the facts:

-My parents own a safe but it stores firearms and I've been told that firearms and coins don't mix.

-My collection value is around $600.

-I want a SDB to protect my coins from damage more than theft. Damage or physical loss is more of a concern.

 

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If for damage, depending on the size [space] that the collection takes up, it would probably be cheaper to but a small fireproof box.

 

Get a sentry safe, that is what I use.... they work great and I don't think that any one could bust into these. You are better off with the fireproof one. Not the combination one....the key one. (Not my picture's)

 

From what I remember (guys who know more about safes than I do, please correct me if I'm wrong)...

"Fireproof" safes come with some sort of rating that tells you how long it would last in a fire. Not sure if there is also a rating of how hot the fire can be, etc.

FYI, some Sentry safes are supposedly pretty easy to break into...

 

> It's not the firearms that are harmful to coins. It's the molecules of solvents and oils that are used to keep them clean and rust-free that are harmful to coins.

> $600? Do you have 1 or 2 coins? 100 or 200 coins? Perhaps you should wait until your collection grows to 4 or 5 figures in value.

> Damage? You can protect your coins from damage by using the proper storage containers and materials that are available at coin supply stores like JPs Corner or Wizard.

> Physical loss? Theft is a form of physical loss. Do you mean physical loss like fire or flood? A rider for your coins on your parents homeowners policy is too limiting and costly. You could always join the ANA and have your collection insured by Hugh Wood.

A safe deposit box is good for storing valuable items, but it can never protect your coins from damage. Only you can do that by handling and storing them properly.

Chris

 

I have some of those.
First ... a thief can walk away with them.
Second .. give me a screw driver and a hammer and say 30 seconds and I'm in and that's just with guessing. The "lock" is just one of those basic sheet metal flats you turn with the key that goes into a bar that prevents it from opening up.

btw, I use these strictly for fire protection. I have 2 sentry safes too .. they're not even locked (might make it harder to break in to .. hahaha). Just to store semi important documents and stuff in case of fire.

 

Doesn't anybody watch "Storage Wars"? They break into those small safes all the time!

Chris

 

A safe deposit box is the ultimate in security. The negatives are that you rent the box from your bank (usually pretty cheap) and the only time you can enjoy your coins is when you schedule a time during business hours to go to your bank.

The small safes give a piece of mind but here's the deal. A criminal can pick the thing up and walk away with it.

At a $600.00 valuation I believe you are OK as long as your neighbors and acquaintances don't know you have coins. Facebook is your enemy here.

A gun safe can still store coins. Just take extra measure. Put the coins in a Ziploc bag and put that bag in a Tupperware type container. I still have many coins in my gun safe stored just exactly that way.

 

You can store anything in a gun safe. Just put it in a ziplock, or air tight container, etc etc and put a anti tarnish strip and selica antihumity packet and you're all set. If a larger container you can use a large rechargeable antihumity thing.

For supporting $600 .. a SDB would really add overhead costs to that "investment" versus a ziploc bag.

and don't forget. damage is protected by your handling. Don't drop the SDB whilst carrying it to a table .. or don't drop the ziploc bag.

 

I saw one of those programs where they took one of those small fire safes and dropped it on it's corner. It popped right open pretty as you please.

 

Most of the Sentry safes open up that way too.

The fun way is to use a circular saw and cut them in half working your way around it. There's plenty of youtube videos of ppl doing that.

 

Easier to open than an old shoe box.

 

Having a locksmith in the family has taught me just how unsafe a safe with a lock can be. Of course, a safe with a key is better than no safe at all. I don't think $600 warrants a safe deposit box, but that's just me.

 

FYI, remember with your investment
$600 basis

say you get a small SDB for $15 per year.
and you keep your investment for 5 years.

That is $75 additional that your investment has to appreciate in order to break even.

Now, your "investment" basis is $675. So hopefully your appreciation is up and above $75 in order to at least break even .. of course depending upon how you want to do the accounting on it.

 

The model on the right would succumb to a crowbar in seconds.

This.

And be sure to get insurance to the contents of the SDB. They are not insured by the bank, so if they are stolen or destroyed, you are out of luck.

 

There's that ugly word "investment" again, but you're right. It's expensive to own "valuable" coins.

 

I have seen some VERY bad outcomes for coins in SDB's. The PA State Treasurer used to use live auctions for escheated SDB contents of folks who had no heirs, just as I would if for some reason my son would pre-decease me. Anyway, some SDB contents were HORRIBLY corroded. Some in banks that flooded during Hurricane Agnes in 1972. Banks usually do NOT have favorable storage conditions for coins, even short of flooding. The "best" for SDB's are raw gold coins, since they approach being chemically inert. Silver is meh, and copper is a never-ever proposition.

 

I would say my coins average $15-50 each

 

Then no. Cart before the horse, man, cart before the horse.

 

The only thing I'm going to add is that you should be aware that there is a cost to ownership and obviously you are or this thread wouldn't exist. Not trying to dampen your enthusiasm because it's certainly good to see.