Should I get a safety deposit box?

I'd plan on getting one but there isn't a rush at this time since your collection is small and the cost of SDB's is high.

Unfortunately SDB's will not protect coins from bad storage media. I left a lot of clad inside the mint set packaging and they went bad.

 

Log in or Sign up to hide this ad.

Your collection isn't valuable enough yet to warrant a safety deposit box or really good safe. As it grows in value, a time will come when one of these is advisable. The debate over which goes back and forth. Having a safe at home gives instant access to the coins. A safety deposit box in a Federal Reserve/FDIC bank is very (but not completely) secure. No, the Fed and FDIC don't insure coins, but they do have minimum security requirements for member banks. Safe-deposit-only and non-member banks may have poor security. Private insurance that covers safe deposit box contents is relatively cheap.

There is a wide spectrum of burglar susceptibility of safes. The cheapest will deter only an opportunistic amateur. The most expensive will slow down and occasionally defeat a pro. However, one thing is sure about a safe. If someone puts a gun to your head, you will open it.

Neither safes nor safety deposit boxes are waterproof or smoke-proof. If you get a safety deposit box, it should not be near the floor. Safes should not be in basements unless contents are in waterproof containers.

Plastic bags and Lighthouse Intercept boxes help prevent corrosion due to water, water vapor, hydrogen sulfide and other nasty gases. If you put paper or cardboard inside these containers, you may concentrate the hydrogen sulfide or other gases they emit.

Cal

 

In my humble opinion and in a word, no.

 

My collection was worth around $10k before I worried about getting a safe deposit box. I waited too long. In my opinion it's a great peace of mind for the price especially as your collection gets large enough that it's impractical to try simply physically hiding in within your house. The bank also has a much more controlled environment in terms of humidity in my experience which is especially nice for those of us who collect ancients and are worried about bronze disease.

Also, if you wait and finally decide you want a safe deposit box it may not be as easy as just signing up for it. I had to get on a waiting list for a few weeks to get mine and I've heard of people waiting up to 6 months in some areas. Most banks simply don't have them anymore and the ones that do at least in my area are spread out pretty far so if you want one remotely close to you there's a chance you'll have to wait so you want to get that process started now rather than later.

 

How about lighthouse intercept boxes with silica packs stored inside the gun safe. Or put in indiscreet places around the house.

 

I used to think this was a good idea. I still cannot find a hundred dollar bill that I put in a "safe place" four years ago. At my age, every day is like Christmas finding things I stored in a safe place once.

 

... and re-runs on TV don't bother you any more?

 

I used to put currency in the books in my book collection. I still have the books (all in boxes now) and I curious if there's money still in those pages.

 

This is the Safe I use to put all of my coins in

 

• standard Circular saw you can cut in half.
• Screw driver and hammer can bend the door because it is such thin steel, the bolts are so short that sooner or later it will pop right open.
• dropping them on the corner is enough of a jolt to fall open, and
• Magnets will open the newer ones

you can experiment. Take a flat screwdriver and slide it in the door. and you can see how much it flexes.

 

A safety deposit box is a solid choice — provided you can find one big enough to store your collection. They are a rare commodity where I live.

 

The purpose of a lock is to keep honest people honest. A safe like this will keep friends of friends and neighbors from getting sticky hands.

 

A sentry safe is a good first step deterrent then.

My first safe was a Sentry safe although from about 1991 (bought new, direct ship). They were slightly made different back then, but I can still break into it in no time if left alone .. for like a couple minutes. LOL

 

@CoinBlazer: the importance of what Randy says cannot be overstated. Keeping your coin collection private is the first step to keeping it safe and secure — and it costs you nothing.

Residential burglars expect to find the usual loot — electronics, jewelry/watches, maybe some cash and credit cards. They're not expecting to find a valuable coin collection — UNLESS they know beforehand that a coin collection is there.*

So be careful who you talk to about your coins. A trustworthy friend might have another friend who isn't so trustworthy, and information can get passed along innocently. FB and Twitter are among the worst places to talk about your hobby.

As for SBDs . . . as others have suggested, a $600 collection doesn't warrant the cost. Check back with us when you add another zero.

*Or, unless you make it easy for them. Most burglars are on a tight schedule, so ask yourself where in your home is a burglar most likely to look for valuables first . . . and then store your collection somewhere else.

 

Put them in either an army ammo can, or one of the small fireproof safes, then put that in your parents gun safe.

 

Or, you can keep your place looking like a hoarder's, and the thief will have no idea where to start.

 

safe deposit boxes are safe from fire damage. They are usually safe from theft but there have been many bank robberies where all the boxes were opened and valuables stolen. The new bank safety rules grant ownership of the box contents to the bank and when the banks fail they are required to seize all account balances and those contents to keep the bank alive. If you get anything back later it would be face value. Check the rating of your bank frequently for your own safety.

 

I have a 1000 lb. “fire” safe with combination and key lock purchased in the late 1980’s. No one will carry that bad boy anywhere! Also, a dehumidifier with humidity controll settings in use in the area. My coins appear to be happy with that setup.

 

For my kids to learn safety with money/valuables I use a couple small "microwave" gardall safes. Probably far better than the Sentry safes. It's korean made with a different rating but a good steel door with stiffeners. I have the older model than this newer picture. But a circular saw won't work, and screwdriver/hammer will take some considerable time. They put there stuff in named tupperware containers.



which are stored in a non-fire rated - slab steel, container (kinda looks like a gun safe but it's not) which are bolted thru the container floor to the floor. Just one screw anyways.

Every so often it floods here in the basements and most low to mid priced gun safes have drywall material for fire safety. If that stuff gets wet inside the walls of a gun safe it will surely mold over time.

 

But in most cases, you can deduct the cost of the SDB from your taxes. I've been doing that ever since I got one.