Two new Safe Deposit Boxes

Well, I splurged recently on coins in my collection and I like sharing photos here of ones I get sometime. So now I also splurged by getting two new safe deposit boxes.

Upgrades are upgrades both with collections and with housing them.

 

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I have the opportunity to get a safe deposit box for free and haven't done it yet. Do you like like it? What are your recommendations to someone who is on the fence (if you don't mind)......

 

I wish I could get a safe deposit box anywhere within 10 miles of my home.

 

Take the freebie but realize it will likely be pretty small. Still, you can store important papers in there.

Look for setting up an account with a credit union if they also have boxes, as their rates can be much cheaper than regular banks.

I think it is not so important for coins if you realize that you are still on the south side of the point where possibly losing a collection is cost-wise a risk you no longer want to take to save the fees for boxes. Put it this way... Say you have coins valued at 1-2 thousand in your home and renting a safe deposit box at 100 a year (largish box at major bank can run this high) and you rent for 5-10 years. You may in that time, renting a box, essentially be 'buying' your coins up to half-twice again... Once in buying the coins and the second in the cost, never recouped, of the box fees. Personally, at one point, that is an amount I have been willing to risk by not renting a box for them. But above a certain amount (and I am sure everyone has a different comfort level) the cost to rent a box and store them off site provides not just piece of mind, but also 'insurance' that in 99% of all cases (exceptions being if the bank burns down or gets destroyed by a tornado or something else that is not going to happen very often and no one can predict) that locale will keep them safe. And the cost is worth it to you.

If you are on the fence, I suggest you think of your own situation, the likeliness (perhaps think of it as calculating your own 'risk' assessment), and the value point that putting extra $$$ into storing them would accomplish for you. If you do get a box, though, I always recommend having one or two people who will have access to it (you need to put their names as co-owners of the box and get their signatures, though you do not need to give them a key to the box) because if/when you pass, any box you have will not easily be able to be accessed if no one else is listed as being on it. But try to pick someone who will not abuse that trust.

Personally, I try not to keep more than a thousand or so in value coins in my home, which is about the same as if someone would break in and take tvs, etc. Plus having security cams, etc. is a good idea at home. Obviously a loss I would not like to have happen, but one that I would not really 'kill' me if it happened. Basically that is my deductible on house insurance. In life, sometimes set-backs happen.

 

Imho, are you allowed to keep money in a safe deposit box at a bank in America?
I believe it’s illegal in Canada to put money in a safe deposit box.

 

It is not illegal but banks discourage it. There are compelling reasons not to do so. But putting coins in like my newest ones for safe-keeping is also not illegal and does make sense to do.

 

Imho, i only wish I could do that here. For me it’s security cameras,locks bars secret passageways ect. Lol
My place is like Fort Knox. Sometimes I can’t even get out without tripping some alarm or boobytrap

 

Meow's Cat hoard is much too large to even consider it.

 

pit bull wolf mix 4 leg 44s that's my security system

 

Can you put US Dollars in a Canadian SDB? Or is it just illegal to put canadian cash into a SDB?
Do they consider gold/silver bars "money" and not coinage with a denomination?

 

My most prized and costly coins are actually with a copy of my will/estate plan at the county courthouse locked away in their gigantic walk in safe. No cost; and there's police all over the place.

and I have a SDB with coins in it and also other paperwork. Like you the annual cost of the SDB adds to the "total cost" including acquisition and storage of coins. So as long as the SDB is also justified as used for other things I can exclude the storage costs for the coins total valuation.

I had another SDB at one time. But stopped putting paperwork in it and pulled everything else out too as I don't like storage costs for coins. For some reason that's where I had put my Disney dollars too ...

 

Imho,
yes as far as I know. We are not allowed to hold cash or coins in a safe deposit box. Only bonds and jewelry.
The reason is the tax man wants to tax everything they can dig their hands in.

I like my privately custom built safe room anyways

 

Ah, that old distinction between "cash" and "collectible coins".

So, if you've got a gold coin in a bezel on a chain, does that count as jewelry?

How about if you've got a loop of string taped to a slab so you can wear it?

 

I just purchased one in that range. I have the same sentiment as your last sentence! I just have that opportunity lying around with the free safe deposit box and was wondering if it was worth it.

 

Imho, what I did to keep my collections safe is not for everyone.

One could always pick a room in their house (a large room). Then build a fake wall re-enforced, fire proof the new room. Then put your safe in there and collectables.
I only did what I had to do after losing over half a mil. In collectables from theft. Broke my heart and took me awhile to get back into collecting after. My family feels a lot more safe after going through such turmoil. Animals are great! they can hear more than we can and will alert you in danger.

 

I think this is what it boils down to.... What would I have break my heart and maybe stop me from collecting if I lost it to theft or something. I try to simply set an amount I might obsess over and the choice becomes, do I take a chance or spend some to keep it safer (based on perceived risks) or do I stop collecting past a certain amount/value to not 'have to' spend more on security/safekeeping. If I am within my comfort level as far as doing things and hopefully not spending unnecessarily for piece of mind, then it becomes an expense associated with my hobby.

 

A good safe ina not obvious place. Also tempted to put some secret cabinets etc in. My security consists of a canine alarm system and lots of guns

 

I may be a little slow here, but if my state doesn't have a personal property tax (other than business items, real estate, and vehicles), and doesn't charge sales tax on the purchase of coins or bullion... then I'm gonna pay what taxes?