Another Gut Wrenching Story

Here in PA, upon the death of a box owner or co-owner, the box can not be opened until it is audited by a state treasury official. They want to make sure that any valuables are properly inventoried for tax purposes. If you have anything other than papers in the box it turns into a HUGE tax hassle.

If the theft victim had a dozen 4" binders full of coins it would take several large safe boxes to hold them all, at around $100 per year each. Far less than a homeowner's policy rider.

 

Log in or Sign up to hide this ad.

yeah - one of the most noxious laws ever passed.

 

Agreed, and there's far better things to do with unreported cash than hide it in a safety deposit box...

 

Many years ago I went the safe deposit box route. After a few weeks, could not stand it, and brought my babies home. What good is a collection if you can't enjoy it?

 

Coin insurance info

I work at an insurance agency that insures coin collectors and most other types of collections.

In New Jersey 100,000 of coin collector insurance would be about $526 per year with qualified safe and alarm in place. Appraisals are not necessary however you need to be able to prove ownership and value when making a claim. Any items worth $5,000 or more need to be scheduled. On collector policies there is just a $50 minimum loss.

I would think 100,000 collection is worth $526 a year for insurance.

 

I'd be interested in more specificc information on that. Also I'm wondering if a safe is a good way to store coins, it would depend on the requirements. I think an airtight box might present a problem, although I don't know why. Perhaps it is a problem just with paper.

Ruben

 

I am not sure about specifically storing coins in safes. Our requirements for premium discount are the safe be 300lbs empty, no wheels and combination or digital lock. Alarms must report to central station alarm company or policy/fire depts.

As a newbie, I am unsure if I can provide the link for more information in the forum.

 

Well I really feel bad for that guy he looks like he was going to cry what a sad story. I would have about three pit bulls in my house if I was going to keep a stash like that around in spit of the vault if I had coins of that value in my home. I would prbably have two machine guns next to my bed also like scar face did. I hope they catch these individuals and hang them buy -------------------------L----L--S you know what i mean.
JAZZCOINS jOE