Half Million Dollar Coin Collection Stolen From Home Safe

This is why I prefer keeping my coins in a bank safe deposit box.

Half million in rare coins stolen

 

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" Insurance was too expensive "
:rolling:

 

Thieves must have known about it somehow...

but how is the question.

 

$500k worth of coverage from collectinsure.com is $1,291 per year in NJ with full theft coverage.

I pay more than that to insure cars that are worth far less than $500,000.

 

A lifetime of collecting gone in a few hours. Hope they get the (expletive) crooks.

 

It would only seem prudent to insure that amount of value. If you can afford to own $500,000 worth of coins, you surely can afford to insure it. If you can't then a safe deposit box could be used to hold at least part of it.

 

Insurance should have been employed. I'm sure the poor fellow is kicking himself for not carrying any but he probably felt he was well protected having a good strong safe to hold his prized collection. I'll say one thing though, there was an incident back about thirty years ago in my neck of the woods where thieves broke into a bank (via the roof) and had a field day with all the safe deposit boxes....wouldn't want to be that bank manager. Nobody is guaranteed protection from a determined crook(s).

 

If the victim has (1) a description of the collection or (2) any photos of key stolen pieces perhaps he could post it here. We could all keep an eye-out for the basic collection or some of the key pieces. Comments?

Very best regards,
collect89

 

What a shame. Someone maybe was talking to much to the wrong people...

I never mention what I have to anyone except my wife.

Hope they catch the guys!

 

Wow!

Mistake #1 no insurance.

Mistake #2 no home alarm system/camera system.

Mistake #3 putting you safe in the garage which usually has easy access.

One would think with today's technology a mini chip could be implanted in a coin slab similar to onstar to track the location of a coin at least until the thief opened the slab.

 

What a shame unfortunitly what could you do about this to retrive your coins nothing ,the police just make a report and forget about it. There are a lot of bad eggs on this planet I hope they get them and ship them to another planet like mars or some where out there or let them float in space for eternity.
jazzcoins joe

 

A couple hundred dollars investment, and $100-300/year monitoring fees is "too expensive"?

 

That why a Bank safety depots fee of less than $50.00 a year pay for it self when come to a collection of that size $$$$$!

 

Can anyone explain what sort of proof of ownership and proof of value an insurance company requires? I would have a tough time documenting the purchase price for all of the coins.

 

#1 Take photo's!!!!!

#2 Keep receipts of purchases

Many numismatists will give estimates of the coins in your collection for a small fee. Be sure to tell the insurance company that most coins increase in value every year.

One problem is that what you paid for a coin is not necessarily what its worth and an estimate of its value is in fact only an estimate.

 

I wonder if they were all SGS MS-70's with PCGS values ?? This has happened before, folks THINK they have a high dollar collection.

I see nothing specific in the report. A collector with enough smarts to buy " a half million " of SGS coins is also a collector with enough " smarts " to not insure.

 

I would be devastated.

 

I seriously doubt the actual value, other than his own, was anywhere near $500,000. Anyone with that kind of collection would have the common sense not to store them in a garage of all places. Might as well house the safe in the back yard. He should have sold a coin and had a security system installed and moved the coins indoors where they belong.
No sympathy here.
Guy~

 

I feel sorry for him. It isn't always a good idea to keep everything in the same place regardless of how secure you think it is. Sometimes it is better to spread them around between bank safe deposit boxes, home safes, and really good hiding places. Deception is sometimes better than steel. The trick is to make sure your family knows where everything is.

 

Well, he did say that he had "Hundreds" of coins valued in the "Thousands."