Discussion in 'Coin Chat' started by OldSilverDollar, Oct 13, 2021.
The movies lied to us all, you can't shove bundles of money in those I guess!
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What the bankers’ eyes don’t see, their little minds won’t worry about. Banks provide a private area for SDB clients to open their boxes and take stuff in and out. Worst thing that would happen if they caught you with cash or gold in your SDB is they would tell you to take your goodies elsewhere.
The news story on Fox showed a bunch of AGEs in one torn soft cardboard mailer.
Update on the Beverly Hills story. A judge initially ruled FBI cannot access all the boxes at the facility with a general search warrant. On appeal, it was reversed saying FBI can access all the boxes. This was not a bank, but a private SDB facility that was allowing money laundering to go on.
Update: I have since insured my collection stored in a SDB with Hugh Wood and it was very reasonable. They will also insure for an allowable amount that is at your residence or stansporting between your home and the bank. I feel much better now. Regards.
I firmly believe that spreading the collection around into various SDB's and home safes is the most prudent way to protect the overall collection. So we are in agreement on that front.
I also noticed you specifically stated you have your collection at two different FDIC insured banks SDB's. Just to be clear since you did mention it, FDIC insured is a completely moot designation in this case. FDIC insures deposits. It does not under any circumstance insure the contents of any SDB. I mention this because I wouldn't want anyone reading this thread who doesn't understand what FDIC is to think that they insure SDB's. Therefore, mentioning FDIC in your post can be misleading.
Good point that FDIC does not insure SDBs. In addition, they do not insure investments other than checking and savings accounts that are acquired or managed by a FDIC-insured bank. However, FDIC-insured banks have physical security requirements and procedures that are not required of SDB-only “banks”. In addition, most FDIC-insured banks are branches of a big corporations (Chase, BoA, Citi, Wells Fargo, etc.) with big legal staffs that can make sure any warrants are legit and the executors of such stay within the stated limits. SDB-only “banks” do not have any more security requirements than your Uncle Zeke’s garage and may be less secure. Even with a SDB in a FDIC-insured (aka Federal Reserve) bank, insurance is a good idea.
A sealed ammunition box of Gold coin weighs well over 200#!
Gold weighs .7 pounds/cubic-inch!
Well, my SDB box contents I estimate to be 25 lbs avoirdupois (i.e. regular pounds). That’s about 365 troy ounces (system used for gold). At current price of gold bullion, that’s over $600,000, and if it was in the form of early US gold coins, stellas, and PanPac $50s, it would be in the millions. I wish, I wish, I wish. Unfortunately, the contents of my box are cardboard, paper (not cash!), plastic, base metal, silver and a teensy bit of gold.
If I had an ammo box with 200 lbs of gold, it would be my personal assistant watched by my 24-hour security force that would be writing this.
I believe you can see the humor in handling, and the problems transporting, inserting/removing the boxes of Pre-1933 U.S. Gold or Silver coin rolls from bank SDBs.
The normal storages of boxes afore-mentioned are custom built stainless steel full height safes having many vertical shelves.
A robotic X-Y-Z trans-portable extraction system is required for handling the boxes.
Storage is contained in a above-grade hillside cave bunker.
The "contents" of "banks" are readily moved/relocated, as experienced on more than one occasion without clients' notification, location protected by international criminals/attorneys.
3 of my "suppliers" served time, and a MN bullion law was established, resulting in some prosecution, but the majority of the criminals are busier than ever, using the "system" to protect their ill-gotten gains.
Some here may remember Hugh, who tried to warn people here before his investments were "taken", and I acquired some to support his legal efforts.
Beware of firms promising much if you send them your "collection", after sending them a complete list of your valuables that they promise to sell. LOL
The general search warrant was granted in violation of the US Constitution. A search warrant must be limited to specific targets.
That the FBI searched all SDBs, and seized what contents they chose does not free them of reprisals for having done so, as the judge who issued this warrant will ultimately be turned around. Still, those whose contents are provably born of illegal activities are unlikely to pursue their return, and the FBI and judge likely feel their gambit was worth it.
The right decision / settlement in this case should be that the penalty against the FBI / judge for pursuing and issuing the blanket warrant more than offsets the benefits of having done so. In doing so, it would give pause to future efforts aimed at the same goal.
I'm sorry to say that there aren't any penalties to the judiciary for issuing blanket warrants for anything above a misdemeanor,
A gross misdemeanor as having the wrong/expired plates/tabs on a vehicle automatically comes with a warrant, and statements to the effect of "tax evasion".
In jurisdictions where Pro Se communications aren't allowed with prosecutors, the criminal/you, when hiring a $4000 attorney, will be told that you are required to plead guilty, or the warrant will be exercised, as you're guilty until proven innocent by nothing being found. LOL
A guilty plea will automatically place you on a 1 year probation if you violate ANY State law, and warrant exercise.
Based on personal experience!!
There's no worse penalty for a judge than to have one's decision reversed by a higher court for having exercised poor judgment.
For people who can't accommodate a home safe, a bank vault likely provides the most security, and fewer risks, than other options.
Equally, a person could have the most secure home system imaginable and someone from their own family could rob them (I think this actually happened to someone on this forum some years ago).
One has to look at one's own situation and resources and assess the least risky way to store valuables. Nothing ever has zero risk. Each method has tradeoffs.
For those who can't tolerate any risk whatsoever of losing collectibles, they should probably explore other hobbies. Owning anything valuable comes with a greater than 0% chance of losing it.
It means nothing to them. Most of them dont even follow a case once its left their court. The hacks that hand out egregious decisions that actually get reprimanded in high opinions are there from political reasons and are doing what they were put there to do. The fact that appeals have to happen which take months already means they accomplished what they set out to do.
That doesn't mean every judge is like that, or that everything that was overturned is like that, but there are ones who just rubber stamp any request they agree with regardless of legality
As for the currency, yes, not acceptable.
In the even of the death of the owner, the box is opened by the bank, in full view of a notary, usually 2 bank officers, and [possibly] the recipient of the proceeds.
If there is any 'cash' meaning currency, not rolls of wheat cents, then it is deemed to be from 'unreported income', a 1099 is issued and the estate will have to report the income.
Collectible coins are another story
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