Store your coins in a Safety Deposit box? Maybe

Discussion in 'Coin Chat' started by cplradar, Oct 21, 2021.

  1. cplradar

    cplradar Talmud Chuchum

    This is a rather bizarre story, but it underlines that these bank vault boxes are under intense government regulations and monitoring. These aren't even Bank owned vaults..

    Two Dogs and john65999 like this.
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  3. SensibleSal66

    SensibleSal66 U.S Casual Collector / Error Collector

    Cool story . I'm glad their catching them now . :happy:
  4. cpm9ball

    cpm9ball CANNOT RE-MEMBER

  5. Treashunt

    Treashunt The Other Frank


    Never store cash in a safety deposit box,

    It will be assumed [remember Felix Unger] that it is unreported income if the box is opened post mortum.
  6. geekpryde

    geekpryde Husband and Father Moderator

    My favorite YouTube Lawyers covered this case in a few recent videos. If you want to get really mad, watch a few of them. I highly recommend his channel in general if you want a guy that is great at storytelling explains legal stuff in lay-mans terms.

    And then, if you want to be even angrier, watch a few of his videos on "Civil Asset Forfeiture", assuming you dont already know what that is. :rage:

    Of course, if you want to be "dumb and happy" like my wife likes to say, don't click any of my links above. :)
    john65999 likes this.
  7. Phil's Coins

    Phil's Coins Well-Known Member

    After a couple of friends had a spouse pass away and their safe deposit boxes were frozen/locked by the courts pending probate, even though one individual was a join holder of the box, I no longer have a safe deposit box. I now have a safe in my basement, the house has an alarm, as well as other means of security and I no longer worry about the rules and regs of banks and SDB's, one rule is that you CAN NOT secure gold in your SDB.
    Buy a Safe!!! The only thing I worry about is if someone big enough to carry the safe out of the basement comes in picks it up and leaves - I ain't gonna mess with him!
    Semper Fi
  8. chascat

    chascat Well-Known Member

    I used to store in a safe deposit box, but not for any tax reasons or security reasons, I don't use the boxes any more. I live in Az. where the temp. in bank vaults often reaches over 110 degrees for extended periods. I found that NGC slabs are subject to warping in extreme heat...the centers of the cases expand outward causing friction and scratching in the centers of the slabs. Even slabs displayed in glass enclosures can often warp from either display lighting or sunlight. Once the slabs warp, there is no return to normal and they generally need a buffing to remove the damage caused by all the friction.
    john65999 likes this.
  9. John Skelton

    John Skelton Morgan man!

    Maybe I have been been fortunate in knowing about SDBs before there were any problems. I was a cosigner on my parent's box, and later on my aunt's. In both cases, I knew enough to get to them before they got shut up. I thought that was common knowledge, but I guess not.
  10. YankeeDime

    YankeeDime non-conformant

    My father had a large standing gun safe in his basement that he brick and mortared into one wall. He kept all his valuables in it when he traveled for work.

    I guess someone still could have stole things if they brought tools to either cut the safe open or to chisel it out of the wall and drag it out somehow. He felt secure with it and that's what mattered.
    Mainebill, john65999 and chascat like this.
  11. Mr.Q

    Mr.Q Well-Known Member

    Thanks, I'll take your wife's advice.
    geekpryde likes this.
  12. john65999

    john65999 Well-Known Member

    it disgusts me the thugs in the fed govt...ech...almost threw up in me mouth, anyways, me gra' mum also lost over 4000.00 face value of 20.00 gold pieces that her ma' saved, she owned a few business, one was a corner store, or bodega, any time a 20 piece came in she saved it, this was the 70's when she died, so it all got confiscated as it was illegal to own gold... nowadays they rely on witch hunts, they seize your money and YOU have to prove it is legit, rather than them prove not so...this happens down south on our highways as well, sell your house and everything, pack up to go retire, well you have 80k in cash on you?? we will take it till you prove it is legit..thuggery pure and simple....
    Last edited: Oct 21, 2021
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  13. cplradar

    cplradar Talmud Chuchum

    It is always an issue that the government can grab your stuff if you put it in a safety deposit box. It is not my favorite form of security. The alternatives aren't great either. Last month the theives made off with a 300 pound save full of coins and jewlery. We have to makde it harder to fence coins.
  14. calcol

    calcol Supporter! Supporter

    Ya know, safe deposit box burglaries and govt confiscation make the news because they are so uncommon. Commercial planes are the safest way to travel. Crashes are very rare but are huge news for just that reason.

    The safe deposit “bank” in the story was not part of the Federal Reserve system. If you trust your goodies to such outfits, just about anything can happen. This SDB “bank” was owned by folks who were already on law enforcement radar. Had to laugh at the sign on the door saying “insured” … right. And it looks like you can see SDBs through the glass on the front … what kind of vault is that? Federal Reserve banks have lots of rules to follow including security, accounting, etc., and they are regularly inspected and audited. They keep their own cash and records in the vault after hours … a strong incentive for good security.

    Storage of large amounts of cash is always suspicious. Why? Because it can only go down in value and is risky as well. One common reason for doing it is because the cash was gotten illegally.

    Safes can be pretty good security if they are good ones. And good ones are pricey and heavy. Once thing is certain. If a robber puts a gun to your head or head of a family member, you will open it … ask Willis DuPont. See the link.

    red_spork, John Skelton and -jeffB like this.
  15. John Skelton

    John Skelton Morgan man!

    Sure they can, if you don't get there first. That's on you if you aren't aware of that. Quit dissing SDBs because you have issues with everything.
  16. cplradar

    cplradar Talmud Chuchum

    I don't know wha dissing is? Can you translate? I made an observation about the risks of useing Safety deposit boxes. Are you refering to that? If so, I stand by the statements, as they are true and your incoherent emotional outburst was unneeded. Is dissing like disrespect? How do you disrespect and thing?
  17. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    OK, I didn't.

    Oh dear, I did..........
  18. ldhair

    ldhair Clean Supporter

    I have several safe deposit boxes at banks and I don't worry about the feds. There will not be a problem if you can prove where the coins and cash came from. That should not be a problem for honest people that keep good records. I don't believe in keeping everything in my home or all in one basket.
    I'm having lunch with a couple of experts on this topic today. I'll ask some questions and report back on what I'm allowed to share.
  19. John Skelton

    John Skelton Morgan man!

    And there you go.
  20. serafino

    serafino Well-Known Member

    Hope to hear what you were told on this issue with SDB's
  21. Vertigo

    Vertigo Did someone say bust?

    But it's ok to take unreported income, buy gold or silver coins and place those in a safety deposit box? Aren't these coins "cash" essentially? At one time that's what you spent as cash? Even though it is change. What's the difference?
    goossen likes this.
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