Store your coins in a Safety Deposit box? Maybe

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

  1. cplradar

    cplradar Talmud Chuchum

    Honest people shouldn't have to prove innocnece to the government of criminal activity unless there is strong evidence of a crime and a warrent has been issued by a judge. Probate is an excuse to use civil law to skirt your protections.
    Last edited: Oct 25, 2021
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  3. Gilbert

    Gilbert Part time collector Supporter

    I’m with Larry on this. If the contents of your safety deposit box were obtained legally and there are receipts, then no problem. Of course SDB insurance is an inexpensive way to add to your peace of mind. Storing coins at home would make me nervous.
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  4. cplradar

    cplradar Talmud Chuchum

    But that is not rational. First of all, people are presumed innocent. Secondly, reciepts are a ephemeral and eidolic at best. They obstensially can be tracked over a lifetime, and filed and classified, but the truth is that we fail to be able to keep up with reciepts (and I mean all of us) and the reciepts themselves are temporary writs deviced at best for accounting purposes and disposable. Most people can't even balance a check book, and in the modern age that chore has been taken from you. On many reciepts the print wont even last more than a few months. That someones honestly, let alone their innocence, can be determined by reciepts alone is not a substantial argument and certainly not due cause for the government to seize pocessoin of your valuable. Coins can easily be aquired over a lifetime into the 10's of thousand of dollars, one small purchase at a time, especially with growing values over time. It is just too much over reach by law enforcement and government.

    And, just to spell it out, this is even more the reason why coins needs tracable pedigrees.
  5. Gilbert

    Gilbert Part time collector Supporter

    Understood. To each their own.
    cplradar likes this.
  6. johnmilton

    johnmilton Well-Known Member

    I don’t know where you got the idea that it was illegal to own $20 gold pieces in the 1970s. The situation was murky in the 1930s when FDR first issued his Gold Surrender Order, but by the 1950s, the issue was settled. Any gold coin, U.S. or foreign, dated before 1933 was considered “rare” and legal to own. The 1933 $10 gold piece was okay, but the $20 piece was not.

    if the Feds really did take your family hoard, it was illegal. Coin dealers were openly selling gold coins, with the legal dates, and had been doing so for a long time.
  7. ldhair

    ldhair Clean Supporter

    Same here. It's not hard to protect yourself and property.
  8. 1865King

    1865King Well-Known Member

    As I pointed out in an earlier thread safety deposit boxes aren't as safe as you would think. Even if there are multiple holders of a SDB if one dies the box could be seized and it could be a while before you get your property back. From some of the prior posts your SDB could be seized at anytime for any reason.
  9. John Skelton

    John Skelton Morgan man!

    And yet, my dad and aunt had separate boxes, and I was a joint owner, and when they passed, I had no problem getting to them and clearing them out. Both boxes were at a major bank with branches statewide. So I must have been doing something right, like knowing that I needed to get to them before the bank did.

    The only time I've cancelled a box was when the local bank was bought by BofA and we heard they were opening the boxes, drilling out the locks. True? We didn't know, but didn't like the new owners and went back to our statewide bank and never looked back.
  10. charley

    charley Well-Known Member

    Not that it adds anything to the conversation of import....I have had a bank safety box for 19 years. Every year I pay 1 year rental. This year $78.00. It is empty and will remain so. Why?
  11. masterswimmer

    masterswimmer Well-Known Member

    Isn't it obvious? You only have $78 to your name ;) duh
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  12. charley

    charley Well-Known Member

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  13. Mkm5

    Mkm5 Well-Known Member

    I had an SDB at BoA for many years. When I moved up north I went to the bank to get the contents to take with me.

    When I opened it up, it was empty.
  14. Publius2

    Publius2 Well-Known Member

    Here's the other side of the SDB debate since we are indulging in anecdotes:

    My parents had a SDB at the McCoy Federal Credit Union for 25 years and had a significant amount of gold in it. Not only did they not have any problems but we heirs had no problems.

    Now I have a long-standing aversion to what Clark Howard called the "monster mega-banks" because I hold the opinion that they care not a whit for their customers and would happily hurt them at every opportunity if their business model would benefit.

    I am a big promoter of credit unions and have been a happy member of one for 50 years now.

    Your mileage may differ.
  15. Jim Dale

    Jim Dale Well-Known Member

    I had 2 SDBs in the NCSECU for several years. When I closed it, I had to turn in my keys. As it was, I had 2 keys to one of the boxes and 1 key to the other. I got the keys like that, but I was told it was the bank's policy that there are 2 keys to each box and since I only had one key for one of the boxes, they made me pay $18 to replace the key. I told them over and over again that I never got 2 keys. I was told that unless I paid the $18, they would limit my access to the credit union. As mad as I was, I was behind the 8 ball on that and paid the $18.
    I will never have another SDB. I have a safe that if robbed they could get it out of the house nor open it, if they could get to it. They would have to get by my Australian Shepherd, Pit Bull, and Rottweiler, let alone my Glock 9M. I live over 2 miles from a paved road. My nearest neighbor is a quarter mile from our house. Once the thief is dead, I can bury him (or her or them) behind the house and no one will know where they are.
    However, there is a chance they kill me, but not all of my dogs.
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  16. CoinCorgi

    CoinCorgi Tell your dog I said hi!

    What about your plan is appealing?
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  17. John Skelton

    John Skelton Morgan man!

    I also have a credit union account, and that is where my SDB is, but only because the bank where I did have it raised their rates. I still have my checking account at the same bank I started with back in 1971.
  18. Mac McDonald

    Mac McDonald Well-Known Member

    Indeed...both common knowledge and common sense aren't what they used to be...and since I split my collection between a bank SDB and home for various reasons of value and security so as not to lose it all in a bad event, if anyone unauthorized of any size, sex, age or color sets foot in MY house and doesn't stop and back off/out on the first command...assuming I or my wife is home...they won't know what hit them.
    Jim Dale likes this.
  19. KSorbo

    KSorbo Well-Known Member

    You may consider storing your coins at home and insuring with Hugh Wood. That combined with a reasonably secure safe is a great combination IMO. Coverage is available to all ANA members.
    cplradar likes this.
  20. green18

    green18 Unknown member Sweet on Commemorative Coins Supporter

    Heck, I remember Stacks had 'em for sale in the Sunday Times (NY) in the mid to late sixties.
  21. 1865King

    1865King Well-Known Member

    I may depend on the bank. If you had them at a small local bank you may have lucked out. If BOA took over the bank good luck with them. Even if the bank teller knows you every time I cash a check or pay a credit card bill at the bank I have hand them my ID so they can write my info down. They are not a customer friendly bank.
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