I just learned something interesting today.

SanctionII

I learned from my bank that a customer of the bank rents out multiple (over 10) extra large sized Safe Deposit boxes at the bank (at a rental rate of over $200.00 per year per box) and that the customer stores his coin collection therein.

This information has me wondering what kind of collection the customer has. For example, is it:

1. Bullion;

2. Modern Mint products purchased from the mint that sits in OGP;

3. An inherited collection spanning the spectrum of US coinage that has been formed over multiple generations;

4. Coins pulled from circulation over multiple decades;

5. Coins accumulated from around the world over decades by the collector when travelling;

6. Slabbed Coins (i.e. MS Morgans or MS Lincoln Cents) accumulated over the decades;

7. 1964 and earlier US Proof Sets all in unopened OGP going back to the 19th century;

8. 1947-1958 US Double Mint Sets all in unopened OGP;

9. Error coinage;

10. Variety coinage;

11. Toned coins;

12. Blast White coins;

13. Coins with Original Skin

14. OBW Rolls of MS coins from 1964 on back to the 19th century;

15. OBW Rolls of MS clad coinage from 1965 to 1999;

16. Coins purchased from Coin Vault or other TV Shopping channel programs;

17. Any other type of cool collection.

You just never know what is out there hidden in Safe Deposit Boxes or other secure places.

blitzdude

Worst part of the whole thing is that the bank is discussing someone else's private business with someone who has absolutely no business. All the more reason why a hole out on the back 40 is the way to go.

Paradisefound

The bank should protect their clients' private informations and it looks like a breach of contract to me

Hemispherical

At $2000/year I would take a stab at precious metals to include coins and certain gems.

More of a concern is why the employee of the bank even mentioned what someone was renting and worse what was being stored in their vaults. No one should know.

Edit to add: Time to find another bank and report to the appropriate State and Federal regulators, IMO.

cameonut2011

@SanctionII said:
I learned from my bank that a customer of the bank rents out multiple (over 10) extra large sized Safe Deposit boxes at the bank (at a rental rate of over $200.00 per year per box) and that the customer stores his coin collection therein.

This information has me wondering what kind of collection the customer has. For example, is it:

1. Bullion;

2. Modern Mint products purchased from the mint that sits in OGP;

3. An inherited collection spanning the spectrum of US coinage that has been formed over multiple generations;

4. Coins pulled from circulation over multiple decades;

5. Coins accumulated from around the world over decades by the collector when travelling;

6. Slabbed Coins (i.e. MS Morgans or MS Lincoln Cents) accumulated over the decades;

7. 1964 and earlier US Proof Sets all in unopened OGP going back to the 19th century;

8. 1947-1958 US Double Mint Sets all in unopened OGP;

9. Error coinage;

10. Variety coinage;

11. Toned coins;

12. Blast White coins;

13. Coins with Original Skin

14. OBW Rolls of MS coins from 1964 on back to the 19th century;

15. OBW Rolls of MS clad coinage from 1965 to 1999;

16. Coins purchased from Coin Vault or other TV Shopping channel programs;

17. Any other type of cool collection.

You just never know what is out there hidden in Safe Deposit Boxes or other secure places.

How would they know that? Why would they share that information? I would close my boxes and close all of my accounts with that bank. The bank cannot and should not be trusted IMHO.

coinpalice

the bank is putting the customer at risk

JBK

Did they give you a copy of his keys also?

SiriusBlack

Not to mention storing money in a safety deposit box is generally illegal so they reaaaallly shouldn’t be discussing it.

JBK

SDBs have their advantages, but also their disadvantages. If the owner passes away they get sealed and a full inventory is done before the heirs can empty it out. Or so I understand.

cameonut2011

@JBK said:
Did they give you a copy of his keys also?

Or his address?

cameonut2011

@JBK said:
SDBs have their advantages, but also their disadvantages. If the owner passes away they get sealed and a full inventory is done before the heirs can empty it out. Or so I understand.

I'm sure that varies depending on (1) individual bank preferences and (2) state law.

Hydrant

Is it o.k. to be sceptical of a post? If it is count me in.

JRocco

This should be immediately reported.
Please name the bank.

Hallco

As a financial institution representative I find this exceedingly concerning!!! Employees are not supposed to know the contents of safeboxes, period! In the event that a customer/member(depending on bank or credit union) decides to divulge the information, it certainly does not become acceptable for that employee to discuss it! If they have a person doing this, what information of yours are they telling someone else? Not trying to be rude, but I strongly suggest leaving that company!

JRocco

@SanctionII said:
I learned from my bank that a customer of the bank rents out multiple (over 10) extra large sized Safe Deposit boxes at the bank (at a rental rate of over $200.00 per year per box) and that the customer stores his coin collection therein.

This information has me wondering what kind of collection the customer has. For example, is it:

1. Bullion;

2. Modern Mint products purchased from the mint that sits in OGP;

3. An inherited collection spanning the spectrum of US coinage that has been formed over multiple generations;

4. Coins pulled from circulation over multiple decades;

5. Coins accumulated from around the world over decades by the collector when travelling;

6. Slabbed Coins (i.e. MS Morgans or MS Lincoln Cents) accumulated over the decades;

7. 1964 and earlier US Proof Sets all in unopened OGP going back to the 19th century;

8. 1947-1958 US Double Mint Sets all in unopened OGP;

9. Error coinage;

10. Variety coinage;

11. Toned coins;

12. Blast White coins;

13. Coins with Original Skin

14. OBW Rolls of MS coins from 1964 on back to the 19th century;

15. OBW Rolls of MS clad coinage from 1965 to 1999;

16. Coins purchased from Coin Vault or other TV Shopping channel programs;

17. Any other type of cool collection.

You just never know what is out there hidden in Safe Deposit Boxes or other secure places.

Meant to quote this in my reply.

Coinstartled

Recalling a story about a famous collector. Maybe the boxes are filled with keys to other boxes.

OldEastside

I'd be extremely weary of doing business with that Bank and or teller ever again

Steve

Downtown1974

I do not have a safety deposit box so pardon my ignorance...but is a bank representative present when you access your box to add or take items?

Hydrant

I edited my first post. Mistake.

Hemispherical

@Downtown1974 said:
I do not have a safety deposit box so pardon my ignorance...but is a bank representative present when you access your box to add or take items?

No.

Edit to add: They will sign you in and out of the storage vault but are to leave when you open to access the box. No one knows what is in your box except yourself and whoever you tell.

Bochiman

I think, after the umpteenth time of someone saying "the bank shouldn't do that", we get the point in this thread.

Past that, I think the OP, while knowing that, isn't fixated on that part and was wanting to have a fun little speculation/guessing game (correct me if I am wrong, SanctionII).

So, to that, I say "he's keeping 'golden dollars', like the Sacs" in there....the old $500 boxes from the mint that they did for a couple of years "

kaz

I think perhaps the largest holding of clad mint sets in private hands!

Swampboy

@Downtown1974 said:
I do not have a safety deposit box so pardon my ignorance...but is a bank representative present when you access your box to add or take items?

Yes and no.
They use their key and your key.
You lift the box out.
They leave you in the vault and you play with your widgets.
You ring the bell when it's time for them to come back with their key to lock the box in.

This is one scenario.
Other institutions it varies but in any case nobody 'sees' your beanie babies

Coinstartled

@Bochiman said:
I think, after the umpteenth time of someone saying "the bank shouldn't do that", we get the point in this thread.

Thank you Nurse Ratched. I was ready to say that the bank rep should not be discussing what is personal business of the customers. I will refrain.

Downtown1974

I think I’d rather have my doctor discussing my medical history with other patients, than my bank discussing the contents of my SDB with other customers.

Bochiman

@Coinstartled said:

@Bochiman said:
I think, after the umpteenth time of someone saying "the bank shouldn't do that", we get the point in this thread.

Thank you Nurse Ratched. I was ready to say that the bank rep should not be discussing what is personal business of the customers. I will refrain.

You remain a tool on all websites, don't you. You have to jump in and make your noise. I ignored you on the other website..maybe time to do it here, as well (and each time you make your alts, since you have so many).

csdot

I agree the bank employee has zero business sharing: (1) that there is a customer renting 10 boxes (2) for his coin collection. That said, I just assume there are all sorts of treasures in the bank's safety deposit boxes.

At least the bank employee had enough sense not to say: (1) who the customer is; and (2) what coins are in the box (OP speculates as to what coins are in the boxes).

cameonut2011

@SiriusBlack said:
Not to mention storing money in a safety deposit box is generally illegal so they reaaaallly shouldn’t be discussing it.

Citation? There is no federal law against it, and I don't think most states prohibit it either. Mine certainly doesn't. On the other hand, some banks may have a policy against it.

Catbert

Bullion and Saints! If so, imagine owning that quantity!

OldIndianNutKase

For over thirty years I stored my childhood coin collection in a SDB. Nothing of great value and a lot of uncirc rolls of 1960's era Lincoln cents. Then I woke up to the reality that a SDB made no sense considering that the value of that collection would not be over $10,000. I now enjoy those coins at home........but now have a SDB for the significant coins that I have acquired in the past ten years. But the disclosure by the bank employee was certainly not appropriate.

OINK

jdimmick

I moved my coins to a private secured location AND CLOSED MY BOX FOR VARIOUS REASONS INCL SOME STATED HERE.

DNADave

Loose lips sink ships

BlindedByEgo

Any bank that would even mention my mere existence to anyone else would quickly become my ex-bank. And no, I don't even wonder about what's in their boxes - too close to envy for me.

Coinstartled

Have a donut, RMan.

Hemispherical

Time for me to go sip a less expensive version of what TDN has... 🥃

ricko

@SanctionII .... Indeed very interesting. One day, an amazing collection may appear..both in quantity and quality.... Then we can speculate if it was the one in your post.... There are many hidden collections out there still.... Cheers, RickO

AUandAG

All modern, post 1964, proof and mint sets. No gold.

bob

johnny9434

@coinpalice said:
the bank is putting the customer at risk

banksters

derryb

I pay only $70 per year for the largest box at my credit union.

BuffaloIronTail

@OldIndianNutKase said:
For over thirty years I stored my childhood coin collection in a SDB. Nothing of great value and a lot of uncirc rolls of 1960's era Lincoln cents. Then I woke up to the reality that a SDB made no sense considering that the value of that collection would not be over $10,000. I now enjoy those coins at home........but now have a SDB for the significant coins that I have acquired in the past ten years. But the disclosure by the bank employee was certainly not appropriate.

OINK

A very sane, and well thought out reply.

Pete

Rittenhouse

I suggest you change banks IMMEDIATELY. What's next? They call another "friend" when you visit your SDB?

cladking

I think people are overreacting a little here. People know a lot more about you than you think. As a child my mailman recognized me away from home and knew I was a coin collector because of the mail I received. Using a PO Box just removes this knowledge by one layer. I have numerous safety deposit boxes and don't doubt a few of the employees know what's in them. I cash checks from various sorts of coin related enterprises and there are likely other clues they can pick up on.

Security involves more "layering" of measures than it does secrecy because there's never been true secrecy. Be sure not to advertise and try not to leave clues and hope for the best. Remember even if everyone knew exactly what safety deposit box you have and its contents it's highly improbable there will be commandos coming down from the ceiling to rob it. A safety deposit box isn't complete protection but it's a pretty solid start.

ShadyDave

@SiriusBlack said:
Not to mention storing money in a safety deposit box is generally illegal so they reaaaallly shouldn’t be discussing it.

This is completely false. It is against many BANK policies and terms of service to keep cash in a SDB. They want you to deposit your cash so they can use your money to extend loans etc so they can charge interest...

291fifth

Get some empty coffee cans, fill them with the coins from your collection and bury them on Saddle Ridge. Problem solved!

YQQ

Bank employees should not know the content of you SDB... UNLESS the client wishes to brag about it to the employee who has the bank key to open and close..

skier07

Most banks will give good customers discounts or free SDB’s. Finding large SDB’s is very difficult. Finding a bank with multiple empty large SDB’s is next to impossible where I live. A large SDB only holds about 10 PCGS boxes or 200 coins. I’m sure lots of collectors have more than 200 slabbed coins.

Banks don’t know what is in a SDB unless the customer tells them. Obviously the bank employee has a big mouth and should be terminated.

Hemispherical

Time for more states to setup their own depositories for citizens:

https://www.texasbulliondepository.gov

Dave99B

Wheat cents?

Dave

SanctionII

A large number of posts to this thread.

In starting the thread I my attention was focused on speculating about what the stored collection consists of. My speculation ranged from nothing of significance to a a fantastic collection.

I did not think about the "privacy" aspect of things that many have brought up in their replies. Very good points have been raised in the replies.

SiriusBlack

Learn something new every day! Shady bankers

@ShadyDave said:

@SiriusBlack said:
Not to mention storing money in a safety deposit box is generally illegal so they reaaaallly shouldn’t be discussing it.

This is completely false. It is against many BANK policies and terms of service to keep cash in a SDB. They want you to deposit your cash so they can use your money to extend loans etc so they can charge interest...

cladking

@SanctionII said:
A large number of posts to this thread.

In starting the thread I my attention was focused on speculating about what the stored collection consists of. My speculation ranged from nothing of significance to a a fantastic collection.

I did not think about the "privacy" aspect of things that many have brought up in their replies. Very good points have been raised in the replies.

It's a safe bet the coins are valuable enough to make the $100 to $200 annual cost to be nominal. People just aren't going to store very many common coins this way. Probably some of the coins aren't worth the expense but the coins are far more likely to represent the 30,000 "missing" '16-D dimes than the millions of missing 1973 quarters. The owner believes these coins are valuable enough or will be valuable enough to defray the cost of storage.

People should remember there are many million of graded coins and these represent a small percentage of the coins that might be graded in the future.

Apropos of nothing in particular I know there are hoards of moderns out there. I can see the effect of the hoarders on the market. It appears there's one out east around DC and another in California. A few others are possible.

Nothing can be known from the scant information available but the odds are good there silver, gold, and numismatic coins and the coins are most probably classics in the $50 to $2,000 range. Of course they could easily be graded coins and much more valuable. Speculation is meaningless as it is entirely possible someone has more money than brains and is saving wheat cents or nickels for their bullion value.