@JeffMTampa said:
I'm an Architect and have been designing banks for large national branches for many years. It was about 10 years ago when the last bank branch that had a vault, and about 5 years since a branch had Safety Deposit boxes. The banking industry considered the Safety Deposit boxes a money looser so they were cut out. Current bank branches have a small day cash vault only, about the size of a refrigerator. Coins are becoming obsolete at banks as tellers go away. It's a changing industry.
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
On just one occasion I went to my bank and was unable to gain access to my safety deposit box. A bank employee had made a mistake in the procedure to secure the vault where the boxes are,leaving the vault innaccessible for a 24-hour period. Noone, and I mean noone, to include the bank's president, could get into the vault until 24 hours had elapsed I was told. So I went over to the bank next day and all was good.Probably a newbie employee mistake but isn't that how people learn sometimes, by making a mistake? I mean, the world didn't end because I had no access to my safe box for a day.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
SDBs have never been in my coin collecting plans. I don’t see this as an issue that will affect the hobby, over all. Any system change will upset some, but I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
Banks don’t owe it to us to keep anything safe besides our money. If they lose money keeping other stuff, then it’s prudent to change the model.
For those of you who are hindered by this change, I do have sympathy for you. It’s a bummer when you’re accustomed to something and it becomes harder or unavailable.
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
That would be an interesting poll question
This is not really the place to ask it. This is not where the "average" collector hangs out. The majority of estates that I see are worth less than $2000
One of my banks closed a branch about 6 months ago where I had a SDB. They gave me a SDB for a year for free to transfer to another branch.. I have noticed that quite a lot of banks are closing some branches, but the branches that are still open still have plenty of SDB's.
@rec78 said:
One of my banks closed a branch about 6 months ago where I had a SDB. They gave me a SDB for a year for free to transfer to another branch.. I have noticed that quite a lot of banks are closing some branches, but the branches that are still open still have plenty of SDB's.
Until they build a new building that had no large vault.
I imagine in a few hundred years when someone digs up some of mine, they will wonder why there is plastic all around them. Maybe by then some of my modern first spouses with be considered classics and worth something
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
I wonder where customers of Laura and Doug keep their coins?
My understanding is that Pogue’s coins were in a SDB.
@DLHansen’s coins don’t look like they are in a SDB, more like a vault room.
They are in DLRC’s vault as I understand it. I would imagine most dealer companies that have a large and/or valuable inventory would have a personal vault either on premises or off site.
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
I wonder where customers of Laura and Doug keep their coins?
My understanding is that Pogue’s coins were in a SDB.
@DLHansen’s coins don’t look like they are in a SDB, more like a vault room.
They are in DLRC’s vault as I understand it. I would imagine most dealer companies that have a large and/or valuable inventory would have a personal vault either on premises or off site.
What a great way to collect and store a collection
I wonder if DLRC provides this service to their other collectors?
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
Enshrine??? Interesting choice of word. 🤔
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
I had a SDB at a bank for 25 years. The bank had changed ownership multiple times and I no longer had an account with them. They gave me two options, open up an account or get rid of the SDB. They were very persistent. They called every day using different phone numbers. I finally got rid of the box.
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
I wonder where customers of Laura and Doug keep their coins?
My understanding is that Pogue’s coins were in a SDB.
@DLHansen’s coins don’t look like they are in a SDB, more like a vault room.
They are in DLRC’s vault as I understand it. I would imagine most dealer companies that have a large and/or valuable inventory would have a personal vault either on premises or off site.
What a great way to collect and store a collection
I wonder if DLRC provides this service to their other collectors?
My understanding is that he is part owner of DLRC so that may be part of the deal. But I’d imagine some of the upper echelon collectors have arrangements that most of us won’t have access to generally.
It was actually a typo (though certainly not one of my worst). I'm pretty sure I meant "imagine." I was typing on my phone in a hurry and there's been a lot of turkey/ham/pie since then.
Enshrining is kind of the opposite of SDB'ing.
Regardless of the valuable, I don't think of taking things to the bank to keep them safe/secure.
I'm a little late to this party, but I don't think anyone under the age of 50 actively uses safety deposit boxes.
Most younger people (especially numismatists) don't trust banks or anyone in general to hold valuables/coins for them. Especially after the mess that happened in 2020.
You might as well get a safe and a few dummy safes to hide around your house. And 5-6 chambered AK's hidden around for good measure. It's a lot more efficient than paying someone ~$60-$80 to hold your valuables every year.
@YoloBagels said:
I'm a little late to this party, but I don't think anyone under the age of 50 actively uses safety deposit boxes.
Most younger people (especially numismatists) don't trust banks or anyone in general to hold valuables/coins for them. Especially after the mess that happened in 2020.
You might as well get a safe and a few dummy safes to hide around your house. And 5-6 chambered AK's hidden around for good measure. It's a lot more efficient than paying someone ~$60-$80 to hold your valuables every year.
Lots of good points in this thread and this post. I agree that covid lockdowns changed how I look at SDBs, but I still have one at a few years short of 50. It's also empty right now and I was just thinking about putting the bulk of my more expensive coins back in there today. I still have mixed feelings.
No bank safe deposit box for me. I want access to my collection when i wanted it. Buy a safe. over the years you will save money verses monthly bank fees. All of my coin collection is worth protecting, not just what will fit into a safe deposit box.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
@CoinHoarder said:
If you don't hold it....you don't own it.
Just because you don’t have current possession of something you own doesn’t mean you don’t own it.
I think the point is that there's a difference between physical possession of something you own and owning something that's under someone else's control.
@CoinHoarder said:
If you don't hold it....you don't own it.
Just because you don’t have current possession of something you own doesn’t mean you don’t own it.
I think the point is that there's a difference between physical possession of something you own and owning something that's under someone else's control.
I gathered that. However, I think you did a better job of making the point.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
@CoinHoarder said:
If you don't hold it....you don't own it.
Just because you don’t have current possession of something you own doesn’t mean you don’t own it.
I think the point is that there's a difference between physical possession of something you own and owning something that's under someone else's control.
What do you guys think about having a bank account, brokerage account, retirement plan, IRA, etc? They aren't the same as stacks of gold coins, but I'm sure glad to have these assets...
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
@JimTyler said:
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
Thats a great idea that i have previuosly heard of. It can be thought of as a "sacrificial" safe. As you say once they get that safe they will be satisfied and get out of Dodge
@JimTyler said:
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
Thats a great idea that i have previuosly heard of. It can be thought of as a "sacrificial" safe. As you say once they get that safe they will be satisfied and get out of Dodge
Usually, it is referred to as a "decoy safe". Don't forget to booby trap the inside of the safe with an IED.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
That would be an interesting poll question
This is not really the place to ask it. This is not where the "average" collector hangs out. The majority of estates that I see are worth less than $2000
@jmlanzaf
When you say less than $2,000 do you mean the coin/bullion/numismatic value within the estate or just the whole estate in general?
Also curious if this number ranges by region.
@JimTyler said:
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
Thats a great idea that i have previuosly heard of. It can be thought of as a "sacrificial" safe. As you say once they get that safe they will be satisfied and get out of Dodge
Usually, it is referred to as a "decoy safe". Don't forget to booby trap the inside of the safe with an IED.
A glitter “bomb” would ruin someone’s day. Love watching those videos!
@ShaunBC5 said:
I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
That would be an interesting poll question
This is not really the place to ask it. This is not where the "average" collector hangs out. The majority of estates that I see are worth less than $2000
@jmlanzaf
When you say less than $2,000 do you mean the coin/bullion/numismatic value within the estate or just the whole estate in general?
Also curious if this number ranges by region.
The coin collection. Most collectors buy a few proof or mint sets, a few silver dollars, maybe full a blue book. Most estate collections have no slabbed coins at all.
@JimTyler said:
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
Thats a great idea that i have previuosly heard of. It can be thought of as a "sacrificial" safe. As you say once they get that safe they will be satisfied and get out of Dodge
Usually, it is referred to as a "decoy safe". Don't forget to booby trap the inside of the safe with an IED.
... To protect against unwanted pregnancy? 🤔
Edited to say:. Yes, I know the difference between IED and IUD. At least I didn't mention boobies. Until now.
.
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
Comments
Get a safe and keep quiet
That’s just sad.
I've got the SDB, the Home safe, alarm system, and, oh yes, "The Boys" - they work cheap, too!
Member ANA, SPMC, SCNA, FUN, CONECA
Good looking pups.
Put a safe somewhere not too obvious like in the center of your living room but in a closet something like that. Maybe just a lock box easy to find. Store some crap coins. Hide your real coins well, maybe a hidden door or something impossible to find. Something fireproof. If a crook breaks in he finds the safe/lock box and runs, he thinks he cut the fat calf. Real safe so well hidden there will be a newspaper article in 100 years someone bought a house and found coins in the wall.
On just one occasion I went to my bank and was unable to gain access to my safety deposit box. A bank employee had made a mistake in the procedure to secure the vault where the boxes are,leaving the vault innaccessible for a 24-hour period. Noone, and I mean noone, to include the bank's president, could get into the vault until 24 hours had elapsed I was told. So I went over to the bank next day and all was good.Probably a newbie employee mistake but isn't that how people learn sometimes, by making a mistake? I mean, the world didn't end because I had no access to my safe box for a day.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
SDBs have never been in my coin collecting plans. I don’t see this as an issue that will affect the hobby, over all. Any system change will upset some, but I would enshrine that the vast majority of collectible coins, even valuable ones, are not currently in SDBs and wouldn’t ever be.
Banks don’t owe it to us to keep anything safe besides our money. If they lose money keeping other stuff, then it’s prudent to change the model.
For those of you who are hindered by this change, I do have sympathy for you. It’s a bummer when you’re accustomed to something and it becomes harder or unavailable.
That would be an interesting poll question
This is not really the place to ask it. This is not where the "average" collector hangs out. The majority of estates that I see are worth less than $2000
I wonder where customers of Laura and Doug keep their coins?
My understanding is that Pogue’s coins were in a SDB.
@DLHansen’s coins don’t look like they are in a SDB, more like a vault room.
One of my banks closed a branch about 6 months ago where I had a SDB. They gave me a SDB for a year for free to transfer to another branch.. I have noticed that quite a lot of banks are closing some branches, but the branches that are still open still have plenty of SDB's.
There are hundreds of places inside / outside a house you can stash coins, you just have to remember every place you put them
Reminds me of the Saddle Ridge Hoard.
http://saddleridgehoard.com/
Until they build a new building that had no large vault.
I imagine in a few hundred years when someone digs up some of mine, they will wonder why there is plastic all around them. Maybe by then some of my modern first spouses with be considered classics and worth something
My US Mint Commemorative Medal Set
They are in DLRC’s vault as I understand it. I would imagine most dealer companies that have a large and/or valuable inventory would have a personal vault either on premises or off site.
Not a chance!!
I would never trust the banks to keep anyone's deposit 'safe'.
"Safety deposit box'........talk about an oxymoron!!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
No
What a great way to collect and store a collection
I wonder if DLRC provides this service to their other collectors?
Enshrine??? Interesting choice of word. 🤔
I had a SDB at a bank for 25 years. The bank had changed ownership multiple times and I no longer had an account with them. They gave me two options, open up an account or get rid of the SDB. They were very persistent. They called every day using different phone numbers. I finally got rid of the box.
My understanding is that he is part owner of DLRC so that may be part of the deal. But I’d imagine some of the upper echelon collectors have arrangements that most of us won’t have access to generally.
Will the decline of safe deposit boxes at banks be a threat to coin collecting?
No.
Will the decline of safe deposit boxes at banks be a threat to coin collecting?
For anyone who has more than a few thousand dollars in a coins that have been third party graded, I must say YES.
>
It was actually a typo (though certainly not one of my worst). I'm pretty sure I meant "imagine." I was typing on my phone in a hurry and there's been a lot of turkey/ham/pie since then.
Enshrining is kind of the opposite of SDB'ing.
Regardless of the valuable, I don't think of taking things to the bank to keep them safe/secure.
Your post reminded me of my long passed spinster Grandaunt with rumored stashes, 'Never bury things in cans, always use a jar!'
I'm a little late to this party, but I don't think anyone under the age of 50 actively uses safety deposit boxes.
Most younger people (especially numismatists) don't trust banks or anyone in general to hold valuables/coins for them. Especially after the mess that happened in 2020.
You might as well get a safe and a few dummy safes to hide around your house. And 5-6 chambered AK's hidden around for good measure. It's a lot more efficient than paying someone ~$60-$80 to hold your valuables every year.
My eBay page: https://www.ebay.com/usr/alvareznumismatics
If you don't hold it....you don't own it.
Just because you don’t have current possession of something you own doesn’t mean you don’t own it.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Lots of good points in this thread and this post. I agree that covid lockdowns changed how I look at SDBs, but I still have one at a few years short of 50. It's also empty right now and I was just thinking about putting the bulk of my more expensive coins back in there today. I still have mixed feelings.
I buried mine only 25 feet down on Oak Island - these guys will never look that shallow.
The "gun bravado" in some of these posts misses the entire point of this thread.
No bank safe deposit box for me. I want access to my collection when i wanted it. Buy a safe. over the years you will save money verses monthly bank fees. All of my coin collection is worth protecting, not just what will fit into a safe deposit box.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Yes. Since most robberies harken when you're not home, you'll just be supplying the felon with a gun.
I think the point is that there's a difference between physical possession of something you own and owning something that's under someone else's control.
Not a problem, just hire Gary Drayton to find your long lost coins with his metal detector.
I gathered that. However, I think you did a better job of making the point.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Mix the coins in with a bunch of broken ox shoes to throw robbers of the scent
What do you guys think about having a bank account, brokerage account, retirement plan, IRA, etc? They aren't the same as stacks of gold coins, but I'm sure glad to have these assets...
Thats a great idea that i have previuosly heard of. It can be thought of as a "sacrificial" safe. As you say once they get that safe they will be satisfied and get out of Dodge
Usually, it is referred to as a "decoy safe". Don't forget to booby trap the inside of the safe with an IED.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@jmlanzaf
When you say less than $2,000 do you mean the coin/bullion/numismatic value within the estate or just the whole estate in general?
Also curious if this number ranges by region.
A glitter “bomb” would ruin someone’s day. Love watching those videos!
The coin collection. Most collectors buy a few proof or mint sets, a few silver dollars, maybe full a blue book. Most estate collections have no slabbed coins at all.
... To protect against unwanted pregnancy? 🤔
Edited to say:. Yes, I know the difference between IED and IUD. At least I didn't mention boobies. Until now.
.