@olympicsos said:
The government is in the numismatic business already and doesn’t make a whole lot of profit doing it.
You might be onto something here. Perhaps the government could require everybody to collect coins and to store them in government facilities. They'd make a ton of money doing that.
Or they could take away mint marks, have coins with even cheaper metals, get rid of proof sets, and have a member of Congress introduce legislation to ban coin collecting which was done in the mid 1960s.
@olympicsos said:
The government is in the numismatic business already and doesn’t make a whole lot of profit doing it.
You might be onto something here. Perhaps the government could require everybody to collect coins and to store them in government facilities. They'd make a ton of money doing that.
Why not?
This idea makes as much sense as some of the other ideas being presented here.
Banks are not responsible for supporting coin collectors or the hobby in general.
Then the banking industry could lobby to abolish the half dollar and get rid of legal tender status after a redemption period (other countries do this for coin/currency) because the only people taking half dollars out of banks these days are coin roll hunters. They cost banks money.
Any silver coins, redeem them to the treasury as uncurrent to be melted. But collectors love tellers who save silver that comes across their desks. That would help the banking industry save resources dealing with “pesky” collectors.
I'm not sure of the precise number but I know my bank is in that range. My 10 x 10 costs me only $50/year (course, that's with the senior discount - one of the perks of becoming an old codger)
@ricko said: @Glen2022... I have mentioned them in the past here. Motion activated lights- external and internal, alarms also tied to police, secure doors, dogs, large super secure safe, secured to concrete. Skilled Firearm Instructor with trained wife, cameras.... and a couple of surprises I will not discuss. Cheers, RickO
I'm big on safety deposit boxes but I also use layers of security.
I'm even bigger on surprises both conventional and not so conventional.
I try to avoid anything that would attract a bad element but just in case someone thinks they know something it's nice to have a few back-ups to protect myself and family.
Banks are not responsible for supporting coin collectors or the hobby in general.
Then the banking industry could lobby to abolish the half dollar and get rid of legal tender status after a redemption period (other countries do this for coin/currency) because the only people taking half dollars out of banks these days are coin roll hunters. They cost banks money.
Sure. They could lobby for things they want, just like everybody else. In fact, I bet they already do.
@olympicsos said:
Any silver coins, redeem them to the treasury as uncurrent to be melted. But collectors love tellers who save silver that comes across their desks. That would help the banking industry save resources dealing with “pesky” collectors.
They could do that, too. And collectors only get labelled as "pesky" because many want something for nothing.
The bank I used for 20 years informed me a couple years ago they were closing that branch and I had 30 days to clear out the SDB. I went down about 10 days later and apparently I was one of the last ones to empty their box. They said I could get a box at a branch not too much farther away but I liked the branch I had as it was a tiny branch with almost no traffic, in a separate building at the far end of a shopping plaza.. No worries about someone watching you and you could park right at the front door.
I ended up moving all my accounts to a nearby bank with plenty of SDBs - you even had a choice of boxes in the vault, or boxes outside the vault (I guess in case you liked wanting to run in and out without any bank employee involvement). The only drawback is that branch is huge and busy, and you can't get into the vault without 15 people seeing you wait for the bank employee to let you in, then having to walk past another bunch of people on your way out.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I like the idea of a safe deposit box but I do have some issues. (My wife will tell you I DO have issues...but that's another story for another day). 🤣
1. They are not cheap...especially if you need more than those itty-bitty ones people put their wills in with grandma's string of fake pearls and a few worthless old family watches with broken straps and that don't run,
2. When I want to add to my collection, sell something, or just enjoy my collection, it's a schlep to the bank and back and I feel compelled to return the coins the same day,
3. The whole idea of insurance companies offering "supplemental insurance" for a safe deposit box is a definite turn-off. However, it works out cheaper than a 5% rider on my homeowner's policy.
4. Whether in a SDB or at home, you have to keep an inventory current with photos.
5. Maybe collecting something like feathers or antique jelly beans instead would solve all of these problems! Even if the collection was swiped, it wouldn't be too much of a loss and neither collection would require 2x2's or certification. 😂
@olympicsos said:
One suggestion I’d have is maybe having the US Mint in the safe deposit box business. After all they have Fort Knox and their own police department. If run well enough, it can also be a source of revenue other than selling numismatic products. If most banks prefer to be out of the safe deposit box business, then I’d rather have the government in it. If something goes wrong with them, it’s the government that gets involved anyways. Those safe deposit box locations can also double up as over the counter sales locations for US Mint products too.
No thanks. There is nothing to stop them from deciding to search or confiscate what is there. A change in policy, a change in law, and what's yours is suddenly theirs.
Then who else wants to provide safe deposit box services, which are not that profitable, and be regulated left and right? Government, at the very least should provide essential services that no one else wants to provide, I am afraid we are going there with safe deposit boxes.
Actually, we are not. It's not an essential service. The government is NEVER going to offer it. Police, fire and national defense, yes. SDBs, no. You are on your own.
The true cost of SDBs has been subsidized forever by other fees banks charge. Now that they are losing pricing power, that subsidy is being stripped away, and the reality is that people are not willing to pay the true cost of having a SDB. If that changes, you will see companies pop up all over the place to sell you the service. Otherwise, SDBs will go the way of newspapers, landlines, shopping malls, etc.
People who are willing to pay the “true cost” of a safe deposit box are the very rich and they have services catered to them. The reason why I think safe deposit boxes are important is because ultimately this boils down to the fact that police are most helpful AFTER loss occurs. The government provides insurance so that one can be comfortable depositing money in a bank. As someone who’s interested in collecting coins and by extension valuable goods, I want to be confident that my stuff won’t be stolen or if God forbid something happens, I won’t have to attempt futile litigation with a bank where the bank is more interested in tiring me out to make me give up fighting them.
I'm certainly not saying they are not important. I'm just saying they are not essential. Lot's of people make do without them.
I get that you want a subsidized way to securely store your valuables. And I want subsidized cable TV, with ALL the channels, which I consider an essential necessity. Good luck to both of us.
Not necessarily subsidized. The US Mint would probably lose more money minting cents and nickels than “subsidizing” this.
If it doesn't pay for itself, it's subsidized. The fact that something else might be subsidized to a greater extent doesn't change that. I'm sure the mint would love to stop producing cents and nickels, but Congress won't allow it.
There is no similar mandate to step in and have any government agency provide citizens SDBs. They are not going to do it at a profit, and they are not going to do it at a loss. If there is a market for it, a private company will service it. If not, not.
Historically, this market have been served by banks at a loss, as a service to attract customers. The economics of banking have changed. Banks are no longer interested in providing the service at a loss, and they have concluded that there is no market, at least for them, at a price that makes sense.
Either someone will step in to fill the void, or the service will go away, like home milk deliveries. Just one example: https://safehavenvaults.com/
Question.... since most of these SDBs that many of you have are pretty small, are you just stashing your most valuable coins there? It doesn't sound like most can contain thousands or even hundreds of coins.
And if it is just your creme de la creme....couldn't you "hide" them at home or put them in an actual safe that might be just as safe as a SDB away from your home ?
Comments
Or they could take away mint marks, have coins with even cheaper metals, get rid of proof sets, and have a member of Congress introduce legislation to ban coin collecting which was done in the mid 1960s.
Why not?
This idea makes as much sense as some of the other ideas being presented here.
Then the banking industry could lobby to abolish the half dollar and get rid of legal tender status after a redemption period (other countries do this for coin/currency) because the only people taking half dollars out of banks these days are coin roll hunters. They cost banks money.
Any silver coins, redeem them to the treasury as uncurrent to be melted. But collectors love tellers who save silver that comes across their desks. That would help the banking industry save resources dealing with “pesky” collectors.
This is getting ridiculous.
What bank offers a 15 x 20 for $100.
I'm not sure of the precise number but I know my bank is in that range. My 10 x 10 costs me only $50/year (course, that's with the senior discount - one of the perks of becoming an old codger)
Member ANA, SPMC, SCNA, FUN, CONECA
I'm big on safety deposit boxes but I also use layers of security.
I'm even bigger on surprises both conventional and not so conventional.
I try to avoid anything that would attract a bad element but just in case someone thinks they know something it's nice to have a few back-ups to protect myself and family.
Sure. They could lobby for things they want, just like everybody else. In fact, I bet they already do.
They could do that, too. And collectors only get labelled as "pesky" because many want something for nothing.
The bank I used for 20 years informed me a couple years ago they were closing that branch and I had 30 days to clear out the SDB. I went down about 10 days later and apparently I was one of the last ones to empty their box. They said I could get a box at a branch not too much farther away but I liked the branch I had as it was a tiny branch with almost no traffic, in a separate building at the far end of a shopping plaza.. No worries about someone watching you and you could park right at the front door.
I ended up moving all my accounts to a nearby bank with plenty of SDBs - you even had a choice of boxes in the vault, or boxes outside the vault (I guess in case you liked wanting to run in and out without any bank employee involvement). The only drawback is that branch is huge and busy, and you can't get into the vault without 15 people seeing you wait for the bank employee to let you in, then having to walk past another bunch of people on your way out.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I like the idea of a safe deposit box but I do have some issues. (My wife will tell you I DO have issues...but that's another story for another day). 🤣
1. They are not cheap...especially if you need more than those itty-bitty ones people put their wills in with grandma's string of fake pearls and a few worthless old family watches with broken straps and that don't run,
2. When I want to add to my collection, sell something, or just enjoy my collection, it's a schlep to the bank and back and I feel compelled to return the coins the same day,
3. The whole idea of insurance companies offering "supplemental insurance" for a safe deposit box is a definite turn-off. However, it works out cheaper than a 5% rider on my homeowner's policy.
4. Whether in a SDB or at home, you have to keep an inventory current with photos.
5. Maybe collecting something like feathers or antique jelly beans instead would solve all of these problems! Even if the collection was swiped, it wouldn't be too much of a loss and neither collection would require 2x2's or certification. 😂
Piano1
If it doesn't pay for itself, it's subsidized. The fact that something else might be subsidized to a greater extent doesn't change that. I'm sure the mint would love to stop producing cents and nickels, but Congress won't allow it.
There is no similar mandate to step in and have any government agency provide citizens SDBs. They are not going to do it at a profit, and they are not going to do it at a loss. If there is a market for it, a private company will service it. If not, not.
Historically, this market have been served by banks at a loss, as a service to attract customers. The economics of banking have changed. Banks are no longer interested in providing the service at a loss, and they have concluded that there is no market, at least for them, at a price that makes sense.
Either someone will step in to fill the void, or the service will go away, like home milk deliveries. Just one example: https://safehavenvaults.com/
Question.... since most of these SDBs that many of you have are pretty small, are you just stashing your most valuable coins there? It doesn't sound like most can contain thousands or even hundreds of coins.
And if it is just your creme de la creme....couldn't you "hide" them at home or put them in an actual safe that might be just as safe as a SDB away from your home ?
Let's try to stay on the topic of coins and coin collecting, thanks.