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Would you consider storing your collection in another state if...

MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭
edited January 20, 2024 7:30PM in U.S. Coin Forum

Would you consider storing your collection in another state if...

  1. Deliveries to the facility were tax free. For example, in a state like Texas. The facility would keep your shipments secure until you visited and moved the coins to your own box.
  2. The company managing the facility was highly trusted and insured.
  3. The facility was as secure as your own bank's vault.
  4. Private meeting areas were provided.
  5. The price was not exorbitant. Let's say the same as you pay for your current safe deposit box(es), plus a $500 annual membership fee.
  6. Cocktails were served every day between 5 and 7. :D
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • silviosisilviosi Posts: 444 ✭✭✭

    I do understand well the underground.

    I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

    I keep with me in my own safe place with correct preservation environement.

    Why to change the State?

    NEVER ARGUE WITH AN IDIOT.FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.THEN, THEY WILL BEAT YOU WITH EXPERIENCE. MARK TWAIN

  • alaura22alaura22 Posts: 2,452 ✭✭✭✭✭

    Just move like I did :)

  • Herb_THerb_T Posts: 1,597 ✭✭✭✭✭

    We are moving to Maine but I am currently living in Ohio….coins are nicely tucked in 3 large safety deposit boxes in Maine. No worries!

  • lermishlermish Posts: 1,759 ✭✭✭✭✭

    Not particularly useful for me. As a California resident all purchases >$2k are tax free. For smaller purchases it's just not a big enough difference to take that large of a step.

  • davewesendavewesen Posts: 5,674 ✭✭✭✭✭

    Some states do not like that if they do not get their sales tax. It might be better to just move there.> @silviosi said:

    I do understand well the underground.

    I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

    I keep with me in my own safe place with correct preservation environement.

    Why to change the State?

    sales tax nut (depending on state, county, city .... could be up to 10%) added to purchase for privilege of living in a state that is so generous?

  • silviosisilviosi Posts: 444 ✭✭✭

    @ davewesen:

    I have my collection. So I will be honest and declair what I sale or buy. Calculate Win or Loose in capital and will finish there.

    NEVER ARGUE WITH AN IDIOT.FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.THEN, THEY WILL BEAT YOU WITH EXPERIENCE. MARK TWAIN

  • AlanSkiAlanSki Posts: 1,657 ✭✭✭✭✭

    I prefer to keep everything with me in a physical location. If anything (crap hits the fan) ever happens who knows how long it’d take to travel to another state to get anything. If you ever get to your destination who is to say the banks haven’t already been raided and safety deposit boxes emptied?

  • epcepc Posts: 98 ✭✭✭

    No. The coins stay close.

    Collector of Liberty Seated Half Dimes, including die pairs and die states

  • renomedphysrenomedphys Posts: 3,472 ✭✭✭✭✭

    No. I just started a collectibles business instead.

  • 7Jaguars7Jaguars Posts: 7,182 ✭✭✭✭✭

    Well not so bad if you live in the Four Corners area! LOL.

    Love that Milled British (1830-1960)
    Well, just Love coins, period.
  • mikee999mikee999 Posts: 326 ✭✭✭✭
    edited January 21, 2024 4:14PM

    I think it’s a dumb idea. Think of the 1,0001 ways that can happen to your precious collection that you’ve poured your blood, sweat and tears to acquire.

  • jkrkjkrk Posts: 948 ✭✭✭✭✭
    edited January 21, 2024 5:01PM

    @MrEureka said:
    Would you consider storing your collection in another state if...

    1. Deliveries to the facility were tax free. For example, in a state like Texas. The facility would keep your shipments secure until you visited and moved the coins to your own box.
    2. The company managing the facility was highly trusted and insured.
    3. The facility was as secure as your own bank's vault.
    4. Private meeting areas were provided.
    5. The price was not exorbitant. Let's say the same as you pay for your current safe deposit box(es), plus a $500 annual membership fee.
    6. Cocktails were served every day between 5 and 7. :D

    I've been debating this question for awhile.

    First, let me say, I trust no one. I have my wife go through a metal detector everyday. I believe I control the SDB but I have always wondered about private vaults? I looked into Switzerland and Singapore but I could never get real comfortable with the idea that I couldn't drive to see them. In addition, who was I really sending the coins to? The Texas depository is an option but.... it's still a bit far from the NE. I have a difficult time with alternatives other than SDB's. WTS, one bank already told me they're no longer maintaining their boxes. Private vaults potentially might lie in my future. I currently visit them more than I visit people. I should bring lunch when visiting the coins so at least I can kill two birds with one stone. Going out for drinks after 5? Too late for me in the winter (dark).

  • silviosisilviosi Posts: 444 ✭✭✭
    edited January 21, 2024 5:10PM

    Buy one or two SAFE and you are OK. I have three, very old with historic value and have book vallue for them 450$. Or made one room humidity and temperature controlated out of any UV, armored with antifire and intrusions.

    NEVER ARGUE WITH AN IDIOT.FIRST THEY WILL DRAG YOU DOWN TO THEIR LEVEL.THEN, THEY WILL BEAT YOU WITH EXPERIENCE. MARK TWAIN

  • SmudgeSmudge Posts: 9,162 ✭✭✭✭✭

    No.

  • spacehaydukespacehayduke Posts: 5,425 ✭✭✭✭✭

    No.


    Successful transactions with-Boosibri,lkeigwin,TomB,Broadstruck,coinsarefun,Type2,jom,ProfLiz, UltraHighRelief,Barndog,EXOJUNKIE,ldhair,fivecents,paesan,Crusty...
  • RobertScotLoverRobertScotLover Posts: 510 ✭✭✭✭

    Why would I even consider doing such a thing, there is zero benefit for me

  • slider23slider23 Posts: 634 ✭✭✭✭

    No, I have had trouble getting coins delivered to my address. When your coin is marked as delivered by courier and the out of state storage unit say's "we did not receive the coin". You are going to have three parties to track down: seller, courier, and storage unit.

  • MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭

    @RobertScotLover said:
    Why would I even consider doing such a thing, there is zero benefit for me

    For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • GoBustGoBust Posts: 579 ✭✭✭✭✭

    Interesting idea Andy

  • EastonCollectionEastonCollection Posts: 1,241 ✭✭✭✭✭

    I know an art collector that purchases investment art that lives in one state and has his art work delivered to a neighboring state to avoid the collector's resident sales tax. Unfortunately, the artwork doesn't fit into a safe deposit box therefore, he keeps the artwork in a location in that neighboring state. An inconvenience to avoid the state sales and use tax but on larger purchases it can add up.

    Easton Collection
  • jmlanzafjmlanzaf Posts: 31,287 ✭✭✭✭✭

    @MrEureka said:

    @RobertScotLover said:
    Why would I even consider doing such a thing, there is zero benefit for me

    For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

    Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

  • 291fifth291fifth Posts: 23,850 ✭✭✭✭✭

    If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

    All glory is fleeting.
  • sellitstoresellitstore Posts: 2,362 ✭✭✭✭✭

    @AlanSki said:
    I prefer to keep everything with me in a physical location. If anything (crap hits the fan) ever happens who knows how long it’d take to travel to another state to get anything. If you ever get to your destination who is to say the banks haven’t already been raided and safety deposit boxes emptied?

    If things get this bad, I doubt that my coins will be my top priority.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • pruebaspruebas Posts: 4,276 ✭✭✭✭✭

    @jmlanzaf said:

    @MrEureka said:

    @RobertScotLover said:
    Why would I even consider doing such a thing, there is zero benefit for me

    For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

    Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

    Sales tax is based on shipping or delivery address. So taking delivery in a tax-free state is attractive for many collectors.

  • MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭

    @291fifth said:
    If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

    The more you spend on coins and the more sales tax you can avoid by taking delivery in a sales tax free state, the less the expense of using that SDB facility matters.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭

    @jmlanzaf said:

    @MrEureka said:

    @RobertScotLover said:
    Why would I even consider doing such a thing, there is zero benefit for me

    For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

    Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

    The address could be something like:

    jmlanzaf
    c/o PNG Custodial Services
    123 Main St.
    Dallas, TX 06060

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭

    @pruebas said:

    @jmlanzaf said:

    @MrEureka said:

    @RobertScotLover said:
    Why would I even consider doing such a thing, there is zero benefit for me

    For a collector living in a state that charges sales tax on coins, there can be a big benefit. It would also be nice to have a place to meet with other collectors and dealers, whether to buy and sell or to just play show and tell. And if the location is convenient to those on the coin show circuit, it could become a real hub of activity.

    Except wouldn't the tax be based on where you are located? Would you automatically have a mailing address or billing address in the other jurisdiction?

    Sales tax is based on shipping or delivery address. So taking delivery in a tax-free state is attractive for many collectors.

    And keep in mind that once you've taken delivery in a tax free state, there's nothing to stop you from transporting the coins back home.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • BStrauss3BStrauss3 Posts: 3,034 ✭✭✭✭✭

    6 is the deal breaker. I don't want a storage place that invites people to visit for unrelated activities, hang around, &c.

    If the TPGs were really serious about security, they would not publicize their physical addresses, and any drop-off center would be a separate facility with a counter a vault, and armed guard transfers to the real site.

    -----Burton
    ANA 50 year/Life Member (now "Emeritus")
  • WCCWCC Posts: 2,340 ✭✭✭✭✭

    @291fifth said:
    If it comes to having to move your collection out-of-state the best solution would probably be to put the entire collection up for sale and move on to something else that does not involve so much money that it becomes an issue.

    This is my opinion too. I don't get to my SDB that often, but I don't see any point in having a collection without physical access to it.

    Other than financial, the most likely reason I will sell my collection is if I retire outside the US. I'm not moving it to another country. Haven't checked on insurance but not going to pay import duty.

  • CryptoCrypto Posts: 3,344 ✭✭✭✭✭

    I live right on the boarder where Md, DC and Virginia all come together to the point where calling 911 is a crap shoot. I go where ever has the best SDB setup. So, yes I would

  • BryceMBryceM Posts: 11,685 ✭✭✭✭✭

    @MrEureka said:
    Would you consider storing your collection in another state....

    No.

  • MrEurekaMrEureka Posts: 23,830 ✭✭✭✭✭

    No, I'm not taking any credit for this. I just want to know if they're going to do the daily happy hours. ;)

    https://vault.stacksbowers.com

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • pruebaspruebas Posts: 4,276 ✭✭✭✭✭

    The vault is located in Dallas.

    Non-starter right there, happy hours or not.

  • DCWDCW Posts: 6,887 ✭✭✭✭✭

    @MrEureka said:
    No, I'm not taking any credit for this. I just want to know if they're going to do the daily happy hours. ;)

    https://vault.stacksbowers.com

    No visitation allowed+ Withdrawal fees to get your own item back?!

    Please 😆

    Dead Cat Waltz Exonumia
    "Coin collecting for outcasts..."

  • OAKSTAROAKSTAR Posts: 5,454 ✭✭✭✭✭

    @MrEureka said:
    Would you consider storing your collection in another state if...

    ..................there was a tornado coming through!

    YES!!

    Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )

  • Cougar1978Cougar1978 Posts: 7,443 ✭✭✭✭✭
    edited February 24, 2024 8:15AM

    No. Need it nearby, easily accessible.

    So Cali Area - Coins & Currency
  • skier07skier07 Posts: 3,600 ✭✭✭✭✭

    Change your mailing address to a friend who lives in a tax friendly state. Either visit your friend or have your friend ship the coins to you.

  • AtcarrollAtcarroll Posts: 329 ✭✭✭

    @silviosi said:
    I do understand well the underground.

    I have collections. OK, explain: Not only Coins, Banknotes and Stamps, but also Art als Paints, Porcelain and others.

    I keep with me in my own safe place with correct preservation environement.

    Why to change the State?

    To dodge taxes. I wouldn't store my coins in another state but I'm on board with dodging taxes whenever possible on general principles.

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