Don't store coins in Safe Deposit Box at Bank?

KoinDawg

According to several books I've read recently, collectors are advised to NOT store their coin collections in a safe deposit box at their bank. The reason given is that the vaults are purposely humidified to preserve the condition of paper items stored in the safe deposit boxes. Unless your coins are AIR TIGHT (slabs obviously aren't), the humidity will have a negative affect on your coins.

So do the BIG MONEY collectors have a bank vault in their homes just for their coins that is kept at an even temperature with low humidity?

kranky

You use a container of silica gel or other dessicant in the SD box to keep the moisture content down.

cladking

I don't know about big money but I've had boxes in four institutions for
over thirty years and have never had a problem. You might need to reject
a place though because storage conditions do vary.

LincolnCentMan

I've stored coins in a safty deposit box and have never noticed any deterioration. My experience with that type of storage is limited to a couple of years, though. The worst place I've ever stored coins was in a fire safe. Oh man, it ruined about thirty proof sets... and that was even with having a moisture absorber in the safe. Not good.

David

KoinDawg

Yea, the books definitely said, don't use fire proof safe at home. If you must, get a burglar proof safe that will fit inside a fire proof safe. Fire Safes have special covering that's has properties of moistness to help prevent burning. Hence, bad news for coins.

mozeppa

i don't use either!

i just leave them all over the house.































right!

majorbigtime

Bank SD boxes are the safest and cheapest way to store coins IMO.

robertpr

The expensive safe deposit boxes are humidified to keep paper items like stock certificates, etc. from becoming brittle. Cheaper safe deposit boxes generally are not. So find a cheap one, then ask before renting it to find out for sure.

Some banks offer both the expensive climate controlled boxes and the cheaper non controlled boxes. In either case, use silica gel in the box.

bhartman35

This is actually something I was thinking about today. I got some money back from Uncle Sam, and I was thinking of making a coin purchase. But if I spend a couple hundred dollars on a coin, I'd want to have it in a safe place. Right now a lot of coins are either laying on my desk or stored in a cigar box. Obviously, if you're talking about a big ticket coin, that wouldn't be appropriate.

Ronyahski

Kept in a safe deposit box, in slabs, in Intercept jackets, in Intercept boxes, with a plethora of silica gel in the box.

Myqqy

I noticed some spotting problems with proof sets and a few proof franklins after they were stored in a safe deposit box, so I brought those home. All of the mint state material has had no problems, and I keep plenty of silica gel there.....

airplanenut

Tons of silica gel wherever my coins are stored... and nary a problem in many years, no matter how high the humidity.

BrokenArrow

I dig holes in my backyard and buried my coins, one day I hope I can remember where they all are.

The only problem I had once when I saw a Field Mouse at my local store with one of my coin boxes I buried, the damn mouse was breaking a perfect $50 star note when he paid for a hunk of cheese and a bottle of wine. For now on, I will have traps attached on all of my boxes of coins I put in the ground.

Oldnewbie

carl

I think this type of story went through a few times before. The first time I heard it I checked with three different banks in my area. They said "humidify what?" "Are you Kidding" "Then we would have to hire people that could take high humidity and seal off those areas and have special machinery to handle all that". I tried to explain where I heard it and usually just got a freindly customer go home smile.
I've kept coins in safe deposit boxes for well into 30 or more years and no problems. I do not use Silica jels anywhere. I have central A/C and a dehumidifier in my house to keep the humidity stable and not for coins, just for me. I've been collecting coins for well into the 60 year area and no problems yet. Most of the better collections are just kept in plastic freezer type bags and sealed with that famous stuff called Scotch Tape.
Possibly the humidity will effect my coins in a few hundred years and if it does I'll let you know.

topstuf

Get a cheap home safe. Put it in the bedroom closet.

Then keep the coins in a box in the garage.

We had an auto parts store that was broken into at least 4-5 times. They worked all night on the crummy ...really old.... safe and always ignored the receipts that we kept in a bearings box on the shelf.



There is a downside, though. One of my old coin customers lost his coins when his wife cleaned the garage.

19Lyds

The best laid plans of Mice and Men................

IndianHeadMan

use your coins as door stops. That's what I do.

IrishMike

Well this is a new one on me. I can tell you from 30+ years experience bank vaults are not humdified in anyway I've ever heard of. Papers aren't any more likely to dry out then your home so I don't know why they would do that. In fact I think just the opposite would be true. Those vaults are steel buildings if you will encased in concrete.

carl

If it's safety your looking for just go out and by a coffin. Put it in your garage, house, porch, back yard or anywhere. Hang a sign on it saying Aunt Molly, last chance to say goodby. Then put all your coins in the coffic. They are usually water proof, insulated and very scarry. How many crooks will look in there. You also could have a concrete box put into your yard, if you have one. Keep all your coins in there. Put the lid at ground lever with a sign painted on it saying CATCH BASIN or SEWER WATER. Betcha no one will look in there either.
How about a 55 gallon metal drum with the words CAUTION. RADIATION. USE LEAD SUITE ONLY.

Tarmac

Urban Legend? Or someone mistaken and it gets repeated?

Moisture ruins electronics, metal, etc. I doubt any bank would humidify their vault.

Every bank I've used keep the door wide open, impossible to maintain humidity if they intended to.

Relax, some gel and you're good to go.

mcmxi

Just keep them in your pocket. That is what they were intended for.