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Safety Deposit Box

I'm headed south to watch some Grapefruit League baseball in the morning ( specifically Boston Red Sox Toddimage) and had begun to worry about the value of my collection, leaving it at home, get a safe?, etc. and finally decided on a safety deposit box at a local bank, 10 minutes from home. I could put at least 8 PCGS boxes in the box they gave me for less than $100 a year, but settled for the bulk of my more expensive stuff, and left some tokens and things here to look at. I have everything imaged so I can enjoy viewing my coins, just not handling the slabs and turning them under the light. My game plan is to keep most of it in the bank and rotate a box here at the house evrey few weeks , or as need be. Do you have a box, or a safe? Or do you just hide your coins around the house as I was doing?image

Comments

  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    I've never been keep on keeping all my eggs in one basket... I have a couple SDB's at a couple different banks.
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • Safe deposit box,with some in the dresser to look at plus the imaged ones.
  • JJMJJM Posts: 7,973 ✭✭✭✭✭
    image
    👍BST's erickso1,cone10,MICHAELDIXON,TennesseeDave,p8nt,jmdm1194,RWW,robkool,Ahrensdad,Timbuk3,Downtown1974,bigjpst,mustanggt,Yorkshireman,idratherbgardening,SurfinxHI,derryb,masscrew,Walkerguy21D,MJ1927,sniocsu,Coll3tor,doubleeagle07,luciobar1980,PerryHall,SNMAM,mbcoin,liefgold,keyman64,maprince230,TorinoCobra71,RB1026,Weiss,LukeMarshall,Wingsrule,Silveryfire, pointfivezero,IKE1964,AL410, Tdec1000, AnkurJ,guitarwes,Type2,Bp777,jfoot113,JWP,mattniss,dantheman984,jclovescoins,Collectorcoins,Weather11am,Namvet69,kansasman,Bruce7789,ADG,Larrob37
  • FatManFatMan Posts: 8,977
    I use two safe deposit boxes at different banks. I sleep well at night.image
  • lcoopielcoopie Posts: 8,692 ✭✭✭✭✭
    although I think RickO would disagree,
    I don't think its a good idea to say what is where publically

    what I can say, is that a safety deposit box is a good idea.
    LCoopie = Les
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭
    Whatever your security plan is, I wouldn't post it on a public forum for all to see.

    That said, a combination of safe deposit box(es), safe(s) at home and coin insurance seems to work.
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭
    you can fit more in if you just stack the slabs and keep the empty boxes out of sight at home (to keep from having the PCGS boxes draw attention)
    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • RobbRobb Posts: 2,034
    All coins should be kept in between cushions of the couch.
    imageRIP
  • crypto79crypto79 Posts: 8,623
    I have some fun sets at home (gem war nickels w/errors and proof, raw AU-UNC peace, & raw world trade dollars) I keep the rest, all gold and trade dollars plus all other 300$ish dollar and up coins) in my box.
  • crypto79crypto79 Posts: 8,623


    << <i>you can fit more in if you just stack the slabs and keep the empty blue boxes out of sight at home (to keep from having the PCGS boxes draw attention) >>



    Only us nerds know what the long blue box is, green if you are old school.
  • TomohawkTomohawk Posts: 667 ✭✭


    << <i>All coins should be kept in between cushions of the couch. >>



    image

    That's what I do! But darn it, when it comes time to find my collection, I swear the couch eats 2/3 of the coins I stash there...must be in league with the dryer...
    ASE Addict...but oh so poor!
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭


    << <i>

    << <i>you can fit more in if you just stack the slabs and keep the empty blue boxes out of sight at home (to keep from having the PCGS boxes draw attention) >>



    Only us nerds know what the long blue box is, green if you are old school. >>



    forgot they made green ones...

    but ... all it takes is curiosity and google to find out what "PCGS" does.


    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • GrivGriv Posts: 2,804
    You can hide them in the rice bin. Oh wait, that's where I keep the AK47s. image
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    Stuff at home is right under the Ruger in the safe. Most of it is at the two Boxes I have at different branches of my credit union. Banks charge too much.
  • I would cement a safe in the floor. Which when we build a new house i think would be a good idea.
    Winner of the "You Suck!" award March 17, 2010 by LanLord, doh, 123cents and Bear.
  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    I have a large safe that I feel no one can get into - unless they are holding a gun to my child's head. For this reason I keep most of the collection in safe deposit boxes and only use the safe for other valuables, guns and no more of my coins than I can carry in a briefcase. When I travel the briefcase normally goes with me.

    Best safe in the world is no good if the life of a loved one is on the line.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • I have two home safes. That way, I can enjoy my collection at 3:00 am in my bath robe.
    SDBs are OK, but only open 8-5, M-F. No holidays.
    image
  • SD box. I keep in it: "valuable" stuff, and stuff that is difficult to replace, i.e. sets that it took me alot of time to build.
  • mommam17mommam17 Posts: 971 ✭✭✭
    yellowkid- Tell the bank to give you a free box. Insurance and a box for me.


  • << <i>Whatever your security plan is, I wouldn't post it on a public forum for all to see.

    That said, a combination of safe deposit box(es), safe(s) at home and coin insurance seems to work. >>



    What is the harm in posting the fact that you don't keep your coins in the house? image
  • heavymetalheavymetal Posts: 570 ✭✭✭✭
    I bury mine in the backyard and keep a sharp eye out for Lordmarcovan.HM


  • << <i>SDBs are OK, but only open 8-5, M-F. No holidays. >>



    TD Bank recently extended their hours in the northeast. They are now open 7 days, and on Thursday and Friday they are open until 8. Rates on the boxes are reasonable as well.
  • MFHMFH Posts: 11,720 ✭✭✭✭

    Yellowkid...are you coming down to Ft Myers for the Red Sox pre season games ?

    I'm only an hour away...PM me !!

    Mike Hayes
    ~~~~~~~~~~~~
    Coin collecting is not a hobby, it's an obsession !

    New Barber Purchases
  • breakdownbreakdown Posts: 1,952 ✭✭✭✭✭
    Yes, SDB. With best twenty coins in an Intercept storage box. With desiccant in the SDB.

    "Look up, old boy, and see what you get." -William Bonney.

  • ecichlidecichlid Posts: 1,212 ✭✭✭
    I have land mines, razor wire and spot lights rotating around my house. I have guards posted on towers, they are armed.

    (Should I have not posted this on a public forum?)
    There is no "AT" or "NT". We only have "market acceptable" or "not market acceptable.
  • tydyetydye Posts: 3,894 ✭✭✭
    My bank charges 60 a year for a large one (holds 8 PCGS boxes plus some other stuff) 60 seems cheap to me plus you also get few dollars back in taxes as it is a tax write-off.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    A very large safe does it for me. And security systems. I sleep well at night and never worry. Also, I can enjoy my coins at my leisure, with no yearly fees. Cheers, RickO
  • MICHAELDIXONMICHAELDIXON Posts: 6,373 ✭✭✭✭✭
    Since we are friends, you could have sent them to me for "safe" keeping! image
    Spring National Battlefield Coin Show is April 12-13, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
  • Raybob15239Raybob15239 Posts: 1,359 ✭✭✭
    Bank SDB is the way to go, however, it should be noted that it may cost you a good bit in the end... let me explain.

    Let's take Ned for an example. Ned is a big collector of Morgans and Peace Dollars. He has a great collection of MS65+ PCGS coins worth about $600,000 that he keeps in his bank SDB. One day, Ned has the misfortune of being in the wrong place at the wrong time and is sent on the the next life by distracted woman trying to apply make up while driving. The following day at his local bank, Sally, the head teller, is completing her morning task of reviewing all of the obituaries and comparing it to the branch's list of customers and SDB holders. She comes across Ned's obit and flags the bank's SDB record, which essentially seals his SDB.

    Ned's wife and son come to the bank to collect the coin collection, only to be turned away and told to schedule an audit with the state's department of revenue. You see, Ned lives in Pennsylvania and its a state law that when a box owner dies, his heirs can not get into the box until its been audited by the Department of Revenue to ensure that the state gets to collect inheritance tax on whatever is inside.

    Now, if Ned's wife and son got to the bank a couple days before, or at least before the obit appeared, they might (and I mean might) have been able to empty the box before it was sealed. But now, the state gets to take a cut of the pie...

    Now let's complicate the scenario a little further. In the box were also gold coins owned by Ned's son worth about $20,000. Guess what? Unless you can demonstrate with good evidence that those gold coins belong to the son and not Ned, they get included in Ned's estate for tax purposes!

    Now not all states do what Pennsylvania does, and not all states have inheritance / death taxes. You need to chedk your own state's laws. But this is worth considering... even though SDBs are one of the best ways to protect your coins, there are some risks. Just keep that in mind.

    Successful B/S/T transactions: As Seller: PascoWA (June 2008); MsMorrisine (April 2009); ECHOES (July 2009) As Buyer: bfjohnson (July 2008); robkool (Dec 2010); itsnotjustme (Dec 2010) TwoSides2aCoin (Dec 2018) PrivateCoin Jan 2019
  • blu62vetteblu62vette Posts: 11,900 ✭✭✭✭✭


    << <i>I'm headed south to watch some Grapefruit League baseball in the morning ( specifically Boston Red Sox Toddimage) >>



    Why are you wasting your time with the SOX?

    On the main question I have SDB, safe and insurance.
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • MICHAELDIXONMICHAELDIXON Posts: 6,373 ✭✭✭✭✭
    Bank SDB is the way to go, however, it should be noted that it may cost you a good bit in the end... let me explain.

    Let's take Ned for an example. Ned is a big collector of Morgans and Peace Dollars. He has a great collection of MS65+ PCGS coins worth about $600,000 that he keeps in his bank SDB. One day, Ned has the misfortune of being in the wrong place at the wrong time and is sent on the the next life by distracted woman trying to apply make up while driving. The following day at his local bank, Sally, the head teller, is completing her morning task of reviewing all of the obituaries and comparing it to the branch's list of customers and SDB holders. She comes across Ned's obit and flags the bank's SDB record, which essentially seals his SDB.

    Ned's wife and son come to the bank to collect the coin collection, only to be turned away and told to schedule an audit with the state's department of revenue. You see, Ned lives in Pennsylvania and its a state law that when a box owner dies, his heirs can not get into the box until its been audited by the Department of Revenue to ensure that the state gets to collect inheritance tax on whatever is inside.

    Now, if Ned's wife and son got to the bank a couple days before, or at least before the obit appeared, they might (and I mean might) have been able to empty the box before it was sealed. But now, the state gets to take a cut of the pie...

    Now let's complicate the scenario a little further. In the box were also gold coins owned by Ned's son worth about $20,000. Guess what? Unless you can demonstrate with good evidence that those gold coins belong to the son and not Ned, they get included in Ned's estate for tax purposes!

    Now not all states do what Pennsylvania does, and not all states have inheritance / death taxes. You need to chedk your own state's laws. But this is worth considering... even though SDBs are one of the best ways to protect your coins, there are some risks. Just keep that in mind.



    Instead of going through all this bs, why wasn't Ned smart enough to place his wife or son on the signature cards as one who had access to the box?
    Spring National Battlefield Coin Show is April 12-13, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
  • MadMartyMadMarty Posts: 16,697 ✭✭✭



    << <i>
    Instead of going through all this bs, why wasn't Ned smart enough to place his wife or son on the signature cards as one who had access to the box?
    >>



    I was going to ask the same question....
    It is not exactly cheating, I prefer to consider it creative problem solving!!!

  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    Most Credit Unions are open on Saturday Morning and usually have cheaper Safe Deposit Box rental fees. Besides, dumping the bank and teamining up with a credit union is a good way to stick it back to the thieving banks.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • AmigoAmigo Posts: 966

    MichaelDixon - Some States in the past (not sure about present time) would seal the SDB whether or not any other signatories existed.

    I think this picture pretty much sums up my feelings. Some keys may look like duplicates, but I assure you they are not.
    image

    However, Ned did mess up by not having a LLC with another family as a member signatory. The Bank employee would not catch the name, nor would the SDB be sealed even if they did find out. At least from my understanding per my attorney. One should never have a SDB in there own name if it can be helped.

    I do however think there is a drawback. Some states can be fast to confiscate the box if the dues aren't paid timely. You have to make sure someone outside your immediate family knows of the SDB's incase of sudden death of yourself and immediate family (think plane crash etc).

    I not only keep my collection in SDB's, but it's also insured thru Collectibles Insurance. In addition, no Bank location has more than one of my boxes. If a gun was held to my loved one's head, it'd still take all day to recover all the contents, from one side of town to the other. That would leave a lot of room for me to have the authorities alerted somehow, of which those plans will remain private. Downside for me, not all of my records are so good that I know where everyting is.



  • derrybderryb Posts: 36,112 ✭✭✭✭✭
    Simple answer to those that worry about the box getting sealed upon death. Just instruct your co-signer to immediately clean it out upon your death. Same day preferrably.

    Besides, who's to say the contents don't belong to the suviving co-signer. "That guy that just died was only a co-signer in case something happened to me. All that gold is mine and I'm still alive!"

    The decline from democracy to tyranny is both a natural and inevitable one.

  • mozinmozin Posts: 8,755 ✭✭✭
    Be safe, keep all your collection in the bank. Get your home wired for security. Get a large dog for your yard. After that, make sure your guns are loaded and ready to use. Insurance is only an extra.
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • renomedphysrenomedphys Posts: 3,487 ✭✭✭✭✭
    Clever combinations (SDB / Safe / Hiding Places) work best. Having a safe only protects your assets while you are away, as anyone with a gun could get you to open it. Of course, living in a safe place does a lot to prevent that from ever happening.
  • mozinmozin Posts: 8,755 ✭✭✭
    I have a friend who keeps his coins in three separate banks. He has done this for decades, and he sleeps well at night.
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭


    << <i>Or do you just hide your coins around the house as I was doing?image >>



    yellowkid, Now that you have a SDB do tell... Did you hide some of your sweeter coins/tokens in the sugar jar imageimage
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • mingotmingot Posts: 1,805 ✭✭✭


    << <i>I think this picture pretty much sums up my feelings. >>



    Posting pictures of your keys is a really bad idea.


  • << <i>All coins should be kept in between cushions of the couch. >>



    And where do you live exactly?

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