Care and feeding of an uber-rarity
lsica
Posts: 1,621 ✭✭✭✭
OK lets say I win the Megalottoball and I'm able to outbid DLH and actually win the 1822 Half Eagle at next months SB sale. What do people who actually have such insane rarities do with them? Do they lock them away in a bank or some other secure remote location and barely even see them? Do they lock them in safes guarded by three headed dogs while they keep them in the house? How much does it even cost to insure something worth millions upon millions that you can stick in your pocket walk out the door and have no one even know you have it???
Philately will get you nowhere....
1
Comments
They stay locked in a vault unless on display. Insurance provided by those putting on the display.
Gringotts or bust.
Sunshine Rare Coins
sunshinecoins.com/store/c1/Featured_Products.html
I've never owned anything remotely close to that kind of value...but I'd keep the coin in a safe deposit box (or where-and however my insurance company wanted it kept) and keep a picture and description of the coin in a notebook at home so I could experience it vicariously.
I'm guessing the people who own such coins have a similar percentage of their net worth tied up in collectibles as the rest of us. So, in terms of scale, they probably don't view it much differently than anyone else. I'm sure they have a prudent security plan, but having a huge percentage of your net worth tied up in a single asset is just a wreck waiting to happen.
I may be misremembering but I seem to recall DLRC saying that some of DLH’s coins are stored in their vault. I imagine at that level the owner can choose among many secure options. Thankfully we are in the era of good photography so everyone can enjoy them.
I think, in the end, most of our enjoyment of our collection is knowing we have the coin instead of looking at it physically every day.
Zippered or velcro pockets.
Here is the post with photos of Currin's visit to Hansen's vault:
https://forums.collectors.com/discussion/comment/12442987/#Comment_12442987
That is cool.
I sold my modest Rolex collection because the insurance was not cheap. Going to and from the SDB was a pain.
I learn to appreciate TV's
BST: KindaNewish (3/21/21), WQuarterFreddie (3/30/21), Meltdown (4/6/21), DBSTrader2 (5/5/21) AKA- unclemonkey on Blow Out
At serval points in my collecting life my pile of stuff gets to a level it is silly to have that percentage of cash tied up or the gravitational pull of that much cash makes me think more about the cash than the coins which defeats the purpose
At that point I sell and start over keeping a few, forever looking forward. That said the comfort levels and ratios change though the years
11.5$ Southern Dollars, The little “Big Easy” set
I'd venture to guess it depends on your bank account.
If you are worth a couple billion you may leave it on the kitchen counter.
yspsales is correct, the cost to insure a $10 million coin is not insubstantial. Even if the coin is always kept in a SDB.
An authorized PCGS dealer, and a contributor to the Red Book.
I would stare at it all Day.
BHNC #248 … 130 and counting.
Thanks for the link! Very interesting!
It would certainly be the world’s best pocket piece. Observation, not recommendation.
Uber rare coins, the Mona Lisa, the Hope Diamond, Jackie Kennedy's personal effects, etc, etc.
They are only physical objects. All of them have no purpose, meaning or value without the human species being present in large numbers.
If you were the only person alive then "everything" would belong to you [since no one else is present who would compete with you for such things; and even if there were only 10 people present I expect that they would somehow find a way to share such things] and your attention would likely be fixed on things like food, shelter and the like to a such a degree that you would not pay much attention to priceless items.
Humans are indeed curious creatures.
One of the owners of a 1913 Liberty nickel back in the 1960’s used to carry it around to coin club meetings and coin shows in his pocket in a Capitol Plastic holder and pass it around for show and tell.
so, he circulated it
Nah, it's probably wrapped in a Taco Bell napkin.
Carry it around in your coat pocket to all the shows to show off and when asked tell everyone it is a duplicate you had made. 😉
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
I do not have any ultra rare, mega million dollar coins (that I know of)... However, if I did, I would arrange the proper security for such a treasure, and have it accessible enough that I could enjoy it. Cheers, RickO