The likelihood of this happening is very slim. From my perspective living in a large metropolitan area I can’t think of a better place than an SDB to store my coins.
This is horrible on so many levels. Usually if the bank drills the wrong safety deposit box, it’s because a branch closed and moved their SDBs into your branch so there were two SDBs with the same box number, but your case sounds like the bank’s negligence - who doesn’t double check the box number first. I hope all of your property is there when you get to inspect it. At a minimum it’s a violation of privacy and I feel like you should somehow be entitled to something, like if you make another guy fold in a poker game, you won’t show him your hand unless he pays (enough). I hope you get back what you have and then some, but always beware of a banker, and especially beware of your banker’s lawyers.
@skier07 said:
The likelihood of this happening is very slim. From my perspective living in a large metropolitan area I can’t think of a better place than an SDB to store my coins.
I thought the same thing right up until two days ago. Then I stopped at the bank to store my coins, and found that my box was open and empty.
The coins are back in the box now, I have several apologies from the bank and Monday morning I meet with the attorney who has my late wife’s jewelry, or so we shall see. I’d imagine they’re pissed at the bank as well.
I put them back because to your point, I don’t have a better alternative.
This possibility is one of the reasons I bought a safe and had it bolted down and tucked away…and now have access to my securities 24/7 with no need to ever worry about this type of thing or worry about the bank being open. The last thing that happened at my bank was three members and three visits to look for something in my SDB were met with NO ONE at the bank being able to open my box….including the lady who handled the boxes and was an ‘expert’ at opening them. A retired Navy cryptologist was finally called in…and in three minutes had the box open. Turns out the tumblers had moved a fraction of an inch and one number was 1/2 off where it was supposed to be. I asked the cryptologist if there was a safe he couldn’t get in to and he said, “so far I have never been defeated…and this was an easy one for me!” Looks like our military members are well trained….😉
As they say, "stuff" can happen anywhere but I've kept everything in a SDB for over thirty years with no problems and have no intention of changing my policy. I'm well known on the paper money side of the hobby and, therefore, am just more comfortable with everything away from home and in the SDB.
Good idea but what's to stop them from doing that here, just saying 🙂
Their inventory system would help prevent a mistake like happened with the OP. Unlike the bank, Stacks knows the exact contents of each clients storage and they only accept certified coins and notes. If they pulled the wrong box, they would know as soon as they saw the contents and compared certification numbers that there was an issue. That said, with any third party storage there is always the possibility of someone making a mistake somewhere along the line.
@skier07 said:
The likelihood of this happening is very slim. From my perspective living in a large metropolitan area I can’t think of a better place than an SDB to store my coins.
There are probably not many better places for the price. However, they are not 100% safe.
All comments reflect the opinion of the author, even when irrefutably accurate.
A few things I have learned about SDBs over the years (generally, not regarding the OP’s specific circumstances).
READ THE FULL CONTRACT. The first SDB I leased had a clause that prohibited storage of money or coins (among other things, like firearms and chemicals). It stated any prohibited items were subject to seizure. I never put anything in the box.
YOUR ITEMS ARE NOT INSURED. If you want them insured, you need to buy a policy that explicitly covers storage in an SDB. Even so, action by the government and/or bank employee negligence may still not be covered. Again, read the policy exclusions, both for the SDB and any 3rd party insurance. Some insurance covers numismatic coins, but not bullion. Some covers silver and copper base metal, but not gold.
SET UP AUTO-PAYMENT. Authorize automatic payment from a linked account at that bank when the annual lease payment comes up. In the event that you forget (or worse), they will eventually drill and seize the contents for non-payment.
CONTROL KEY ACCESS. Where do you store them, who is aware of it? Are there instructions in your personal legal documents about what happens if you are incapacitated, or worse?
SDB is best option for me but no option is perfect. I don’t like to pay insurance for something I have stored in SDB, but this scenario and a few others I worry about cause me to renew my Hugh Wood policy every year.
"Look up, old boy, and see what you get." -William Bonney.
Wild story. Glad to see it looks like it is turning the corner for you.
I got a safety deposit box once to store raw cash in. But once I had it in there, I figured I'd use it for coins or whatever. The first thing I noticed is that the process to get in was time consuming; some paper to sign that required a busy teller to issue me. Second, the place they provided at this bank to look through your stuff was an open table right out in the middle of everyone, exposed. Didn't feel comfortable at all, I got sketched out and shut er down
A coin club member had his bulky silver coins in a storage unit, marked the box, "junk" and the other one, "valuables". When broken into the thieves took the "valuables" which had junk in it. Some storage facilities are better than others.
@PerryHall said:
Have you consulted with a lawyer? Sounds like you have a case worth a lot of money especially if any of your proof double eagles are missing.
Comments
The likelihood of this happening is very slim. From my perspective living in a large metropolitan area I can’t think of a better place than an SDB to store my coins.
I have not used it, but Stacks offers secure storage of coins.
https://vault.stacksbowers.com/
This is horrible on so many levels. Usually if the bank drills the wrong safety deposit box, it’s because a branch closed and moved their SDBs into your branch so there were two SDBs with the same box number, but your case sounds like the bank’s negligence - who doesn’t double check the box number first. I hope all of your property is there when you get to inspect it. At a minimum it’s a violation of privacy and I feel like you should somehow be entitled to something, like if you make another guy fold in a poker game, you won’t show him your hand unless he pays (enough). I hope you get back what you have and then some, but always beware of a banker, and especially beware of your banker’s lawyers.
I thought the same thing right up until two days ago. Then I stopped at the bank to store my coins, and found that my box was open and empty.
The coins are back in the box now, I have several apologies from the bank and Monday morning I meet with the attorney who has my late wife’s jewelry, or so we shall see. I’d imagine they’re pissed at the bank as well.
I put them back because to your point, I don’t have a better alternative.
Maybe you ask for 3 years of SBD use with no fee?
Having dyscalculia and working at a bank, probably isn't recommended.
Hope you get everything back with an apology if not some compensation.
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
This possibility is one of the reasons I bought a safe and had it bolted down and tucked away…and now have access to my securities 24/7 with no need to ever worry about this type of thing or worry about the bank being open. The last thing that happened at my bank was three members and three visits to look for something in my SDB were met with NO ONE at the bank being able to open my box….including the lady who handled the boxes and was an ‘expert’ at opening them. A retired Navy cryptologist was finally called in…and in three minutes had the box open. Turns out the tumblers had moved a fraction of an inch and one number was 1/2 off where it was supposed to be. I asked the cryptologist if there was a safe he couldn’t get in to and he said, “so far I have never been defeated…and this was an easy one for me!” Looks like our military members are well trained….😉
Good idea but what's to stop them from doing that here, just saying 🙂
As they say, "stuff" can happen anywhere but I've kept everything in a SDB for over thirty years with no problems and have no intention of changing my policy. I'm well known on the paper money side of the hobby and, therefore, am just more comfortable with everything away from home and in the SDB.
Member ANA, SPMC, SCNA, FUN, CONECA
I should have been clearer. I meant an inventory list for personal use.
Its tough to remember what was in there no doubt.
Student of numismatics and collector of Morgan dollars
Successful BST transactions with: Namvet Justindan Mattniss RWW olah_in_MA
Dantheman984 Toyz4geo SurfinxHI greencopper RWW bigjpst bretsan MWallace logger7
Their inventory system would help prevent a mistake like happened with the OP. Unlike the bank, Stacks knows the exact contents of each clients storage and they only accept certified coins and notes. If they pulled the wrong box, they would know as soon as they saw the contents and compared certification numbers that there was an issue. That said, with any third party storage there is always the possibility of someone making a mistake somewhere along the line.
There are probably not many better places for the price. However, they are not 100% safe.
All comments reflect the opinion of the author, even when irrefutably accurate.
A few things I have learned about SDBs over the years (generally, not regarding the OP’s specific circumstances).
READ THE FULL CONTRACT. The first SDB I leased had a clause that prohibited storage of money or coins (among other things, like firearms and chemicals). It stated any prohibited items were subject to seizure. I never put anything in the box.
YOUR ITEMS ARE NOT INSURED. If you want them insured, you need to buy a policy that explicitly covers storage in an SDB. Even so, action by the government and/or bank employee negligence may still not be covered. Again, read the policy exclusions, both for the SDB and any 3rd party insurance. Some insurance covers numismatic coins, but not bullion. Some covers silver and copper base metal, but not gold.
SET UP AUTO-PAYMENT. Authorize automatic payment from a linked account at that bank when the annual lease payment comes up. In the event that you forget (or worse), they will eventually drill and seize the contents for non-payment.
CONTROL KEY ACCESS. Where do you store them, who is aware of it? Are there instructions in your personal legal documents about what happens if you are incapacitated, or worse?
Hope this helps.
Nothing is as expensive as free money.
SDB is best option for me but no option is perfect. I don’t like to pay insurance for something I have stored in SDB, but this scenario and a few others I worry about cause me to renew my Hugh Wood policy every year.
"Look up, old boy, and see what you get." -William Bonney.
Wild story. Glad to see it looks like it is turning the corner for you.
I got a safety deposit box once to store raw cash in. But once I had it in there, I figured I'd use it for coins or whatever. The first thing I noticed is that the process to get in was time consuming; some paper to sign that required a busy teller to issue me. Second, the place they provided at this bank to look through your stuff was an open table right out in the middle of everyone, exposed. Didn't feel comfortable at all, I got sketched out and shut er down
A coin club member had his bulky silver coins in a storage unit, marked the box, "junk" and the other one, "valuables". When broken into the thieves took the "valuables" which had junk in it. Some storage facilities are better than others.
I thought it was a complete set of patterns.