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Safety Deposit Box
yellowkid
Posts: 5,486 ✭
I'm headed south to watch some Grapefruit League baseball in the morning ( specifically Boston Red Sox Todd) 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?
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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.
That said, a combination of safe deposit box(es), safe(s) at home and coin insurance seems to work.
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<< <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.
<< <i>All coins should be kept in between cushions of the couch. >>
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...
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<< <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.
Best safe in the world is no good if the life of a loved one is on the line.
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
SDBs are OK, but only open 8-5, M-F. No holidays.
<< <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?
<< <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.
Yellowkid...are you coming down to Ft Myers for the Red Sox pre season games ?
I'm only an hour away...PM me !!
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
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"Look up, old boy, and see what you get." -William Bonney.
(Should I have not posted this on a public forum?)
Fall National Battlefield Coin Show is September 5-7, 2024 at the Eisenhower Hotel in Gettysburg, PA. Thanksgiving Battlefield Coin Show is November 29-30, 2024. WWW.AmericasCoinShows.com
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.
<< <i>I'm headed south to watch some Grapefruit League baseball in the morning ( specifically Boston Red Sox Todd) >>
Why are you wasting your time with the SOX?
On the main question I have SDB, safe and insurance.
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?
Fall National Battlefield Coin Show is September 5-7, 2024 at the Eisenhower Hotel in Gettysburg, PA. Thanksgiving Battlefield Coin Show is November 29-30, 2024. WWW.AmericasCoinShows.com
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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....
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
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.
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.
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!"
"When the rule of law collapses, civilization can no longer survive." - Martin Armstrong
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<< <i>Or do you just hide your coins around the house as I was doing? >>
yellowkid, Now that you have a SDB do tell... Did you hide some of your sweeter coins/tokens in the sugar jar
<< <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?