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Where do you keep your coins?


Canox
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  • 2 months later...

Hey there,

 

I'm looking into getting a bunch of 2x2 cardboard coin holders. My most valuable coins are kept in those, I just have to figure out how much it will cost me to have all my coins put in those. Then the challenge becomes finding a container (probably a box) to organize them.

 

As for insurance, I've never really thought about that... I would love to hear about what other members have done.

 

-Jekkoh-

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Where do you keep your coins and how do you insure them?

Where you keep them is not a topic for discussion. Everyone always says that they keep them in a bank deposit box and many actually do. We have had more than enough stories of people talking casually to other collectors at local club meetings only to have that information end up just as accidentally with the druggie boyfriend of a wayward daughter. Talking about it online, you might as well put them on the front lawn with a FREE sign.

 

As for insurance, even though your coins are in a bank deposit box, you do take them back and forth to conventions, meetings, shows, and shops. So you want them insured just like any other valuable in your home. So, you keep good sales receipts and other records, just like you have all the warranties and stuff for your electronics. Then, when you call your insurance agent and ask (in America) for an "inland marine rider" (Wikipedia here; and also more from Nationwide Insurance here) the agent can come prepared to assess you the appropriate premiums for the coverage. Canada will be different; Europe way different. Conceptually it is the same, but legally the details matter.

 

Members of the ANA can buy special collection insurance.

 

Realize that your home is only insured for 80% of the market value because (1) no fire department ever lost a foundation and (2) the insured must bear some loss to avoid the "moral hazard" of profiting from a loss.

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Where you keep them is not a topic for discussion. Everyone always says that they keep them in a bank deposit box and many actually do. We have had more than enough stories of people talking casually to other collectors at local club meetings only to have that information end up just as accidentally with the druggie boyfriend of a wayward daughter. Talking about it online, you might as well put them on the front lawn with a FREE sign.

 

Just to be clear... I'm just stating out and my highest valued coin is worth 5 bucks... lol So, I do not have any "FREE" coins for anyone...

 

-Jekkoh-

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