Keeping your Valuable Coin Collection Safe Part 2

October 31, 2011

The second in a 2 part article series covering aspects of coin security and what you can do to keep your collection safe.

Part 1 discussed points 1-5 relating to keeping good records of your collection, alarming your home, safety deposit box options, hiring a post office box and limiting discussion which might lead others to think you have something valuable in your home.

Part 2, points 6-10 approaches more ideas in coin security.

6. Spread the risk. The stash here and there approach is popular with some, coins hidden in the mattress, on top of the wardrobe, in the old suitcase, some maybe even buried in the backyard although I wouldn't suggest the last one. This means that you've spread your risk and likelihood of losing the lot to a burglary would be reduced but what about a fire in your home? This would be devastating.

7. Get a dog. Have you considered getting a dog? A barking dog, even a small one will create a scene and deter anyone looking to jump your back fence or jimmy the side window.

8. Buy a safe. Cash handling shops and businesses store their takings in heavy bomb-proof safes and there's no reason (finances permitting) you couldn't have one of these at home. If you're building a house your options are many, you could build it inside a fake wall integrating it into the plan of your home. Floor safes can be easily covered with a rug or built into a tiled floor.

There are many types of safes available and you don't always have to use a cash safe to store your valuables. You might like to consider a fire-proof media storage safe or a fire-proof gun safe which can be a lot cheaper than a cash safe. These can easily be bolted to walls or floors and can provide much more space than a bank safe for a smaller cost.

Think about how your coins are stored, they mostly live in 2x2's covered in mylar, eagle mounts, capsules or PCGS or NGC slabs all of which are plastic. So you want to have some sort of fire proofing in the safe that you choose. Consider the weight of a safe and how easy it is to move or be broken into. Small safes can be purchased from around $500 up to thousands of dollars for larger one's. Obviously you want to make sure that you don't leave the combination out anywhere where it wil be found. I came across an interesting safe option when browsing the internet recently where he owner had covered their safe to look like it was a fridge, let's hope the burglars aren't wanting a beer on their way out!

9. Now you see it. It is said that a thief won't spend more than 6 minutes in your home so wouldn't you rather they did take your big plasma tv or your video camera in plain sight than your beloved collection? Out of sight is the key. Don't leave your latest purchases on your desk or by the phone or on the coffee table. Get them catalogued, photographed and locked away quick smart. Leaving coins laying around your house is also a security risk when visitors pop around, or tradesmen are in your house to do some work. Again, they might be quite trust-worthy but you don't know who they will tell what they happened to see lying on your desk!

10. Repeat steps 1-9. Grouping a number of the secure measures above can only help to keep your valuables safe. Think smart and be safe.

When push comes to shove remember that your life and that of your family is more important that any coin collection. If an armed intruder enters your home demanding that you open your safe then do so without a seconds hesitation. A collection can (almost) always be re-built, your life is invaluable.

Posted by harrisk at October 31, 2011 1:03 PM
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