In deference to my esteemed colleague and collector, W.K.F., I enjoy the journal entries very much. For the suggestion about NOT letting someone else keep your collection, on this topic, I have some thoughts. This is actually mostly a re-post of something I produced last year, but the details are still accurate, and may be helpful to many members.

Before I begin, let me say that I am NOT a fan of the PVC pipe and burying coins somewhere. I suspect that a tongue-in-cheek suggestion, but in case anyone takes it too literally, there are important considerations for coin storage. For new collectors, it's important to learn how to store your coins to preserve them for the future, not just for safety/security. Let me ALSO say that I for one am not the least bit tired of the musings posted by W.K.F. -- I enjoy the journal entries greatly, so please keep them coming!

The following was my original entry, posted in July of 2008: I may make some edits as I read through it, so forgive any editorial changes from then until now.

Safe Deposit Boxes vs. Home Safes

Originally Posted: 7/5/2008 10:27:54 AM

Original Views of that entry: 480

Which is safer? Pun is too obvious, sorry.

Ok, this poster raises interesting questions which everyone should think about, but I will add some more to the mix.

When considering safe deposit boxes, there are more things to think about than just the safety of your coins.

Let's focus on the good and the bad of a safe deposit box:

Positive:

Relatively secure.

Not subject to the average home break-in.

If home was broken into while you were there, and if you were held at gunpoint, would you open a home safe? Safe deposit boxes in a bank have an advantage over this in that regard.

MYTHS about safe deposit boxes:

Contents of a safe deposit box are NOT insured by the bank, nor by the FDIC, nor, generally, by your homeowners insurance policy.

Therefore, if you maintain a coin collection in a safe deposit box, you should secure adequate insurance coverage for your collection. If you are an ANA member, you may obtain coverage underwritten by AXA through the Hugh Wood Agency in NYC. Information is available for members at the ANA's web site www.money.org

NOTE/UPDATE: The ANA has recently added an even less expensive membership tier, for those who are willing to receive their coin magazine in electronic format only, rather than the printed publication. So, while the insurance plan requires membership, even the new LOWER COST ANA membership includes all the benefits - including the insurance!

Safe deposit boxes are NOT 100% secure. While rare, robberies can occur. Again, this is reason enough to have INSURANCE for your collection, EVEN IF it is in a safe deposit box. If your collection remains there, rates may be less expensive than if you travel with your collection, ship large quantities of coins (or high value coins), or if you are a dealer.

Safe deposit boxes are THE best places to store your coin collection. - MYTH.

Many safe deposit box rooms are HUMIDIFIED specifically because the MAJORITY of bank customers store documents (wills, birth/marriage certificates) and/or cash in them. Therefore, by humidifying the rooms, they are helping customers to preserve PAPER.

However, for coins, HUMIDITY IS THE ENEMY. Therefore, if using or considering a bank safe deposit box, contact the bank manager, not just a teller who probably has no idea whatsoever, and find out if the bank humidifies the vault area where the safe deposit boxes are kept. Also, using moisture absorbing packets in your box may be wise for coin collectors, whether or not your bank humidifies. I've also heard of collectors storing their coins in tupperware type containers and/or ziploc bags to prevent moisture from invading.

In his posting, WKF described a nightmare he had about his bank being chained and boxes being opened. That was just a dream, a nightmare granted. How about this real life situation...

Imagine this scenario: You lived in New Orleans (or anywhere along the Gulf Coast) a few years ago during hurricanes Katrina and Rita, and your bank was literally UNDER WATER for days, weeks or LONGER. How would your precious and even PRICELESS coin collection have fared in that safe deposit box? Just ONE MORE REASON FOR INSURING THE CONTENTS!

ON TO HOME SAFES:

Home safes can provide a great deal of safety.

According to police statistics (as quoted from a safe web site):

"Police reports indicate most thieves want to get their jobs done as quickly as possible to reduce their chances of getting caught. Most break-ins are the smash and grab type?getting their job done in 10 minutes or less?and surprisingly between 10 a.m. and 2 p.m. in the afternoon. Young males, 18 to 26, most often commit these crimes. Their goal is to be gone before police can respond to a home security system or a neighbor?s phone call."

NOTE: I don't work for this safe company, so I have no stake in recommending it. It does make high quality safes, but you may certainly do your own research on that. For what it's worth, the folks at the ANA's insurance agency immediately new the brand and found it quite acceptable.

Why should you buy a home safe? According to Liberty Safe, at:

http://www.libertysafe.com/homesecurity.lasso?page=2

The answer is:

"When you buy a residential security or gun safe what you?re really buying is time. Time to protect your valuables from a thief. What are they looking for? You might think cash and jewelry are the top items stolen during a home burglary, but they are actually fifth on the list. Stereo equipment is fourth, followed by video equipment?grouped as TVs, VCRs and cameras. Guns are the number one items stolen in a home burglary. Can you guess what?s second? Booze and cigarettes! Go figure."

I find that starting, guns, booze, cigarettes!

The Liberty Safe web site goes on to say:

"When a thief enters a home or office, the real deterrent seems to be the addition of a residential security or gun safe. Police reports indicate that when a thief sees a shiny, heavy-duty safe they generally leave without taking a thing. They're left to mumble, "Anything of value is probably in that safe and we don't have the time nor the tools, so let's just go to the next house."

I happen to agree with the statement, assuming that they break in when no one is home.

I read an article in The Numismatist (the official publication of the ANA) recently (recently being shortly before I originally published this journal in July of 2008). The article described a numismatist who left her collection with her parents at her childhood home. Her parents were robbed, at gunpoint, and everything was stolen, her entire collection specifically.

It leads me to wonder, if you were HOME and were robbed at gunpoint and had such a safe in your home, would you just give over the combination to save your life or that of your family or loved ones? Food for thought. I mean it's all well and good when you ARE NOT THERE, but what if the robbery occurs when you are? I would have said that is less likely, until I read that article in The Numismatist, and clearly, it can happen.

However, for the most part, if you have a large collection, I suspect a safe deposit box is unlikely to be able to hold it all, and therefore, I would encourage anyone to buy a safe like the earlier poster suggested. Possibly a combination of a safe deposit box and a home safe makes sense for many coll