coin safes

[JKK]

I'm in the market for a safe for my coin collection. After talking to the insurance brokers who sell to ANA members, I know what specs it should meet, but that they don't absolutely require those. Still, though, one good thing about the insurance industry is that their research is profit-driven and usually holds water. If they say that doing such and such makes you harder to burgle, they may mainly mean 'increases our bottom line by preventing claims', but from the consumer's standpoint it means the same thing.

 

Anyway, I am considering the merits of electronic vs. mechanical dial (I lean to the latter because electronics can be fried somehow, or a battery could die), and just how much safe I really need strengthwise, and what brands are good. There's a local ranch & home store that sells safes but they're mainly focused on selling Cletus a gun safe. Nothing against Cletus or his guns (I own several myself), but I'd rather have something smaller.

 

Is there a really good place to buy a safe online, and does anyone have any experience to share?

[Oldtrader3]

I have a Browning gun safe which is rated for one hour @ 2000 degrees F for fire resistance. It has a double door which can not be drilled and the lock can not be drilled or broken off, giving access to the contents. I like the gun safe because it weighs 750 lbs. with guns and coins inside. It can be anchored to the wall or floor also.

[MunkyMan95]

I'm considering a plain old locking filing cabinet with some bird shot in the bottom drawer for added weight.

 

Most will tell you, however, that the bank is the safest place for coins.

[bsshog40]

I'm kind of with Chad here. I use a metal filing cabinet. Unless you never plan to move it, a heavy safe can be burdensome. Unless you have to put it where it's cold and humid, a big ole' safe kind of reminds me of the smash and grab robberies. Something that big and secure, must be holding something good.

[cointagious]

There's nothing like a TL-30 rated safe or better but a quality gun safe bolted to the floor should be weighed against the collection value. Think: bang for the buck. The safe should not be the only line of defense against theft. Consider a burglar alarm, also.

[Brian D]

I too have a gun safe ,electronic keypad and if it goes bad or the battery dies it has a key that you use behind the keypad.adjustable shelving which comes in handy. Bigger safe/more coins

[pendragon1998]

No one has raised the question of whether the safe would protect the coins from environmental damage. I believe I recall some folks saying that some safes can actually damage coins. Anyone?

[MunkyMan95]

No one has raised the question of whether the safe would protect the coins from environmental damage. I believe I recall some folks saying that some safes can actually damage coins. Anyone?

 

Certain fireproof safes can release gases (water vapor, if I remember correctly) that can in turn harm coins.

[ldhair]

Someone posted this a while back.

 

 

Safe Ratings

 

Burglary Ratings

 

* B1 — Theft resistant (minimum security)

* B2 — Underwriters’ Laboratories Residential Security Container label

* B3 — Non-rated anti-theft (incorporates features of high security safes

without a UL rating)

* B4 — Underwriters’ Laboratories TL-15 label

* B5 — Underwriters’ Laboratories TL-30 label

* B6 — Underwriters’ Laboratories TL-30X6 or TRTL-30 label

 

Fire Ratings

 

* FR — Fire resistant unrated insulated safe

* 1/2 hr — UL class 350. Protects valuables for up to 30 minutes with outside temperature of 1550 degrees.

* 1 hr — UL class 350. Protects valuables for up to 1 hour with outside temperature of 1700 degrees.

* 1 hr+ — UL class 350. Protects valuables for up to 1 hour with an outside temperature of 1700 degrees, plus survived drop test from 30 feet.

* 2 hr — UL class 350. Protects valuables for up to 2 hours with an outside temperature of 1850 degrees.

* 2 hr+ — UL class 350. Protects valuables for up to 2 hours with outside temperature of 1850 degrees, plus survived drop test onto rubble from 30 feet

 

UL Underwriters' Laboratories (UL) - UL is a non-profit, non-bias agency that tests and rates the safety and performance of consumer products. Safes that have earned specific UL ratings will carry a UL label which designates the product's security and fire-protection ratings.

 

* Net Working Time - This is the UL term for testing time which is spent trying to break into a safe using tools such as diamond grinding wheels, high-speed drills with pressure applying devices, or common hand tools such as hammers, chisels, saws, and carbide-tip drills. If a safe has been rated with a 30-minute net working time, (TL30), the rating certifies that the safe successfully withstood a full 30 minutes of attack time with a range of tools.

* Theft resistant - This rating means the safe provides a combination lock and minimal theft protection.

* Residential Security Container rating (RSC) - This UL rating is based on testing conducted for a net working time of five minutes, on all sides, with a range of tools.

* TL-15 rating - The TL-15 rating means the safe has been tested for a net working time of 15 minutes using high speed drills, saws and other sophisticated penetrating equipment.

* TL-30 rating - A product carrying the TL-30 security label has been tested for a net working time of 30 minutes with the same types of tools mentioned above.

* TL-30 x 6 - The TL-30 (30-minute) test is conducted on all six (6) sides of the safe.

* TRTL-30 - The TRTL rating designates a safe which successfully resisted 30 minutes of net working time with a torch and a range of tools which might include high speed drills and saws with carbide bits, pry bars, and other impact devices.

 

Fire Ratings

 

* Impact test - The UL impact test calls for the safe to be heated to 1550 degrees for 30 minutes (1638 degrees for a 2-hour fire rated safe) then dropped onto concrete rubble from a height of 30 feet. The safe is then turned upside down and reheated for another 30 minutes (45 minutes for a 2-hour fire rated safe). During this process, it must maintain its integrity and protect all contents in order to pass the UL impact test.

* Explosion hazard test - All UL fire-rated safes must undergo this test, during which the unit is inserted into a pre-heated 2000 degree oven. If the safe is not constructed properly, the rapid heating will likely cause an explosion.

* FR - Fire resistant, unrated insulated safe - This product is awaiting UL approval.

* Class 350 1/2-hour fire rating - During this test, the safe is heated for one-half hour to reach an exterior temperature of 1550 degrees. Because paper will begin to char at approximately 400 degrees, the unit being tested must maintain an interior temperature of less than 350 degrees during heat-up and cool-down testing in order to earn its rating.

* Class 350 1-hour fire rating - To earn this rating, the safe is heated for one hour to reach an exterior temperature of 1550 degrees, then put through the cool-down test. During this time the safe must maintain an interior temperature of less than 350 degrees.

* Cool-down test - This procedure is a key part of UL's fire testing procedures. After a one- or two-hour fire rating test, the safe is left in the oven for cool-down time with the heat turned off. Because of the intensive heat of one- and two-hour tests, the temperature inside the safe will continue to rise for up to one hour after the oven is turned off. To pass UL testing, the safe's interior temperature may not exceed 350 degrees at any time during heat-up or cool-down procedures.

* Class 350 1-hour fire & impact label - The safe has passed both UL impact testing and Class 350 1-hour fire testing (see above).

* Class 350 2-hour fire rating - The safe is heated for two hours to reach an exterior temperature of 1550 degrees and must maintain an interior temperature of less than 350 degrees to earn this rating. Class 350 2-hour rating and impact label - The safe has passed both UL impact testing and Class 350 2-hour fire testing (see above).

 

 

 

1. Test attack against the door and front face:

1. Tool-Resistant Safe - Class TL-15

2. Tool-Resistant Safe - Deposit Safe

3. Tool-Resistant Safe - Class TL-30

4. Torch- and Tool-Resistant Safe - Class TRTL-30

 

2. Test attack against the door and body:

1. Tool-Resistant Safe - Class TL-15X6

2. Tool-Resistant Safe - Class TL-30X6

3. Torch- and Tool-Resistant Safe - Class TRTL-15X6

4. Torch- and Tool-Resistant Safe - Class TRTL-30X6

5. Torch- and Tool-Resistant Safe - Class TRTL-60X6

6. Torch-, Explosive-, and Tool-Resistant Safe - Class TXTL-60X6

 

 

There was an news article recently in CoinWorld about a burglary and how a collector/dealer’s safe was “smashed”. The manufacturer of the safe was listed and I was not at all surprised that the thieves demolished the safe. The manufacturer given is a major supplier of gun safes, not security safes.

 

Gun safes are usually made with a body of SHEET metal (steel), 12 gauge, 14 gauge, etc. and a steel plate (usually 1/4 in or less) for the door. Security safes employ steel PLATE, ¼”, ½”, 1” or greater and often have additional composite material to provide defense against various attacks (drill, torch, peel, etc). Security safes are rated on a letter scale, B, C, D, ... with B being a general catch all for 1/4” body and 1/2” steel door. There is also an Underwriter’s Laboratory rating (UL) such ad TL-15, TL30, and so on. The “15”, “30” , etc. on are measures of a the MINIMUM time it takes a professional to break in, the UL personnel that conduct the tests are pros.

 

Gun safes usually look pretty and have lots of thick locking bolts that give a false sense of security. Steel sheet metal is easy to break into, the local kid with an axe, crowbar and other tools can get in in no time. That thick fire resistant material between the sheet metal is just that, thick material to provide fire protection, NOT buglary protection.

 

One half inch or more of hardened steel with a drill resistance hardplate protecting the lock, glass or other relocking devices, drill resistant pellets and fibers between the lawyers of PLATE, and so on will discourage all but the most professional burglars. Time is the key to a good safe, not lots of locking bars.

 

The best jewelry safes may have a industrial diamond impregnated hardplate, slabs of copper to thwart torch attacks, multiple randomly placed relockers, and even layers (safe within a safe).

 

I would never store coins in a gunsafe and never buy one of those nice looking safes for sale at coin shows, A fairly “safe” safe is going to cost about $1000 for a good TL-15 safe (500 lbs or more).

 

Safest place for coins – a safe deposit box in one of those 50 year old bank vault safes that were build to withstand a nuclear attack.

 

 

-------------------------

Dave (PA)

[World Colonial]

I would not buy a safe online because I would rather as few people know that I own anything of potential value to steal. They are heavy, but if at all possible, I would buy one in person for cash.

[Oldtrader3]

Gun safes are kept protected from humidity by a "Golden Rod" heating element that keeps the inside temperature of the safe at about 100 F. I live in damp, moldy Washington state and have had no rust problems with the safe in my garage, even with rust-blued Italian shotguns that will rust in an hour in the rain. Good gun safes cannot be opened by "a kid with a pry bar". Their doors, 1-1/4" diameter locking bars and frames are designed with tube steel and double door wall interface design protection against that very technique. In fact Browning quarantees that their safes can not be broken into by anyone(!) with a pry bar.

 

By the way, have had coins turn dark in soft hot rolled steel, safety deposit boxes in non-climate controlled, safety deposit vaults at the damp, moldy Washington, Bank of America vault with no humidity control, where the heat is turned off on the weekend.

[JKK]

I'm kind of with Chad here. I use a metal filing cabinet. Unless you never plan to move it, a heavy safe can be burdensome. Unless you have to put it where it's cold and humid, a big ole' safe kind of reminds me of the smash and grab robberies. Something that big and secure, must be holding something good.

 

I'm sure Chad's right about the safest place ultimately being a bank safe deposit box. Those vaults are tough stuff. I used to live near a mall that was in the process of being torn down, and one day I awoke (being laid off work at the time) to a vastly irritating, high clank-clank-clank-clank that was a new sound for me. I went out and saw a large tracked vehicle with a jackhammer end on it pounding away at something. Evidently it was the old SecPac bank branch vault, which was designed to withstand quite a bit of force. I had occasion to talk with one of the construction foreman, and he explained to me that his orders to a backhoe guy had been to clear away the debris around the former bank, but when he hit real resistance, to ease off lest the backhoe suffer serious damage.

 

My thinking was to get a safe small enough it could be concealed in a large Dell monitor box, with the front carefully cut to hinge at the top. The logic would be that with all the *spoon* in this house, burglars aren't going to go through every cardboard box. They'd be here a week. Close examination would reveal it, of course, but I doubt a burglar would do that when the safe was in a congested corner of a basement. Another plan is to put some junk silver and low-value coins in a cigar box in the bedroom closet shelf, where they always look, so that they would think they'd found the coin collection and cease looking for one. They would know there is a coin collection, if they're even minimally observant, because I always have coin mags here and there and I doubt I'd be able to police those up on a constant basis. Whereas a locking file cabinet, heavily weighted, seems to use the hide in plain sight idea: hardly anything worth anything to crooks would normally be in file cabinets. I'd think they'd hit the jewelry box first. Another advantage of a safe: whatever expensive jewelry my wife rarely wears can live there.

 

I'd definitely anchor it to the concrete of the foundation. A hassle, but a lot less hassle than having the safe physically carted out of the house with my collection in it.

 

Very interesting and informative input all around, folks. Hope the discussion continues. It looks like I'll need to plan to spend at least a grand for this, and put some significant thought into how I set it up. Total immunity to a disaster is a theoretical goal rather than a practical one; the idea is to make us a hard target.

[JKK]

Gun safes are kept protected from humidity by a "Golden Rod" heating element that keeps the inside temperature of the safe at about 100 F. I live in damp, moldy Washington state and have had no rust problems with the safe in my garage, even with rust-blued Italian shotguns that will rust in an hour in the rain.

 

That's the argument for living in the dry, dusty, windy side of Washington state. That mall I mentioned? Aurora Village, up around the SnoCo line in what is now Shoreline but was then an unincorporated area of King County.

[just-john]

I have 2 Large Browning gun safes both with combo locks that also have key to unlock the dial.

Largest is in my den with guns and some coins house was broken into safe was not locked

lost 15 grand . Lesson ONE if it's not locked it don't work.

Second safe was never touched why because didn't look like a safe !!! It's a little smaller

a friend who is a police officer helped me out with this idea. purchased a old stand up refrigerator gutted it kept the 3 sides the top and bottom and the door which has a lock and the power cord.Slip it over the stand up gun safe and plug it in. It's in the garage against the back wall near the kitchen entry nobody ever even pay any attention to it .So if your going to spend the money for a safe cover it with a cabinet- hutch or something so it not out in the open where everybody can see it .Also get something like ADT or Brinks TO ALARM

and "monitor" your home .Another thing to keep in mind is sometimes if your home is broken into to many times your homeowners policy can be canceled .Then you'll get that call from the bank asking you to pay off your home loan now or bring in proof of insurance.

I now leave something for the snatch and grab thefts an old broken gun so they can grab it and run out he door and be shot by the police ----- just kiding

[JKK]

I now leave something for the snatch and grab thefts an old broken gun so they can grab it and run out he door and be shot by the police ----- just kiding

 

That actually is a really good idea. So is building a cabinet over the safe. What's tempting is to put a bunch of bags of talcum powder (or something that could be mistaken for cocaine...I haven't investigated personally) rolled up somewhere they'll look for sure, as though it were saleable drugs. If they got that they might just leave with it on the spot, then have a lot of fun trying to fence it.

 

One thing I think lowers my risk is that I get my mail, especially coin mags, at a UPS Store mailbox. So it's not like anyone cruising mailboxes for ripoff ideas will find any good hints.

[cpm9ball]

I'm in the market for a safe for my coin collection. After talking to the insurance brokers who sell to ANA members, I know what specs it should meet, but that they don't absolutely require those. Still, though, one good thing about the insurance industry is that their research is profit-driven and usually holds water. If they say that doing such and such makes you harder to burgle, they may mainly mean 'increases our bottom line by preventing claims', but from the consumer's standpoint it means the same thing.

 

Anyway, I am considering the merits of electronic vs. mechanical dial (I lean to the latter because electronics can be fried somehow, or a battery could die), and just how much safe I really need strengthwise, and what brands are good. There's a local ranch & home store that sells safes but they're mainly focused on selling Cletus a gun safe. Nothing against Cletus or his guns (I own several myself), but I'd rather have something smaller.

 

Is there a really good place to buy a safe online, and does anyone have any experience to share?

 

There is quite a selection at this site:

 

www.deansafe.com

 

Chris

[Dcoin]

Nobody mentioned the 'under my bed in large tupper wear boxes' safe?

[Conder101]

If they got that they might just leave with it on the spot, then have a lot of fun trying to fence it.

And get taken care of by the angry people they were trying to sell fake Coke to.

[MikeKing]

I try to keep it simple. I use a bank vault safety deposit box with all the coin boxes placed in a big plastic bag and a ton of dessicant that lasts almost forever because the plastic bag is sealed with a twisty. The environment there is generally moist, and after I kept running boxes of dessicant between my home oven and the bank, I decided to try putting it all in a plastic bag, and that works great.

 

In my house, when I have coins, and I usually don't, they sleep in a Brinks Fire Resistant safe of the highest quality. I use the plastic bag/dessicant approach there too without issue.

 

All coins are kept in a 3M whatmacallit box that absorbs metal oxidizing crud in a copper something or other in the lining of the boxes.

 

 

[Doogy]

Here is my home safe, an MGM TRTL-30X6 ULI safe. I use these with many of my banks with great success (although even some other banks often won't pay for these, the price is through the roof; you gotta' pay for quality though!). It basically takes Danny Ocean's crew to bust these babies open. These differ from the nice TL 15 and 30s in that Oxy-Fuel torches are used to try to get 'em open, which explains the huge price jump between these and traditional TL 30 safes that are just tool resistant.

 

 

Keep in mind that shipping cost will be a lot of money too, as they have to be shipped via semi ground travel. For large safes, expect to pay $1k or more for shipping.

 

I chose a few custom options (biometric fingerprint reader locks, custom color, etc.). Mine weighs a little under 10,000 lbs., and cost me quite less than the stated $17,000 plus shipping on the website (i buy them wholesale).

 

 

link for manufacturer website

 

 

 

CERTIFICATION :

 

Underwriter Laboratories 30 minutes door & body attack certification.

 

PROTECTION TYPE :

 

 

The TRTL-30X6 safe have to sustain a 30 minutes clinical door & body attack to a larger range of tools including the Oxy-Fuel torches.

This test is conducted by two experienced technicians of the Underwriters Laboratories facilities of Chicago.

 

Both technicians can work at same time to do the test. This is one of the most if not the most difficult test to resist.

 

30 minutes door & body protection against Oxy-Fuel torches, common hand or picking tools, mechanical or portable electric tools, grinders, drills and pressure devices.

 

BODY CONSTRUCTION :

 

Made of 4-1/2" thick steel and special high resistance concrete.

 

DOOR CONSTRUCTION :

 

Made of 5-1/2" thick steel and special high resistance concrete.

 

BOLTWORK :

 

From 3 to 7 plated steel locking bolts (Ø1-3/8").

 

In order to delay any attacks, our ingenious boltwork design makes multiple attacks necessary. In fact, actually attacking and forcing one bolt will result in driving all the other locking bolts in the opposite direction and will make further attacks even harder.

 

TRTL-30X6 ULI SAFES ARE EQUIPPED WITH :

 

Highly efficient bolt detent system that keeps the bolts retracted when the door is opened and never fails to engage them automatically when the door is closed.

Superior quality double relocker.

Drill resistive hard plate.

Stainless steel push plates.

STANDARD LOCK :

 

One ( 1 ) Group 1 S&G 8550 3-Wheel combination lock with spy-proof dial.

[tonidanzawillpay]

wow doogy buyin wholesale safes. dam

[ant]

this post reminds me of one thing "it takes a thief" . it is a show where former thieves/robbers go in and break into a home. even thought the people know it could happen between a certin time they get it bad.

 

i have built my own securety system line up so that no one knows what is here and how things are set up.video,audio,and 3 recording locations.

 

my cadi was broke into 3 days after buying it and i even have a "cop" neighbor that "didnt here anything". that was the line i drew for myself.

 

i also had a small group of young men ( 17-23 yrs old ) come buy and say they were for brinks or something. having a deal on install. i asked them for a biz card and they said" we are only the people going arround and telling folks" i asked them for the number so i could call on payday. they wouldnt give it to me. long story short. be very careful when doing any home security.

 

i told them they were being recorded as we speak and video'd. they became white and left.

[BULLY]

Well, the ANA insurance policy folks (the underwriters are AXA, through the Hugh Wood Agency), recognize Liberty Safe, based out of Utah, but which are WIDELY distributed across the country. I've seen them sold at places that sell things like John Deere, and even seen some of their products sold at Costco.

 

Here's a couple things to consider when consider a safe by Liberty (or any other).

 

1. They are, generally, gun safes.

 

2. At least in the State of Connecticut, because it is a gun safe, regardless of what YOU intend to use it for (you are not asked), it is EXEMPT from state sales tax because the state wants people to lock up their guns, so the tax exemption is your encouragement to do so. Pretty cool, eh?

 

3. When you buy a safe for coins, you are correct that you must consider humidity, and most good safes have dehumidifiers (basically, heating rods), as well as lighting, and more options than you can ever dream of. They have various models that are good for fire ratings of various temperatures for up to 30 minutes, 45 minutes, even HOURS at higher temperatures, depending which model you buy. Keep in mind, however, that the greater protection you buy, cuts into the INNER SIZE of your storage space. That, after all, must come from somewhere.

 

4. Whatever size safe you are going to buy, or think you need -- DOUBLE IT! If a safe that you think you need costs $1,200, it probably isn't double the price to get a safe that is DOUBLE THE SIZE, and it is sure a lot more economical to get a safe that is double the size right up front, than to end up buying a second safe later on.

 

5. Some safes, on their own, yes EMPTY, weigh a good 1,200 pounds. It could take 5 professional safe moving men HOURS to move a safe into your home, that is AFTER assessing WHERE in your home it could go, removing doors if necessary, protecting floors, re-arranging furniture, etc.

 

6. Imagine if you are a common thief, walk into a house, and see a HUGE safe like that in someone's living room? The general consensus among law enforcement, so I am told, is that they assume that anything of value is IN the safe, and they move on to the next house.

 

7. Some mention was made about getting safes around which cabinets should be built or which should be "hidden." The general idea with LARGE safes is to get them HUGE and make them a part of your home. Just put them right in the parlor, the library, the office, or wherever.

 

8. There is a some controversy among security experts about whether the electronic keypad is superior to the re-locking tumbler combination lock. There is some agreement that the re-lockers are still superior until some more bugs can be worked out of the electronic locks. Similar to the fingerprint locks that are are being used in home security, with mixed success.

 

9. You can explore the Liberty Safe web site and check out some models at:

http://www.libertysafe.com/safegallery.lasso

 

They have some that are more visually appealing, and some that are more "functional."

Each come in varying sizes, and thus at varying prices. Local dealers can deliver. Never discuss what you will be storing in them -- heck, stick with guns!

 

For the record, I do NOT work for Liberty, nor have I ever worked for Liberty, nor do I have any affiliation with them whatsoever.

 

I happen to like the Lincoln Model. It offers superior theft AND fire protection. However, the Franklin model also has some impressive ratings.

 

10. Seriously, for those with large collections, I would NOT discourage you from considering 35 sq ft or even FIFTY SQ FT size safes, the largest offered by this company anyway. You'd be surprised how quickly it gets filled.

 

11. Additional security: Others have mentioned alarm systems. I certainly wouldn't argue. I'd also go for the basics:

a. Deadbolt locks.

b. Lights on timers, varying.

c. They even have FLAMELESS candles that turn on at the same time every day now, and will stay on for four hours (or thereabouts) and run on and LED light and "flicker" like a real candle. Put a bunch of those around the house, and it gives that "lived in" look. After all, who would leave the house with candles burning? They have a WIDE selection of those at QVC.com.

d. Someone else mentioned it, but I agree completely: Have ANY and ALL coin publications and such delivered AWAY from your home, either to a Post Office Box or to a PMB (a similar service) at a Mail Boxes Etc. (Now probably known as The UPS Store). Coin publications delivered to your home just may tell someone: There might be VALUABLES INSIDE!

 

12. Add an insurance policy for your coins. If you are a member of the ANA, there is a policy available through the Hugh Wood Agency, which is underwritten by AXA, a reputable company, and rates are MUCH more reasonable than trying to add coverage through most homeowners policies. This applies whether your coins are in a safe, or even if you keep them in a safe deposit box at a bank.

 

13. Why do you need insurance if you keep your coins at a bank safe deposit box?

Lots of reasons. Sure, theft from a bank safe deposit box is rare. Safe deposit boxes are NOT FDIC insured. Lets look at more realistic examples. A few years ago, there were a couple of hurricanes called Rita and Katrina that wiped out the New Orleans and the Gulf Coast of Louisiana, Alabama, and more. Many banks were underwater for days, weeks or LONGER. Imagine if your precious even PRICELESS collection of coins was in ONE OF THOSE safe deposit boxes. That is JUST ONE EXAMPLE of why you need insurance EVEN IF you have your coins in a safe deposit box. Rates may be cheaper IF you KEEP your coins there and don't travel with them. Talk to the agent about that. Think about the fires in Southern California recently, what if your bank burned to the ground. What might have happened to your collection in an inferno? Metals may have survived, but in what condition? Another reason for insurance.

 

14. INVENTORY! In the event of a loss, you need to know what you have. Fortunately, unlike some homeowners companies, the ANA coin policy is generous, in that they don't require you to "schedule" EVERY SINGLE COIN. The policy with AXA only asks that you schedule coins which are INDIVIDUALLY valued at over $10,000.

 

However, in the event of a loss, you will still need to have accurate records to know what you have lost, so that you may make a claim for replacement.

 

There are many ways to do this:

 

1. Some people just make a plain old list on a piece of paper.

2. The NGC Registry is NOT an ineffective way to track the coins you own. In many cases, it even lists current values according to Numismedia. I am not sure this is the BEST way, but it WOULD BE SOMETHING.

3. An Excel or other spreadsheet program.

4. In the most recent issue of an advertising catalog from the ANA, for www.money.org, they advertised TWO different software programs to track coin inventory. I have no experience with either of them, but for members of the ANA, they were each under $100. It could be a great investment.

5. For myself, I created a Microsoft Access Database. I track the coin's year, metal composition, item name (such as a Silver American Eagle), Item Description (such as to say that it is a 2007-W Early Release, graded PF70 by NGC, Serial Number 1234567-890, Face Value ($1.00 in this case), Purchase Price, and Replacement Value. It is this last item that is critical if making a claim, and being able to back it up. Whether you take your information from Numismedia, from the PCGS price guide online, or from the Red Book, or a combination of these sources, it is important to have an idea of what it would take to replace your collection (that also helps to determine how much insurance you should carry!).

6. The important thing, is that you do whatever works FOR YOU, as long as you do it!

 

I've posted some of this before, but it's a VERY important issue, about which I feel very passionately.

 

Just like recently when I was in a car accident. I am grateful that while I had saved money on my auto insurance premiums for the last several years by raising my deductible, because I had been accident free for a number of years, several hundred of that was subtracted for "good behavior." Further, there was a part of my auto insurance which paid some of my medical bills, after which my primary medical insurance kicked in, then my secondary medical insurance will kick in. The process is PAINFULLY slow. However, the important part is planning for it, right along with a Living Will, Medical Decision Making had I been incapacitated, and so forth. Fortunately I did not lose consciousness in that way, but it could have happened. I got off track a bit there, but you get the idea.

 

Prepare for the worst, and you'll be ready for anything!

 

If you aren't a member of the ANA and want to join, or you are a member of the ANA and want to get information about the coin insurance coverage, visit www.money.org for information.