Are 'safe deposit boxes' safe for graded coins?

[mintcollector]

First, I did do a search inquiry of the terms 'safe deposit box' and found no recent 'thread' about this in the coin forum. I already have done research that shows safe deposit boxes are safe for paper money collectors, but what about coins?

 

Even the book 'The Coin Collector's Survival Manual' urges caution in this manner. That being said, what is the best method to store coins?

 

Are safe deposit boxes safe for coin storage overall?

 

Any advice is appreciated. Thank you in advance.

 

Kind Regards,

 

'mint'

[James_OldeTowne]

In my opinion, Yes. More critical would be the storage mechanism you use within the SDB. For example, don't store your slabs in onion bags in the SDB, as there's no telling what that might do. I think that simple acid-free slab holders (plastic being ideal) should be fine.

[HCumberdale]

I have been storing most of my certified coins in a safe deposit for years without consequence. I've used two different banks in Florida, and one in Maine. Never a problem.

[cpm9ball]

It's probably the safest method, but you may also want to take extra precaution by keeping a desiccant in your SDB and change it regularly. You have no guarantee that the bank will maintain adequate temperature and humidity controls while the bank is closed.

 

Of course, if you're in an area that is subject to flooding (I'm sure James probably remembers the 1993 flooding around St. Louis) like New Orleans experienced during Hurricane Katrina, there is no helping you. I remember that the BoA change repository for our area of Florida had apparently taken in many boxes of change from LA/MS, rewrapped and reboxed all of it and was using it to fill orders for their customers. I could tell because the coins were discolored and even smelled like they had been sitting underwater.

 

Chris

[Oldtrader3]

I think that you need to make sure that the bank uses their HVAC to climate control to vault at all times. I had coins in a Bank of America branch, safety deposit in a small town and they turned off the climate control at night and on the weekend, whenever employees were not working. They ruined sevral hundred $ worth of LIncoln Cents which has been color stable for years before but changed state and spotted in their humid metal boxes over about a year's time.

 

When I complained about it, they suggested that I move my box to another bank which I did and lost the annual fees which I had paid this branch for the box. You need to ask the branch where your box is located about this issue.

[coinman_23885]

It's probably the safest method, but you may also want to take extra precaution by keeping a desiccant in your SDB and change it regularly. You have no guarantee that the bank will maintain adequate temperature and humidity controls while the bank is closed.

 

Chris

 

This was my first thought as well. Banks are notorious for using humidifiers to protect the legal documents that are often stored in safety deposit boxes. As long as you use a desiccant, I think you should be fine.

[Arizonadesertrat]

Use a dessicant--indicating drierite can be purchased prepacked in perforated metal containers (and regenerated by baking in an oven). In addition, remove unnecessary items that can outgas--wood products, felt, velour, colored plastic cases (these contain dyes that can outgas), rubber bands, etc. If you have red coppers, I would also remove any paper products (like traditional 2x2s), and buy Intercept Shield products to store the coins in. Some additionally throw in a few new cents or freshly sanded copper strips, for use as sacrificial surfaces, to intercept gases that can tone collector coins.

[Coincrazed74]

Some Super info here, thanks for posting this! I have wondered about this subject myself.

[coinman_23885]

Some additionally throw in a few new cents or freshly sanded copper strips, for use as sacrificial surfaces, to intercept gases that can tone collector coins.

 

I like this suggestion, but would add that 99% silver (i.e. a silver eagle) bullion coin may also be helpful in addition to the red copper.

[PerryHall]

Use a dessicant--indicating drierite can be purchased prepacked in perforated metal containers (and regenerated by backing in an oven). In addition, remove unnecessary items that can outgas--wood products, felt, velour, colored plastic cases, rubber bands, etc. If you have red coppers, I would also remove any paper products (like traditional 2x2s), and buy Intercept Shield products to store the coins in. Some additionally throw in a few new cents or freshly sanded copper strips, for use as sacrificial surfaces, to intercept gases that can tone collector coins.

 

Good advise. Suggest putting the coins and desiccant in a sealed zip-lock polyethylene bags to prevent the desiccant from quickly becoming saturated with moisture.

[e1cnr]

they are pretty safe from theft or loss as long as fees keep getting paid, if not they go to the state and get sold at auction.

[CyberspaceVoid]

I had some 90% gold stored in a climate controlled safety deposit box while overseas. During that time, a hurricane (Ike) hit and while it did not flood the facility it did knock out the power for a few weeks. Apparently, in that short time period, spotting developed on a few of those raw MS coins in which the copper hadnt been mixed throughly.

 

Lesson learned: bag it and use a desiccant.

[mintcollector]

I was going to use an Intercept Shield box (for some reason these are becoming hard to find for graded coins) wrapped in plastic bags with silica gel.

 

Does anyone know about a product called 'Metal Safe'? It is mentioned in the Coin Collector's Survival Manual.

 

Any help is appreciated. Thank you!

 

'mint'

[coinman1794]

Production of Intercept Sheild products was halted last year, and they are becoming very hard to acquire.

[mintcollector]

Production of Intercept Sheild products was halted last year, and they are becoming very hard to acquire.

 

Anyone know why???