Safety Deposit Boxes

[TomB]

Last night I received a call from my bank telling me that a large sized box had just become available and asking me if I wanted it. Of course, I jumped on the opportunity. I have several 5X5 boxes at the bank that I use, however, there are a very limited number of 10X5 boxes and every time I go to the bank I tell every teller that will listen that I hope they call me when/if one opens up. Since I am in the bank at least once each week to open a safety deposit box, and every teller knows me by name, I was confident that they would call eventually.

 

This made me wonder about others. How many of us utilize this resource? I know that I keep nearly my entire collection in safety deposit boxes. I find that they are convenient and, obviously, give peace of mind. The fee is also nominal. I keep all my slabs in Intercept Shield (IS) boxes for extra protection against any pumped in humidity and heat and also keep the IS boxes inside of individual, heavy gague baggies.

 

I like toning but wouldn't want them to turn!

 

So, does anyone else use safety deposit boxes or do you keep coins in a safe at home?

[CarlWohlforth]

I use a safety deposit box. We got on a list, after 5 years (yup, five!) we were upgraded to a big one. It holds 6 NGC boxes.

 

I also plan on getting a small safe for when I have a few coins at home...

[true_grade]

I have a couple of home safes that house my valuables.

[Higashiyama]

I keep 90 % of my collection in a safe deposit box . . .

 

 

5000 miles from where I live!!!

 

 

(so I only get to see that cool Washington Carver a few times per year )

[Oldtrader3]

I have both a home (640#) Gun safe and a Safety Deposit Box that holds 6 NGC boxes of coins (BU gold and Peace dollars). The Type Cent through Type Dollar sets plus my 3 Cent Silver, Roosevelt Dime, Franklin and Kennedy sets reside at home in my gun safe.

 

I do like to check in with my coins every now and then, maybe once a month (or more) and review my choices and potential upgrades. This makes the safe deposit boxes rather inconvenient, although safe. I need to take pictures of my coins to replace the so-so scans (making cois lusterless for the most part) athough surface marks are accurately portrayed. Particularly my Peace dollars and Gold need reformatting of images.

 

I have attached a killer 1958 dime for viewing.

[Oldtrader3]

Reverse is a killer too.

[dragon]

Yes, safety deposit boxes at banks are the best option IMO. You get a relatively stable temp and humidity environment as well as probably the safest possible place for storing valuables. I've also been told that you should always try to get a box that is not against an outer wall if possible, but rather in a center isle of the vault. Supposedly this keeps the temp and humidity levels even more stable, as any outside walls may transfer heat or cold depending on season.

 

dragon

[truthteller]

When I lived in LA, I had a 10X10 box!!!! I was in the right place at the right time. Someone had just died and the box came available. $90 a year, held over 500 slabs and weighed a ton when filled. The tellers knew me well and rolled their eyes when I came into the safety box area. Had the box for 10 years. I also had a TL30 safe at home in the garage. It weighed 2200lbs and it was used for 'transition', when I brought coins home from a show late. That was the best arrangement. The safe was so well hidden in the garage, not even my dear neighbors knew until I sold my house. That safe held over 400 lbs of coins or 2000 slabs.

 

TRUTH

[bigd5]

I have 3 smaller Safe Deposit boxes. I'm in and out all the time. It can be a pain in the neck sometimes, but much safer than leaving the coins at the house. I hope anyway.

 

*I'd love a safe as Truthteller describes, but I don't think I'd fork over the money unless I was going to use it exclusively.

[darktone]

Is everyone aware that most all safety deposit boxes are not covered by the banks insurance if you are ripped off? just a thought for those who did not know. mike

[goose3]

I house 90% of my collection at home in my 700+lb. fireproof gun safe

 

BUT

 

The 10% I house at my SDB is worth many multiples of the stuff in my safe.

[TomB]

As Mike has stated, most, if not all, banks do not insure what is inside your safety deposit boxes. This is okay for me since I have insurance on everything inside the box as well as insurance on anything that I might keep at home. Also, as has been mentioned, I have images of each coin showing the coin, both obverse and reverse, with the certification slip that has the certification number on it and keep copies of all records in the safety deposit box. I think it is well worth it for the peace of mind.

[jtryka]

The insurance is an issue, and more important than theft, if the bank burns down you are out of luck (this happened with the bank branches at the WTC). Homeowners insurance doesn't help since they rip you on the rider (like $1.25-$2.50 per $100 coverage). I do believe that the ANA offers insurance and if the assets are held in a safe deposit box, it's only like 50c per $100.

 

I usually only use 5x10 boxes, anything else is either too small or too big. For those that really want them, I would advise calling around to all the banks in your area. When I moved up here, I was confronted with the "sorry, but we have a waiting list" reply all too often, but I finally called a local Wells Fargo branch and the response was "sure, how many do you want?" I said 2, and I was set. The only catch is that now most banks require you to have an account to have a box (it wasn't like this a few years ago). So I opened up a free checking account, and keep just enough in the account to cover the annual rental fees which they take right out of the account (I don't even need to write a check!). To me it was well worth it to have the boxes I needed.

[RotatedRainbows]

I guess I am lucky as I was able to get a big box the first time I decided to get one in 1986. It is well worth the 20 minute drive to the bank for the peace of mind it brings.

[braddick]

Home safe and a Glock .40

[keithdagen]

SBD is a definite must. I envy the guys who have one that they can access on the weekends though. I can only get into mine Monday through Friday, 9 to 5.