The Saddle Ridge Hoard of more than $10 million in value of rare coins put coin collecting in the national spotlight a decade ago. The Saddle Ridge Hoard is fascinating, because you have to wonder why these coins were hoarded in the first place, and why no one knew they were buried there. Speculation is that a coin collector became increasingly paranoid about the risk to his investment, buried it in the backcountry, and told no one of its whereabouts. Certainly that’s one way to maintain security, but there are much better ways to protect rare coins and avoid risks to your collection.
How to Protect Both Your Rare Coins and Yourself in Today’s World
When you collect rare coins, somewhere along the line you become aware of your vulnerability in possessing something so valuable, portable, and easily salable. This awareness of your vulnerability can evolve either after you begin to amass a larger collection, when you acquire a particularly fine specimen, or if you inherit a collection. Most coin collectors develop certain habits over time that can help to maintain security for their rare coins and for themselves.
By following a few good practices to protect your coins and yourself, you can lower your vulnerability to robbers and opportunists.
Safeguard Your Coins
If your collection is worth more than a few hundred dollars, it’s time to invest in a fireproof, waterproof home safe or rent a bank safety deposit box.
Safety Deposit Box
A bank safety deposit box may be the best place for the majority of your rare coins, or at least the most valuable part of your collection. Keep an inventory of everything in your safe-deposit box, and examine the coins occasionally to verify the condition of your rare coins, since nothing affects coin values like deterioration from exposure to moisture and chemicals.
Home Safe
If you choose to store your collection within your own home, it’s a good idea to secure your rare coin collection in a safe. A wide range of safes are available to coin collectors, from gun safes to regular safes to fire safes. Many coin experts will advise against storing coins in gun safes, which are generally not very burglar proof. Others will tell you that fire safes tend to be easily portable, and provide a moist environment that is potentially damaging to coins. The best bet is usually a regular safe, which should be UL rated with a burglar entry time of at least 15 minutes (TL-15) and have a minimum Class C fire rating, bolted to the floor. Depending on the value of your collection and the security of your area, consider an alarm system as well.
Do not store coins in hollowed-out books, freezers, or backyard sheds. These places offer poor protection against moisture and theft and professional thieves know to look there.
Coin Shows
Coin shows have varying levels of security and different security practices. Usually a registration process is used to verify the identity of all attendees, but even so, thieves can be attracted to the sheer number of rare coins at a coin show. To avoid becoming an unwitting target for thieves, make sure to remove your badge as soon as you exit the show. And if you take coins to a coin show, either to exhibit or with intent to sell your collection, don’t leave them in the trunk of your car at any point. When driving to and from a coin show, never leave your car unattended and carefully plan how to transport your coins to and from your vehicle so they are with you at all times.
In Transport
If you’re traveling by plane, be especially careful of the security checkpoint at the airport. The security personnel will often want to search you if you are transporting rolls of coins, and you should insist on a private search. If you travel by taxi, be careful not to haul your collection in the trunk, where it could drive away without you.
Be Careful Who You Tell
Whether you’re a collector or an investor, protect your own identity and interest in rare coins at all times. Avoid discussing your coin collection on social media, and be careful who you talk to about your hobby or specifics of your collection. Even family members may not understand the value of your collection, so keep your inventory and storage discreet.
Consider renting a post office box for all magazines and correspondence about coins, as well as any coins you may send or receive through the mail. If you’re a collector with an interest in sharing your coins, display them at a coin show rather than in your home.
Get Your Collection Insured
Regardless of what precautions you take, like any valuable item, there is always a chance of becoming a victim of theft. Just in case, it’s a good idea to verify that your coins are covered by insurance. Note each coin’s value, grade, and certificate (if applicable).
Along with that, take digital photos of your coins and keep an inventory of your collection in a safe place (separate from the coins themselves). Use cloud storage or encrypted USB backups. These measures won’t protect you, but they will help ease the burden of a theft. In the event of loss, this information is invaluable.
Coins can be covered by specialized collectibles insurance or added as a rider to your homeowner’s policy. If your collection is worth more than $1,000, it’s time to look into formal coverage.
Only Buy from Reputable Dealers
With the rise in online scams and counterfeit coins, it’s more important than ever to buy from trusted dealers like Grand Rapids Coins. Look for sellers who belong to ANA or PNG, offer grading and authentication, and have a track record of positive reviews. If a deal seems “too good to be true,” it usually is.
Learn more in our guide: How to Detect Counterfeit Coins
Protecting Your Coins Is Protecting Your Investment
Imagine that, at this very moment, some coin collector is storing their hoard in the ground, where it will be discovered 100 years from now. For most people, a few reasonable security measures are all it takes to protect a collection, ensuring your enjoyment and the value of your investment for years to come.
At Grand Rapids Coins, we’re committed to helping you buy, sell, and protect your coins with confidence. Contact us to learn more or schedule an appraisal.
