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Mike 's Blog

28 Aug 2022

Why I Would Not Store My Coins In A Safety Deposit Box

Coins | Mike

Hi everyone I hope you are all well. I did some research on storing some of my coins in my banks safety deposit box.After talking to the agent at the bank I walked out and said my mattress is safer. One the vault and the safety box area are kept at high humidity to protect important papers. Now that will make your coins tone even in a slab. Now anything you put in is not insured. If you want to put large amounts of money the I.R.S can and will confiscate that money. There thinking is your trying to beat the government out of taxes. Besides things have been stolen from these boxes. I read a story a gentleman went to look at the gold coins his grandfather left him. The bank manager was very helpful till they got to the box. Forty thousand dollars of gold coins were gone!! The manager said the government thought that he was part of a terrorist ring. He of course was not. They don't even have to notify you. Before you sign the contract read it carefully.Some banks still do not allow coins to be stored. Who would of thought. The I.R.S if there investigating you can empty your box of all its contents. Of course no weapons or anything dangerous can be stored. I have read on line horror stories of coins missing and boxes emptied. Safe deposit boxes don't sound to be safe. Your on your way to look at your coins. There is a sign in the window. This branch is temporary closed. Nothing you can do. Your box might have gone to another branch and opened. Yes a government official will be there. Why? There looking for people stealing from the government!You don't have access to the vault 24/7. That also can be a problem. Yes big brother is watching they do want your money. Large deposits of jewelry. And the will use any reason to get them. Buy a safe for home . I have been using one for years. Bolt it in the floor. That's the safest way to do it. Miss a payment after all there rented for the year some states have laws that say they can confiscate your box. Its easy to forget the bank won't mind if I'm late but the state government does. For years people thought these boxes were safe for cash and coins. There not. One person asked the agent can I store my coins in my box. He said yes!! But would not put that in writing . Why he knows the many reasons government officials have to taking the contents of your box!So as I stated earlier read the contract over and over again. These coins include gold coins from foreign country's . If its gold it doesn't matter. After I spoke to the agent I realized I could not rent a box. This I cannot say. My coins would be gone in a heart beat with my papers. Be careful think twice. Is this what you want? But I'm honest!.Sometimes the government doesn't think so. They could be 100% wrong. You still loose! This includes silver coins not just gold. Any precious metal!

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15 Aug 2022

Milk Spots On Silver Coins

Coins | Mike

Hi everyone!. Hope all is well. Today I will write about a plague on silver coins. There called white spots or milk spots. The other day I took out my silver eagle complete set to look at. To my surprise I found three coins destroyed by these marks. The 1998, 1999,and the 2009. The Kangaroo coin below is a 2018!! And not mine! Now I have had this set from beginning to end. Never had any problems till I looked at it I do that I enjoy looking at my coins like so many of you. This would drop the value of the set considerably. I was lucky to find them for a good price to replace them. Why replace them? Because there is no way to get rid of these. I don't care what they say on the web it is impossible. You see there backed into the planchets. This process is called annealing. The coin after it is made is backed in a furnace at 1000 degrees to prevent the coin from becoming brittle. What mints are having this problem all of them. The worst problem is the Royal Canadian Mint. The coin with the biggest problem the Maple Leaf. With us its the Eagle. Now they had a problem until 2017. After a five year study and testing they have solved the problem. Our problem is they will not share this with our mint. When the coin is struck that's it they become part of the coin.

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11 Aug 2022

America The Beautiful Five Ounce Coins

Coins | Mike

Hi!. I hope all is well! Today I will be writing about the five oz coins from America the Beautiful set. I did not buy the first year. Why well I wasn't sure if I liked them. So I waited for the second year. Those I liked. I wanted them graded so I entered auctions. When I chose to do this I waited a while so the price would drop. This worked out. I was able to get these at some good prices. You notice there from all third party graders. I buy the coin not the label or the slab. This turned out to be in my favor. The two ANACS are 70!! There the only ones but if you look at the labels two are satin finish. To me they look beautiful. I'm sorry about the pictures its hard enough to take a one ounce in a slab! These also had allot to do with the history of our country. Now I had every intention of going for the set. Then you add up the price and say I'm happy with these. Yes they cost a fortune if you add five a year for ten years. At a round 200.00 A piece depending on the grade it would cost something way out of my budget. I know some who have it they have been blessed. Good for them. I'm glad some people got them. But me out of the budget. I always say buy within your means. I would be paying of this set for along time. So I made the smart move.Do I wish I could buy them all of course but as collectors we should by in a budget. Never buy on impulse. That will get you in debt real fast. I matched these up with the regular quarters. There exact in every way. I did collect the regular quarters. All in silver. I like them better. And there easy to keep. This blog I will not go into dimensions. And I believe most of us have A few of the regular quarters. Who designed them has been said many times on this site.

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