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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!



....Go to community. Go to the bottom you will see the Numismatic Crime site.! Read some!






Comments

Long Beard

Level 5

Mine are at home. In a location you'd not find even with a metal detector or scanning device. Not only this, myself and neighbors are armed always looking out for one another in times we're away. Like living on a military base!

TCHTrove

Level 4

Super helpful & 100% true! Good job Mike.

RSchwa57

Level 4

Very good information. Nice job!

It's Mokie

Level 6

I think I will continue to store my coins at the 4th tree exactly 20 feet from the northeast corner of my patio. I forgot to mention five feet underground in a hermetically sealed shop and save bag. SAFE!!!!

Mike

Level 7

I know that tree!!

Longstrider

Level 6

I agree with you. One needs to be careful and check out everything. I personally ran into problems. I had a big wake up when the banks "closed" for covid. Nothing is 100% safe anymore. Thanks

AC coin$

Level 6

Information interecting . Great blog

"SUN"

Level 6

Nice information

Kepi

Level 6

Really informative blog! What an eye opener... Lets face it nothing is completely safe. Even a safe... haha Crazy right... You have it, the government wants it. Thanks Mike ; )

Rebelfire76

Level 4

So this has been a topic I’ve looked into, and researched a little bit, and I too have read many horror stories of safety deposit boxes being emptied, not available to the renter of the box, or the bank closing and leaving the renter without any idea how to retrieve items or being notified where the items went. Banks are businesses, and they protect the “business” first not the consumer. So yes they will turn whatever they need to over to governments to protect the business. My grandfather had a safety deposit box until he died, and thankfully the bank, despite changing company names a few times, maintained it, but trying to get into it to retrieve the WILL was a pain, and I needed the WILL for the bank to give me access to the box. Like Mike said, do yourself a favor, get a safe, a water and fire proof safe, be your own security.

user_39492

Level 4

Wow,I didn't know that,very helpful information because I'm a beginner and thought that would be the safest place to put them. I never knew higher ups could take my collection my grandfather left me so a safe will be my next purchase, thanks again for the info.

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