Do Not Lose Your Coins!

Digital & Bullion Trends

As we all know, rare coins are valuable commodities. Even if individual coins are relatively common, the total value of your collection/accumulation can become substantial very quickly. So, how do you keep your collection secure but still be able to enjoy it? The answers are as varied as you can imagine.

Storage

Many people keep their collections in their homes. The advantages are numerous:

• You have instant access to your collection.
• You are not dependent on business hours at a bank or other secure location to take possession of them.
• You need to keep them out of direct sunlight (especially for currency) and keep them dry.
• You need to keep them secure, so maybe not showing off your collection makes perfect sense.
• You will need to secure them somewhere and many people choose a gun or other type of safe to keep them secure.

But there are disadvantages to keeping them at home as well.

• Theft. Be careful who knows you have coins at home or that you even collect coins.
• Disasters—natural or otherwise. Fire, flood, earthquake, tornadoes, you name it! These natural disasters can ruin or destroy a lifetime of collecting in a matter of minutes.

Overall, keeping your coins in a secure location is the safest way to build your collection. A bank safe deposit box is likely best. Additionally, obtaining insurance on your collection is relatively easy and relatively inexpensive when you keep your collection in a bank vault. The American Numismatic Association is a great organization for collectors to join. Among the dozens of benefits they offer is collection insurance. And it is cheapest when you keep your coins in a bank vault. You can also check your homeowner’s policy and obtain a “rider” insuring your collection. Not all insurance companies offer them, but many do.

Coin Shows

Okay, so now that your coins have a permanent home, what about traveling with them? How can you keep your coins safe and secure while traveling? If you are taking your coins to a coin show for trading or to exhibit them, there are good options for you.

Most coin shows offer a “security room.” A security room allows dealers and collectors the opportunity, for a fee, to store their coins securely overnight without any fear of theft or loss. You simply need to pay your fee, lock your briefcase and sleep worry-free. Most larger coin shows provide this service for a fee, but it is well worth it.

While traveling across the “bourse floor” at a coin show, a bicycle chain and lock allow you to chain your briefcase to a friendly dealer’s table while you have lunch, go to the restroom or attend one of many other possible distractions.

Now, before you chain up your life savings, there are a couple of other important considerations to remember:

1. Leaving your coins chained up at a dealer’s table in a locked case means the insurance you bought for them is voided. How can this be? If they are out of your care and custody, you have no insurance. Maybe rethink whether you want to take that risk or take your collection to lunch with you.
2. Make an inventory of your coins if you do not have one already. Depending on the insurance you are seeking, you may need one anyway. But how can you prove the coins that you had? Save your purchase invoices from dealers. It may be the only proof you have or need.
3. Your inventory should identify the coin, any certified numbers if your coins are graded by a third party, grade, cost and any identifying marks. A collector I know just scans his certified coins so he knows the grades, the appearance and any varieties noted. Just add the date of purchase and cost, and you are good to go.

Air Travel

Air travel poses unique issues that you need to deal with when traveling with coins. Here is a safe routine to follow:

• Keep your coins in a locked briefcase or some sort of locking bag, but do NOT “check it”! If you check it, it is subject to examination by the TSA or any unscrupulous airline employees. If it is your carry-on, it remains in your hands at all times.
• As you pack this bag, understand that the TSA will search it, so do not tape it up as TSA needs to make certain that your coins are not covering a weapon or other dangerous item. Make sure the TSA officer can clearly see what you are bringing on the plane.
• Board early if possible as these screenings take some additional time. Do not ask for a private screening until you are at the X-ray machine. Do not ask earlier as those TSA officers are not responsible for screenings.
• As you approach the TSA security staff, ask in a quiet voice for a “private screening.” The TSA officers will open your briefcase, then open your boxes or albums to ensure that you are actually carrying valuables, not dangerous items.
• By obtaining a private screening, you will, hopefully, stop the TSA officer running the X-ray machine from yelling out: “Let’s check this bag—it’s got coins or gold in it!” as everyone in the entire airport looks at you and your bag in wonder.
• If you check your bag, you have likely voided your insurance. You turned the care and custody of your coins over to others.
• In a private search, the TSA officer will want to see exactly what you have, so expect them to open boxes, paper flips or your albums. Make it easy for them to see your coins. I traveled so much (pre-9/11) that security officers would ask, “So, where is the coin show you are heading to today?”
• On the plane, put your briefcase under the seat in front of you. You have complete control over it there and coins generally are heavy, so it is safer there than in the overhead bin. Also, keep it locked in case you need a restroom.
• If you are traveling outside of the United States, Customs may be an issue. Please make certain to declare the value if requested to do so. Be aware of the Customs regulations for the country you are entering and for U.S. Customs on your return.
• If your collection has significant value, it might be easier and safer to have an import agent handle the customs reporting and post a bond for any customs duties or charges.
• Bring documentation with you to prove your ownership of these coins or precious metals. Familiarize yourself with all Customs regulations as you are ultimately responsible for the value of what you bring into or out of any country.

By Car

Traveling by car, you cannot simply lock the doors and assume your rare coins or precious metals are secure. Many coin dealers and collectors have been followed from a coin show and stopped for lunch or to use a restroom, only to find a car window broken and their collection missing.

Some simple rules to follow are:

• Take your coin briefcase/bag with you. You might not want to lug that extra weight with you as you enjoy lunch, but if your bag is with you, then it is in your “care and custody,” so your insurance is valid.
• When you leave a coin show, discreetly place your coin bag in your trunk, not in the car itself. It is more secure where prying eyes cannot see it.
• If you can chain it to the trunk-lid hinge to make it more secure, do so.
• If you do not want to carry your coins with you as you have lunch, drive to a restaurant where you can see cars in their parking lot and you can watch your car, if it is at all possible.

These are real, proven steps for securing your coins as you travel. Good luck—and be aware at all times!