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Safe Deposit Boxes Safe



 
 
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  #1  
Old July 17th 05, 01:24 PM
Willy P
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Default Safe Deposit Boxes Safe

I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.

Ads
  #2  
Old July 17th 05, 01:43 PM
Byron L. Reed
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On 17 Jul 2005 05:24:09 -0700, "Willy P" wrote:

I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.



While the coins are not insured against loss by the bank, you will get
a very good deal on insurance for these coins versus the rates for
home storage. Most companies will offer this as a rider on a
homeowners or renters policy.

I would be much more concerned, though, about loosing more value from
environmental damage in a box than theft. Be sure to package them
properly and use some desiccant.

BLReed

To e-mail me, remove the obvious spam trap.
For collector coins and supplies at fair prices: http://tinyurl.com/pt9r
Cool things and Bust Coin Forum: http://www.byronreed.com
  #3  
Old July 17th 05, 05:24 PM
Ira Stein
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Default



Willy P wrote:
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.


Someone would have to blow the fonts off the baoxes after they gasined
entry to the bank's cvault...an unlikely scenario to be sure.One needs
two keys to gain access..and the bank only has one!

Good advice about the dessicant..but if you have large enough safe
dep.box, try using Intercept Shield boxes for slabs. They even have
shorter- lived boxes 95 yrs) just for coins in 2x2s. That should
protect not only against spotting but from color darkening due to
sulfur outgassing from paper documents.

Ira

  #4  
Old July 17th 05, 07:33 PM
A You
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Default

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.


Someone would have to blow the fonts off the baoxes after they gasined
entry to the bank's cvault...an unlikely scenario to be sure.One needs
two keys to gain access..and the bank only has one!


Just from cable TV true crime programs:

There was a major safe deposit box vault robbery at a NYC hotel. Personnel
and a few guests were tied up...

There was a safe deposit box vault robbery in the Midwest where the robbers
were skilled in construction and they took a few nights working their way
in...

There was a bank robbery including safe deposit vault robbery in Europe
where the robbers walked in and stood off with the police. They later left
by way of a previously dug tunnel...

There was a safe deposit box vault robbery in Europe where the robbers
entered and left by way of a tunnel...

The boxes are opened with hammers, screwdrivers, and prybars...

And often in history forts fail while logistics succeed. So a bank may have
a billion dollars in deposits but that billion dollars is not in the
vault...



  #5  
Old July 17th 05, 09:10 PM
Honus
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"Ira Stein" wrote in message
oups.com...


Willy P wrote:
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)


There was a case in Seattle a number of years ago where someone managed to
break into a safe deposit box vault through the ceiling over a weekend, and
they cleaned out quite a few deposit boxes. I don't recall hearing that any
coins specifically were taken, but I do recall that some valuable baseball
cards were lost. That might help you if you want to search for info about
it. At any rate, if they got into any boxes then obviously they might have
gotten some coins.

I would like to believe this kind of action would be rare.


I would think so. YMMV.

Someone would have to blow the fonts off the baoxes after they gasined
entry to the bank's cvault...an unlikely scenario to be sure.One needs
two keys to gain access..and the bank only has one!


All they need is a drill and some time. After all, when a customer loses
their keys the locks are drilled out by a bank employee. They sure don't use
C-4.


  #6  
Old July 17th 05, 09:26 PM
Ira Stein
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Default



Honus wrote:
"Ira Stein" wrote in message
oups.com...


Willy P wrote:
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)


There was a case in Seattle a number of years ago where someone managed to
break into a safe deposit box vault through the ceiling over a weekend, and
they cleaned out quite a few deposit boxes. I don't recall hearing that any
coins specifically were taken, but I do recall that some valuable baseball
cards were lost. That might help you if you want to search for info about
it. At any rate, if they got into any boxes then obviously they might have
gotten some coins.

I would like to believe this kind of action would be rare.


I would think so. YMMV.

Someone would have to blow the fonts off the baoxes after they gasined
entry to the bank's cvault...an unlikely scenario to be sure.One needs
two keys to gain access..and the bank only has one!


Honus writes:


All they need is a drill and some time. After all, when a customer loses
their keys the locks are drilled out by a bank employee. They sure don't use
C-4.


That's true, Honus. But first they have to get into the heavily
fortified vault and beyond a VERY sophisticated alarm system.

BTW, although you didn't post this, safe deposit books in hotels are a
joke. They are not in a fortified vault! Usually they are located a
room off the lobby near the front desk. My advice: Wanna be safe? Rent
a safe deposit box in a masonry-built bank NOT attached to other stores
in a strip plazs or Mall. Any incursions into the building are apt be
be spotted by sheriff or police patrols amd/or passersby.

Sure, companies selling coin insurance give a break in premiums if you
keep them in a bank vault. Know why? The chances of EVER having to pay
off on a claim are as remote as being struck by an elephant landing on
you from above.

I'm sure I'll hear from insurance brokers contradicting me here, but
they are often of a paranoid mindset about such risks. I ought to
know..I have 3 insurance broker friends who each own an agency and they
all say, "better to be safe than sorry" about almost everything.

Ira

  #7  
Old July 17th 05, 11:28 PM
Scottishmoney
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"Willy P" wrote in message
oups.com...
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.


About 20 years ago a bank in Massachusetts had it's safe deposit vault
broken into, and the thieves managed to break into about 15-20 safety boxes,
but I never heard specifically what was taken.


  #8  
Old July 18th 05, 04:54 PM
tom
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Posts: n/a
Default


"Willy P" wrote in message
oups.com...
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.


What if you just have a bunch of gold and silver
coins that are not slabbed or anything. Doesnt
one need to itemize this with the insurance company?

Also my insurance company offered me no deal
on coins in safety deposit box. Allstate and AAA.

It seems that insuring coins in safety deposit box
is an expensive pain in the butt. Please advise if
I am wrong?


  #9  
Old July 18th 05, 05:29 PM
Bruce Remick
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Default



"tom" wrote in message
...

"Willy P" wrote in message
oups.com...
I am wondering about the safety of coins, from a theft perpective, at a
local bank. I realize they do not insure against loss.

Has anyone ever heard of a situation where coins were stolen out of a
box at a bank. (I don't mean someone, like a family member, who takes
your key and steals something.)

I would like to believe this kind of action would be rare.


What if you just have a bunch of gold and silver
coins that are not slabbed or anything. Doesnt
one need to itemize this with the insurance company?

Also my insurance company offered me no deal
on coins in safety deposit box. Allstate and AAA.

It seems that insuring coins in safety deposit box
is an expensive pain in the butt. Please advise if
I am wrong?


It all depends on how secure you feel keeping a collection of valuable coins in
your home. Changing your mind "after the fact" doesn't work very well.


Bruce



  #10  
Old July 18th 05, 06:05 PM
Frank Provasek
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Default

The ANA insurance is a great deal, but available only to non-dealers.


 




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