Be Prepared

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Coin collectors are subjected to a plethora of reasons why they need to be prepared and constantly vigilant. They are faced with omnipresent situations that can upend their enjoyment and pleasure in the hobby. Paramount in this pursuit is making sure that your collection is always safely stored and carefully packaged to avoid tarnishing or any other form of adulteration.

Insurance First: Protecting Against Loss

Taking a lesson from the traditional motto and code of the Boy Scouts can be a good start in organizing protective security for all sorts of valuables. Your primary consideration should be ensuring that you have any necessary insurance in case of loss or theft. Homeowner’s insurance, and even bank vault storage, does not automatically cover the value of rare coins or other precious items. Carefully read all the requirements, caveats, and conditions of your policies, and be aware that they may change over time.

Bank Vaults & Environmental Risks

While bank vault storage is highly recommended for safety, for best protection, use an older bank that has concrete walls that are thoroughly dried and free of moisture or local environmental contamination. 

Choosing Safe Holders & Albums

Many different styles of coin albums, folders, plastic cases, and envelopes are readily available from coin dealers or other sources. Most offer adequate protection from abrasions and pollution.

Some contain vinyl softeners and should be avoided for long-term storage, as they can contaminate silver and copper coins over time. As a general rule, always use hard plastic holders for storing coins and paper money.

Always use hard plastic holders for storing coins and paper money.

Professional Slabs: Pros & Cons

The hard-plastic cases used by professional grading services offer the best protection from damage. They also guarantee the authenticity and grade of their work. Not all services use the same grading standards, and it is well to learn the idiosyncrasies of each to select one that best fits your needs.

Is Third-Party Grading Worth the Cost?

Collectors must consider the cost of using any professional grading service in relation to the value of the item being slabbed. Some collectors prefer to store all their coins in holders from the same company. Others use them only for more valuable items. Some people completely avoid using slabs due to cost, difficulty in seeing the coin’s edge clearly, or because they do not align with their traditional norms and collecting methods.

Why Wooden Cabinets Fall Short

Sorry to say, but the antiquated method of storing coins unprotected in special wooden cabinets, while attractive and convenient, just is simply not practical and has led to the destruction of countless rare coins over the centuries. 

The antiquated method of storing coins unprotected in special wooden cabinets, while attractive and convenient, just is simply not practical.

Inventory Is Insurance

Keeping an updated inventory of your collection is just as important as any other of these safety measures. Special ledgers for this are available, but a simple ruled notepad can work just as well. It’s essential that you keep receipts from all your purchases. You can also scan these with your phone if you don’t want to keep paper copies.

Records, Provenance, Value Tracking

Having a record of when, where, and how you obtained each coin is essential evidence in case of loss or theft. It’s also necessary for tax purposes when things are sold or transferred after you move on to that great coin convention in the sky.

Those records should include all known information about each item. Be sure to include provenance, original cost, acquisition details, important auction records, and current values (which are subject to change). Safely store this information along with your will and other important papers.

Conclusion

My recommendations are common-sense safeguards that you hopefully already follow. If not, I hope you’ll get cracking on this list. It’s never too late to get prepared. Your future self will thank you.