Starting a gold coin collection isn’t just a great way to interact with history; it can also be a smart investment. However, that investment could be seriously compromised if you fail to store your collection properly. Before you get serious about gold coin collecting, you should research the various storage methods and determine which one best suits your needs.
Home Storage
Many people choose to keep their coin collections at home so they can have easy access. This gives some collectors peace of mind, and makes it easy to sell the coins at a moment’s notice. However, coins stored at home are always at risk of being stolen or damaged in a fire or flood. If you choose to store your coins at home, be sure to keep them in a sturdy safe.
Safe Deposit Box
For a little more security, you might consider storing your coin collection in a safe deposit box at your local bank. Safe deposit boxes cost around $50 or $100 for a year, not including insurance costs. Some collectors don’t like safe deposit boxes because they can only access their collections during regular bank hours. If the price of gold experiences a sudden spike on Friday, you may have to wait until Monday to take advantage of it—at which point the opportunity may have passed.
Independent Storage Facility
Experts do not recommend storing coins with dealer-controlled coin storage programs. Instead, they recommend professional independent storage facilities, such as Delaware Depository, for collectors who have too many coins to keep at home or in a safe deposit box. This is a popular option because it allows investors to sell their metal through the depository any time they want.
Learning the logistics behind coin collecting is very important for any precious metal investor. For help diversifying your investment portfolio with silver bullion, gold coins, and other precious metals, contact California Numismatic Investments of the LA area. You can call us at (800) 225-7531 or visit our website for more information.