Have you begun collecting rare coins and precious metal rounds? If so, you’re probably concerned about how to care for them.
If you plan on selling your coins at a later stage, you want to make sure you maintain their condition. You also need to protect your coins from a range of potential threats.
So what are the best ways to take care of your valuable coins?
Here’s what you need to know.
Organize Your Coins
Your first step is to organize your coins by their value. You should keep your top-quality coins, such as challenge coins, separate from other coins. You can keep these in a small box or booklet, just make sure you label the casings appropriately.
You want to put aside any coins that have defects, damages, or stains. These should get cleaned as much as possible before you try to sell them.
If you have any new coins, these should also get kept in a separate casing. You want to “collect and forget” about these coins until they age a few more years.
So what type of casing should you buy to protect your valuable coins?
First, you have to decide what coins are valuable within your collection. These should get stored in an air-tight capsule. If you have a collection of coins of a similar ilk, you can also keep them in a coin roll.
For example, your most valuable American coins, such as Constitutional Silver can get kept in a coin roll available from your bank.
Buy a Safe
If you own any rare coins or precious metals, you must consider buying a safe to store them.
You want to choose a safe that offers at least two options to unlock it. The standard option is a numbered combination and a key. You can also choose a safe that offers biometric unlocking for added security.
Make sure you keep your safe hidden from plain sight. You should keep it in a place that a burglar wouldn’t be able to easily find in your home.
An alternative to owning a safe is to store your rare coins in a bank deposit box or vault. With the first option, you’ll have regular access to your coins whenever you visit your bank. You want to keep in mind that banks are often the biggest target of thieves.
Vaults are harder to crack but often cost more to use. You can also consider an offshore vault if you don’t trust your native jurisdiction.
Protect Your Valuable Coins
Follow the steps in this guide and you’ll be able to protect your valuable coins.
You want to start by organizing your coins by their value. Your most valuable coins should get kept separately from your other coins. Make sure you invest in casing to protect your coins.
You can then consider keeping your coins in a safe. If this doesn’t work, you can keep your coins in a bank deposit box or vault.
You can find even more great tips on coin collecting on our website!