Coin Collecting For Dummies. Neil S. Berman

Many of the chemical reactions that occur on the surface of a coin require, or are accelerated by, water. Simply put, water kills coins. Moisture of any kind should be avoided at all cost. If you live in an area of high humidity or ocean spray, protecting your coins becomes more difficult and important.

      Still, you can do several things to ensure that your coins remain as pristine and as beautiful as they were the day you bought them.

      Keepin’ ’em dry

      Most holders aren’t meant to be watertight or airtight; other holders claim to be so. We suggest erring on the side of caution by assuming that every holder allows air or water to enter. Take the same precautions with all holders, regardless of the claims made by the manufacturers.

      

The changes that occur on the surface of a coin are at the chemical or molecular level, so you won’t always be able to see them. All it takes for air and moisture to seep in is a tiny hole.

      Using a desiccant

      A desiccant is a drying agent available at your local hardware store. You’ve probably seen small packets of desiccant packaged with leather goods such as shoes and bags. Desiccants do a fabulous job of removing moisture from the air, and in some cases, you can reuse them by drying them in an oven on low heat.

      Why are desiccants necessary in a watertight holder? When you seal a coin in a watertight container, you’re also sealing in any moisture in the atmosphere around it. A desiccant absorbs the moisture from the air, binds it, and keeps it away from your coin. In areas that are susceptible to moisture or humidity, desiccants are essential. Check your desiccant every month, and either redry it or replace it.

Securing Your Stash: At Home and on the Road

      One of the most dramatic posters from World War II shows a sailor slipping beneath the waves for the last time, his ship destroyed and sinking in the background. The words Loose Lips Sink Ships jump off the poster, emphasizing the importance of discretion during times of war. The same is true for coin collectors.

      Coins are thief magnets. They’re valuable, portable, and easily sold. Thieves know that, but why help them out? Even without knowing it, you may be giving out hints that you’re a coin collector or that you’ve got coins with you or at home. A little discretion and common sense can keep you and your coins safe.

Following are some tips for keeping your hobby secret:

       Avoid discussing your collection in public. I know you’re proud of your collection and the neat new coins you just purchased, but be careful about how and where you discuss them.

       Remove all hints of numismatics from your correspondence. Placing the words coin, coin collector, numismatist, or any other coin-related words on the return address of your envelopes is dangerous. Be sure to instruct anyone who sends coins to you through the mail to remove any coin-related wording from their envelope or package as well.

       Be careful whom you tell. You may trust someone enough to let them know that you’re a coin collector, and you may even show them some of your goodies, but can you trust them never to tell anyone, who in turn may tell someone else? An adage in sales is that everyone knows a hundred people. Therefore, if you tell one person, you’re telling a hundred, and each of them can tell a hundred … you get the picture. Be careful whom you tell.

       Hide your coins. Don’t leave your coins out for the cleaner or anyone who peeks in your window to see. Coin calendars are nice, but I guarantee you that someday, one of your visitors will ask, “Oh, are you a coin collector?”

      Deciding between a home safe and a safe-deposit box

      Should you store your coins at home or in a safe-deposit box in a bank? The answer depends on how comfortable you feel about keeping your coins at home, the value of your collection, and the importance of having your coins close by. Some collectors love to view with their coins every chance they get. You may have a collection that’s rapidly growing and changing, thereby requiring continuous access to the coins. Other collectors are perfectly happy making an occasional trip to the bank to view their numismatic treasures. Ultimately, you must determine the amount of risk involved in keeping your coins at home, whether you can protect against those risks, and whether you can afford the loss in a worst-case scenario.

      Home safes come in a variety of sizes and types:

       Floor safes: Floor safes are embedded in the concrete floor of your home and are easiest to hide. But they offer limited space, and you may get tired of pulling the rug back and getting on your hands and knees just to open the safe.

       Wall safes: Unless your wall safe is embedded in concrete, don’t bother getting one. Thieves can use a crowbar to pop them out of the wall and carry them away.

       Regular safes: Safes can protect your coins against fire, burglary, or both, and with regular safes, you have many more options concerning size and weight. The main thing safes buy you is time — something that burglars don’t have a lot of. I recommend buying a safe that weighs more than 1,000 pounds; otherwise, why bother?

       Fire safes: These types of safes are more for protection against fire than they are for protection against burglars. Choose this type if you live in an area of high risk for fires and you feel relatively safe from theft. I’ve seen some neat coin collections reduced to melted lumps of metal because they weren’t protected properly.

      Just as there are different choices in safes, there are multiple options in safe-deposit boxes. Things to consider are size, bank hours, access restrictions, terms of the agreement, the climate inside the vault, and insurance. (You can read more about insurance in “Insuring Your Investment” later in this chapter.)

      Carrying coins in your car

      Most criminals avoid committing robbery, preferring instead simple burglary when the victim is not around. Many coin thefts occur on the road, when, for some reason, otherwise-smart people leave their coins in their cars.

      HOW ALARMING: A HOME SYSTEM

      Hard to believe, but there are still parts of the United States where you can leave your windows open and your doors unlocked without worrying about anyone breaking into your house or car. However, the rest of us need deadbolts on the doors, bars on the windows, alarm systems on our cars, and, sadly, alarm systems in our homes — and that’s with nothing valuable inside! If you bring coins into the mix, having a home alarm system is not only a good idea — it’s essential. If you can’t afford an alarm system, take your coins to the bank and lock them in a safe-deposit box.

      Home alarm systems range from simple sensors on your doors and windows to sophisticated infrared, laser, and sound detectors. Check out your local vendors or or you can do some research online to find out which system is best for you.

Most car break-ins occur after a coin show. At the show, thieves notice who is buying and selling coins, who is carrying a large inventory, and who may be traveling alone. They watch as cars are being unloaded and loaded to see who is wary and who is complacent. The thieves may have watched you at a previous show to see how you behave on the road.

      Dealers and attendees at coin shows receive identification badges and/or stick-on name tags. In the trade, I call these badges “rob me” badges. If you walk out of a coin show wearing your badge or name tag, you advertise that you’re