There is never any harm in planning for the future. If the worst should happen, it’s always comforting to know that you did your best to prepare for it. Often, with the right preparations, the worst can be avoided. If you have invested your money in valuable coins, you want to be positive that they are going to withstand the test of time, especially if they are rare coins. Remember that it only takes one accident to completely vanquish the value of a rare coin!
If they aren’t already, getting your coins slabbed is highly recommended. A slab is a hard plastic case that will protect your coin from all of the elements. The company who does this for you will also grade your coin so you know exactly what you are working with.
First off, you want to go to a second or top tier grading service if you want to know the true value of your coin, and maybe even sell it someday. Most potential buyers will not even bother looking at a coin that is graded by a third tier service, as they just aren’t as reliable. If you have your coin accurately graded and clearly labeled you will have a much easier time liquidating if necessary, plus knowing the value and grade of your coin is just a fun part of collecting.
Once you have your coins protected and graded, you are going to want to find a good spot to store them. If your coins have any real value, it would be well worth the effort and money to buy a high quality safe. Leaving your coins out in the open is a dangerous move as they can get damaged, stolen, or lost. In the long run, a fireproof safe that has a modern locking mechanism is a solid investment. If a problem should happen, you will be glad to be protected.
If you have extremely valuable coins and don’t feel comfortable storing them in your home in a well-hidden safe, your next best bet may be to rent out a safe deposit box in a local bank. Although this will come with a monthly or annual fee, knowing that your savings are completely protected can easily be worth the cost of admission. You can never be too careful when it comes to your livelihood.
It is wise to avoid talking about collecting rare coins when you are out in public or around people who you don’t trust completely. Secrecy is the best form of protection for your coin collection. If someone doesn’t know it exists, why would they come looking for it? You wouldn’t talk about how you have a safe full of cash at home, so don’t mention your valuable coins either.
There are other ways to guard your coin collection from unforeseen circumstances effectively, such as taking out an insurance policy, installing a home alarm system, and finding a really good hiding spot. Just make sure to be cautious and protective of your coins, and when in doubt go the extra mile. You never know when something could happen and taking preemptive steps is the best way to not have to regret that you didn’t.