Appropriate storage is a critical component of successful coin collecting. Organized, systematic storage can help collectors keep a detailed inventory of what they have. Additionally, proper storage maintains a coin’s integrity, grade, and condition. If you’re new to numismatics, practicing safe storage from day one can also set you up for success as your collection expands.
When it comes to storage, take heart in knowing there is no one-size-fits-all approach. In other words, there is no “right” or “wrong” option. In reality, choosing a storage option for your coins should be based on research, what you’re most comfortable with, and your current living situation.
If you’re just starting out, it’s also important to recognize that storage options tend to fall under two main categories: in-home and out-of-home solutions. If you’re currently considering which storage option would best suit your lifestyle and collection, check out my self-guided quiz below to help you make the best-informed choice possible.
In-home gold storage is an appealing option for many in the industry and remains popular among hobbyists, amateurs, and professionals. It’s convenient, allows for personalization, and also eliminates the middleman (e.g., a bank).
If you’ve considered storing your gold coins at home, you can reference the list of questions below to weigh whether or not in-home storage is a feasible option for you and your collection. In this list of questions, I have also added examples, resource links, and clarifying questions to help you further explore more niche subtopics.
Ask yourself the following questions:
- What existing layers of protection or security does your home currently have?
- Will standard renters or homeowners insurance cover your current coin collection?
- Examples: HO-1 to HO-8 homeowners insurance policies.
- Follow-up question: Are you aware that there are limit caps and low limits?
- Is your home environment stable or does it have a tendency to fluctuate?
- Examples: Humidity, dryness, dampness, sunlight, or drastic temperature fluctuations are all important factors to bear in mind.
- Follow-up question: If your home environment tends to fluctuate, do you have the budget to spend on equipment to regulate the various elements?
Next, I would like to touch on out-of-home gold storage options, such as locked safe deposit boxes, bullion depositories, and bullion vaults. Much like in-home storage, these different alternatives are often-used options in the numismatics industry.
An appealing quality of out-of-home storage is the peace of mind it can bring. The institutions, companies, and entities that offer these options have developed tried-and-true processes and served hundreds of thousands of coin collectors just like you. Plus, without the burden of having to create and maintain an appropriate storage environment in your home, you can also spend more time and energy on enjoying the more enjoyable aspects of coin collecting.
On the other hand, when it comes to out-of-home storage, it’s important to weigh cost and accessibility. Consider the following.
Key Considerations for Locked Safe Deposit Boxes
- What would be the annual cost?
- Have you factored in property insurance or private insurance?
- Safe deposit boxes are not covered by the Federal Deposit Insurance Corporation.
- How does financial uncertainty, volatility, and instability factor into your decision?
- When is the bank physically open?
- How far do you live from the bank, with and without traffic?
Key Considerations for Bullion Depositories and Vaults
- How long do you anticipate using the service?
- Do you meet the minimum product value amount?
- Can your collectibles be mailed to you?
- What are the parameters for withdrawals?
After reading through both in-home and out-of-home considerations, take a moment to jot down your thoughts. You might also consider talking to a trusted confidant or fellow coin collector before making a decision.
Deciding on a Gold Coin Storage Option
Between in-home and out-of-home gold storage, I want to reiterate that one path is not inherently “better” than the other. Instead, each avenue has advantages and drawbacks. Furthermore, don’t be frustrated if you choose one option only to pivot to another down the road. It’s normal for collectors to adjust their storage solutions over time, especially as one’s gold coin collection grows. Stay flexible and curious, and perform an assessment from time to time to consider if your current storage option remains the best possible for your collection.If your collection also includes other forms of precious metal, be sure to also check out my post on storing silver.