Store Silver Coins

In 2008, many investors found that their money had all but disappeared. Since then, precious metals have become a popular investment because they are tangible and secure. However, even silver needs to be protected. You should be especially careful with collectable coins, which can lose a considerable percentage of their value if they are damaged even slightly.

Steps

Storing Your Coins to Prevent Decay

  1. Find a location that is cool and dry. Moisture and extreme temperatures can damage your coins. Keep them in a temperature controlled environment, which means not in the basement or attic.[1] Also avoid bathrooms and other sources of humidity.[2]
  2. Keep coins away from abrasive substances. Certain substances interact poorly with silver over extended periods of time. This includes paper, aluminum foil, and plastics with PVC. Plastics can be a great storage medium for silver, but you should verify that they aren’t PVC plastics, which are generally softer plastics.[3]
  3. Purchase an airtight container designed for valuable coins. There are many products marketed for coin storage, but some like coin folders, are designed more to make coins easy to view than for storing extremely valuable mints. Good storage devices include hard plastic storage cases and glass or plastic coin tubes.[3]
    • Coin folders can be problematic because they expose your coins to air. However, if you have the original, airtight packaging, you can keep the coin in the packaging and place it in the folder. Make sure that the flaps are made of mylar, rather than soft plastic with PVC.
    • Many varieties of coin containers may be purchased online.
    • Silver is susceptible to tarnish from sulfur compounds and nitrates. These are chemical compounds that exist in the air as a result of pollution.[4]

Securing Your Silver

  1. Protect your silver at home. The key to keeping your silver safe is to keep it hidden and locked away. Silence is the most important part of any safety plan; the fewer people who know about your coins, the safer they are. After that, a hiding place and/or safe are important safety measures.
    • Many obvious hiding places are problematic because they are just as obvious to robbers as they are to you. The best hiding places include unlikely locations like the bottom the of a clothes’ basket.[1]
    • For any substantial silver collection you should purchase a safe. The safe should be too large too carry away and rated UL-15 or higher. An added advantage to owning a safe is that if you notify your insurance company, they will reduce your premium.[5] For added safety, consider an alarm system as well.
    • For extra protection, search online for “storage compartments” or “secret bookcases.” Build a hidden compartment in the floor or the wall, hide it behind a decoration, and then store the silver in a safe.[6]
  2. Take it to the bank. For $200-$500 a year, you can have your silver stored at the bank in a safety deposit box. This is an extremely secure option, though some people find working around bank hours inconvenient. Furthermore, safety deposit boxes are not insured. You will need to seek an outside third party insurance, in case something unfortunate does happen at the bank.[5]
  3. Call a precious metal depository. There are some third party companies that specialize in protecting precious metals. Their facilities ought to be highly secure and they should do a regular accounting of your stock to ensure that nothing has disappeared. If anything does go missing, most of these depositories have insurance programs that will cover your loss.[5]
    • Don’t be too trusting. Interrogate the depository’s insurance program carefully to establish that it will protect you adequately in case of theft.
  4. Keep count of your coins. Regardless of what method you choose to secure your coins, you need to make sure that you know what you have. Keep a list of each of your coins individually that includes the date that it was minted, the type of coin, and any distinguishing features. Review your stash to make sure that nothing has gone missing.[1]

Handling Your Silver

  1. Clean your hands before touching the silver. Your hands naturally accumulate dirt and oils that can damage coins over time. Before touching your coins, wash and dry your hands. Alternatively, you can use sanitizer. Ideally, you will do all three.[7]
    • How cautious you are with your coins should vary depending upon what type of coin it is. Most coins are only as valuable as the silver they are made of. These you do not need to be careful with. However, if your coin has any special collector’s value, you should do everything you can to make sure that it experiences no decay.
  2. Keep your hands off the face of the coin. The face is the most important part of the coin. You do not want to damage the engraving. So, when picking up your coins, always grab them by the edges, touching the surface as little as possible.[7]
  3. Handle over a soft surface. If you do drop your coin, ensure that it doesn’t fall on a hard wood or stone surface. If you working over such a surface, just place a towel or cloth underneath you to protect your investment.[7]
  4. Keep your bodily fluids to yourself. Your coins do not appreciate moisture. Refrain from using saliva to try to clean them; it will only make matters worse. Similarly, don’t breathe hard on it to try to blow off dust. Keep all biological elements as far from your coins as possible.[7]
  5. Don't try to clean your coins. There are some products that are marketed commercially to clean coins. Most are abrasive and will remove silver, significantly decreasing the value of the coin. Even tap water can cause damage to your coin. Do not attempt to clean any coins on your own.[8]


Related Articles

  • Store a Coin Collection
  • Clean Coins
  • Take Advantage of Junk Coin Bins at Coin Shops

Sources and Citations

  1. ↑ 1.0 1.1 1.2 http://www.numismaster.com/ta/inside_numis.jsp?page=how-to-store-coins
  2. ↑ http://www.silvermonthly.com/personally-storing-silver-coins-and-bullion/
  3. ↑ 3.0 3.1 http://www.numismaster.com/ta/inside_numis.jsp?page=how-to-store-coins
  4. ↑ http://www.usgoldexpert.com/articles/how-coins-are-ruined/
  5. ↑ 5.0 5.1 5.2 http://www.jmbullion.com/investing-guide/storage-shipping/storing-protecting-precious-metals/
  6. ↑ http://goldsilver.com/article/how-to-store-silver-at-home/
  7. ↑ 7.0 7.1 7.2 7.3 http://www.providentmetals.com/knowledge-center/collectible-coins/handling-precious-metal-coins.html
  8. ↑ http://numismaster.com/ta/inside_numis.jsp?page=how-to-handle-clean-coins

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