Silver Coins Are Among the Most Popular Collectibles: How To Store and Secure Your Silver Collection
By Space Coast Daily // July 11, 2018
Silver coins have long been one of the most popular collectibles in the world. As a precious metal, silver has real value, while the many different coins around the world both in the past and today mean that there’s a big market for silver coins with numismatic value.
From silver bullion investors to collectors out searching for rare and fascinating silver coins, storing silver is a big question. With these tips, you should be able to store and handle your silver collection safely.
1) Store Silver Coins in Plastic
Silver reacts to materials like aluminum foil, paper, and plastic PVC. Plastic is typically the best way to keep silver coins stored airtight, but it’s very important to double check what that plastic is made of. Sleeves or coin albums are effective ways to store silver coins. If you’re buying new silver coins, they’re typically sent in airtight packaging that will keep them safe.
2) Protect Silver Coins from Natural Oils
However, if your silver coins are old or collectible or you simply want to remove them from the packaging, you want to keep silver coins from becoming contaminated by the natural oil produced on human hands. That oil can tarnish silver coins and damage will affect their value. Wash hands before making contact or even better, handle with gloves.
3) Don’t Overshare about Silver Coins at Home
One of the biggest risks to home storage is theft. When you have silver coins shipped to your home, make sure the packaging is discreet and that the name of the company isn’t on the package. For example, online silver dealer Silver Gold Bull ships silver coins with no indication that there are precious metals inside. Don’t talk about how much silver you have at home, either, and reduce the risk of theft.
4) Silver Storage – Bank vs. Allocated Storage
If you have a small silver coin collection comprised of historical silver coins or other coins with some numismatic value, a safely-hidden coin album or a reasonably good home safe should be sufficient if you take the steps above. Larger silver coin collections and investment-level quantities of silver may need to be stored outside of your home, either due to space or security.
There’s only so much room in a home safe and the risks of theft become higher with more silver. While properly-stored silver might also be able to survive a house fire, it would almost certainly lose value due to damage, not to mention the difficulty of recovering it.
That’s why you may want to consider storing large quantities at a bank or with a precious metals depository like Silver Gold Bull. In addition to selling gold and silver, they also offer allocated storage. Allocated storage differs from the bank, which records your deposit but stores all precious metals in a common vault.
With a precious metals depository like Silver Gold Bull, your silver will be stored on its own, so that what you what you put in is also what you take out. Storing your silver with the same company that you buy it from also means you can cut shipping fees out of buying silver.
Storing silver doesn’t have to be difficult or expensive. Handle them with care and invest in solutions like a home safe or allocated silver storage.
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