Storing silver coins

[Jay]

Hello all, I'm new to this so forgive me for asking silly or basic questions.

I'm keen to build up a collection of silver Britannias, proofs for numismatic interest and uncirculated ones for possible bullion value when I retire, or to pass on to my children (depends how they turn out!). I also have a small but growing collection of crowns. What is the best way to storing new silver to maintain the mint state of brilliance and avoid toning? I understand toning on silver is inevitable in most instances, but there must be ways of slowing this down for some time at least? I have been considering individual coin capsules stored in airtight plastic containers with silica gel satchets but am unsure what the best and time tested option is......I live in the Gower which is relatively free of atmospheric pollutants (there is a steel plant in Port Talbot though, across the bay for me!), but it is incredibly wet here which can't be good in terms of the humidity.

The other issue is security of storage - what do most of you do? With bank safes now not being available anymore is the bolted down home safe the only refuge for our collections?

Thanks v much in advance,

Jay

[Coinery]

Hi Jay, and welcome aboard!

The Gower is going to give you a slightly different problem, as you'll have plenty of Salt hanging around in the atmosphere!

Some people suggest slabbing, but not all slabs I've come across are totally sealed around their circumference (they wouldn't be watertight, let's say, so definitely not atmosphere proof), though I guess a fine bead of extra adhesive around the edge would not be beyond the capabilities of most DIYers.

I personally feel reasonably happy with the 2x2 glue-shut flips and a purpose-designed wallet/book that holds them. I keep these wrapped in a plastic bag, which I fold around and then elastic-band the whole thing together! I think the silica gel would be an excellent addition, and I know many do use the sachets!

As for security, I can't really share my ideas here, but it is a major concern, and I do spend a lot of my life carting a weighty bag around!

I'm sure there's a million more ideas to come! Welcome again!

[azda]

Hello Jay and welcome to the forum. To address your security issue firstly, My simple answer would be firstly not to tell anyone that you collect coins, word of mouth spreads and could eventually be overheard by the wrong person.

Take good pictures of each coin in your collection and get seperate insurance for your coins, i'd also suggest a small house safe which can be bought in argos relatively cheap.

As you seem to live near water the silca gel packs are a good choice when storing, but various people have different methods. I use coin capsules with the foam rings for instance, others use caninets, unfortunately you can't put a cabinet in a safe, so it might depend on what your Security might eventually be.

[divemaster]

Hi Jay, firstly security, there are still banks that have safe storage, secondly a safe, bolted to the floor in a place that is not obvious, also helps, i find that the smaller wooden coin boxes stack well in safes. Secondly storage, encapsulation (if it suits you) not only gives you coins that are virtually sealed, but also they then, are photographed, graded and listed in a professional manner for insurance purposes. Just bullion coins however i do not think justify encapsulation costs, just safe storage.

Good luck.

[Jay]

Hi Jay, firstly security, there are still banks that have safe storage, secondly a safe, bolted to the floor in a place that is not obvious, also helps, i find that the smaller wooden coin boxes stack well in safes. Secondly storage, encapsulation (if it suits you) not only gives you coins that are virtually sealed, but also they then, are photographed, graded and listed in a professional manner for insurance purposes. Just bullion coins however i do not think justify encapsulation costs, just safe storage.

Good luck.

Thanks very much all, this has been extremely useful. Yes I agree with not talking about it to anyone, and being a beginner I haven't had much to talk about so far anyway. Thanks for all the tips on preventing toning as well. Cheers, Jay

[TomGoodheart]

Welcome Jay! I don't have anything to add about storage as what I collect a little extra toning won't hurt!

But I just thought I'd mention that for around the price of a dozen Britannias you could get a proof 'wreath' reverse Geo V crown (or similar nice coin with some history to it) which I reckon will keep it's value. Whereas bullion coins, well, they are just worth the silver which as you probably know, is quite high at the moment ... just an idea!

[Coinery]

Strongly priced crown, it feels, but have asked for high-res images, a very attractive coin! What's the feeling from those who really know about these crowns?

[Peckris]

Welcome Jay! I don't have anything to add about storage as what I collect a little extra toning won't hurt!

But I just thought I'd mention that for around the price of a dozen Britannias you could get a proof 'wreath' reverse Geo V crown (or similar nice coin with some history to it) which I reckon will keep it's value. Whereas bullion coins, well, they are just worth the silver which as you probably know, is quite high at the moment ... just an idea!

I'd strongly agree, but you'll find we're not such big fans of 'bullion' coins on here, Jay! Having said that, I do think the Britannia series is a beautiful design, and should keep their popularity (but try to avoid paying Royal Mint issue price for them - you will always pick them up much cheaper later on, in what's called the 'secondary market'. To quote Frank Zappa, the Mint are "only in it for the money").

Strongly priced crown, it feels, but have asked for high-res images, a very attractive coin! What's the feeling from those who really know about these crowns?

Wreath crowns will always be scarce, and popular. Which is why they hold their value extremely well.

[Jay]

Great suggestion about the wreath crowns - I'll see if I can get my hands on one or two. Yes I realise that you guys aren't likely to be fans of bullion coins but I guess I'm trying to achieve two goals here. One is a newly revived childhood passion of collecting for pleasure, and the other is to make investing fun - and the Britannias are certainly more attractive than share certificates and the like and I am unlikely to get too attached to them in case I need to sell them. Having said that, the investment side of this is a small scale thing which I hope to build over a few years - the primary aim is to get the experience of knowing what to collect for my own enjoyment.

I realised the mark ups by the mint very early on....I'm buying from the secondary market. Thanks again!

[azda]

The 1997 Proof Britannia is definately one of My favourite designs. I'd also go along with the wreath crowns theory. Only a few to collect but 1934 will be a bitch. Also beware of the fakes

[Coinery]

Great suggestion about the wreath crowns - I'll see if I can get my hands on one or two. Yes I realise that you guys aren't likely to be fans of bullion coins but I guess I'm trying to achieve two goals here. One is a newly revived childhood passion of collecting for pleasure, and the other is to make investing fun - and the Britannias are certainly more attractive than share certificates and the like and I am unlikely to get too attached to them in case I need to sell them. Having said that, the investment side of this is a small scale thing which I hope to build over a few years - the primary aim is to get the experience of knowing what to collect for my own enjoyment.

I realised the mark ups by the mint very early on....I'm buying from the secondary market. Thanks again!

Ahh, yes, that old attachment thing...good luck avoiding that one!

Re investment, you're looking about as far in the wrong direction as it's possible to look on that front! Royal Mint coins are the weakest link in the coin investment sector!

There are other far more lucrative areas, but there are no quick routes there!

There is the occasional short-cut to be found within the threads on here and, equally, by your questions asked but, essentially, knowledge, intelligence and experience, as always, will be what's required!

As I have said on numerous occasions, I learnt more on here in 1 year, than I ever did in 15 years of fumbling around alone!

The best advice I could ever give anyone would be to spend a week surfing this forum, and then stay around for a while!

Don't spend 15 years of your collecting life on your own...it's expensive and time wasting!

Good luck, hopefully you're on the brink of a new-found numismatic discovery!

[Generic Lad]

If you go bargain hunting, you can find some scarce coins for cheap. While most of the stuff in a dealer's melt bin, foreign coin bin, and cu-ni bin are indeed junk, if you have the time and patience (and a good eye) you can find great bargains (not investments, but you can find things to flip fairly quickly and make some cash to put into investments).

Look for minor varieties that are easy to spot without a loupe. Have a general knowledge of foreign numismatics, particularly the ones with lots of collectors (UK, USA, Germany, Canada, France, etc.) and know what makes a coin better than just melt for those countries. For example, a US coin with a "CC" mintmark is almost always worth at least $30, regardless of the denomination or condition. Better grade and scarcer dates may go for $20,000+. Be able to identify silver and learn how to estimate how much a coin is worth in scrap silver. If you're lucky you can find silver coins for cheap because the dealer thinks they are base metal. 1968 Canadian quarters and dimes are either 99.9% nickel or 50% silver, many dealers don't know that and toss all '68s in the Cu-Ni bin. A magnet will reveal if its silver or not, silver will not stick to the magnet but nickel will stick. Nickel also has a different look than silver. While an extra $2.50 here and there doesn't sound like a lot, its a painless way to accumulate silver, learn valuable skills, have fun and build up savings for an investment grade coin.

The question though is where to look. Over here in the US the places I go are:

1) Coin auctions, often the more "boring" pieces will go less than melt and foreign coins routinely go below catalog price. Although I've seen some absurdities such as 20 dateless buffalo nickels go for $30!

2) Family-owned "cash 4 gold" style shops. While a lot of the franchised places won't sell, the smaller, family owned ones would much rather sell to a collector than put something up for auction or ship it off to be refined.

3) eBay is possible, but lately things go for book or even higher, although varieties may be overlooked.

4) Antique malls. These are often a pain to deal with, asking people to unlock cases, looking through overpriced crap. Finding a nice, interesting coin only to find that the seller neglected to put a price on it. Etc.

[Paulus]

Hi Jay and welcome to the forum, it is the best I know of for English coin collecting (but not investing!)

An important distinction, and I am posting to reiterate an important adage, that is not to try and combine investing with collecting ... we are all guilty of it to one extent or another I suspect, if only in the sense of (when collecting), 'is this a bargain'? 'could I resell it for more', or (especially if close to bullion value), 'will it appreciate'? - this doesn't necessarily apply to dealers of course, who are acquiring to resell for profit, but many on here are both dealers AND collectors, and many more buy and sell, often on eBay.

The way I look at it, I can't afford to collect without some regard for the value (present and future) of the coin I am acquiring, so both aspects come in to play, it's a case of what takes precedence, and for me it is collecting.

[Peckris]

Great suggestion about the wreath crowns - I'll see if I can get my hands on one or two. Yes I realise that you guys aren't likely to be fans of bullion coins but I guess I'm trying to achieve two goals here. One is a newly revived childhood passion of collecting for pleasure, and the other is to make investing fun - and the Britannias are certainly more attractive than share certificates and the like and I am unlikely to get too attached to them in case I need to sell them. Having said that, the investment side of this is a small scale thing which I hope to build over a few years - the primary aim is to get the experience of knowing what to collect for my own enjoyment.

I realised the mark ups by the mint very early on....I'm buying from the secondary market. Thanks again!

1. As others have said, that will almost certainly get you hooked! and not necessarily on the best items for investment. You probably need to separate out the two aims.

2. I think you're right about the Britannias, and more fun than shares! but do your research carefully - if keeping for the long term, it's probably a respectable strategy, but do keep a regular eye on the selling prices of the pieces you keep.

3. Good! The cheaper you can get them for the better, obviously, but just don't pay Royal Mint prices.