Cost of storage vs cost of item being stored

coxspau · January 08, 2015, 09:40:45 AM

Recently, I inherited a type set stamp collection which has been stored in a rather old but purpose built album. After visiting the local coin/stamp shop, I was directed to a lighthouse product which provides greater protection for the stamps, but at a significant cost vs the cost of the stamps.

Often when I purchase storage items for my coins and banknotes, I rarely weigh the cost of storage vs the cost of the items being stored.

However, with the recent stamp incident, the changing direction of my collecting habits and reading the recent thread on coin roll storage it got me thinking about the cost of storage vs the cost of items being stored.

I'm curious to hear other opinions on this. I guess those that collect for type sets, the individual value of each item is outweighed by the sum of the whole.

But for those coins/banknotes of investment grade, is there a metric or benchmark that warrants greater investment in storage and by extension, the location of where the coins are stored?

Going back on to the bank roll thread, I have a number of bank rolls, but mostly recent RAM circulating tender. They have no value greater than an unc coin of the same type, so spending more on storage than their actual value seems counter-intuitive.

Apologies for the rant, but as I start divesting and diverting my collection, this is becoming more of an issue for me.

kchan1111 · January 08, 2015, 10:24:38 AM

I am conscious of storage costs too. FWIW here is what I spent on storage for my rolls.

Bank coin bags - free
PP bags - $15 (incl. shipping) for 100. A5 size. i.e. 15c each
Silver Aluminum Foil Mylar Bag - $22 for 100 similar size i.e. 22c each
Heat sealer - $27 (incl. shipping)

I could reuse chips bag but I don't eat chips and so eating chips for just the bag is more expensive for me.

I don't have that many rolls tbh. So I used several bank coin bags (~2 rolls in each). Then in turn sealed several in one PP bag + al mylar bag. I reckon you can put half dozen rolls in one PP and/or mylar bag. Grand scheme of things it's under $1 of consumables for half dozen roll. That 100 will keep me going for a very very long time.

Heat sealer I have other use - for food storage and of course saflips for other coins.

My coin rolls are 2014 $1 MOR and Green $2 remembrance day rolls. So I figured they are worth it.

Compare to other hobbies it's still very affordable.

Coiny Chris · January 08, 2015, 07:22:24 PM

Hello,

The storage is for 2 reasons, protection and presentation. Depending on what way you want to go, it will cost more for a nice display. Then it is open view. If you opt to keep them safe in good condition, you can still display them later if you are happy to spend more. If you put the Stamps in the corner of your garage, damage from rain and mice would ruin them very quickly. You could also sell them to another collector and buy some Coins that you would like to have.

Goldseeker · January 08, 2015, 11:33:57 PM

I think here that the main reason is security rather than storage. Although the two can be a combination.

I have two safety deposit boxes where 1: There is security and 2: Temperature and humidity controlled environment.

As regards to display, it doesn't exist in the Vaults. One has to pack, store, or whatever to put maximum items of value into confined space.

Displaying ones coins is nice but to me security is the first thing. Displaying coins is a secondary thing and storage is dependant on the amount of space one has.

Put all of the above into a "mixmaster" and see what you end up, confusion as it's best.

To me the cost is the last thing I worry about.

All my UNC Circulating coins as well as NCLT Coins are all stored in DANSCO Supreme Albums. Viewing of each coin can be done in these albums without touching the coin. I have other means of storage but cost didn't come into it as I found satisfactory folders etc to store other foldered and carded coins.

kchan1111 · January 09, 2015, 09:23:12 AM

Quote from: 'Goldseeker' pid='65056' dateline='1420722237'I have two safety deposit boxes where 1: There is security and 2: Temperature and humidity controlled environment.

Hi Goldseeker, very interested to know what your safety deposit boxes are, where you got them and how much. This is not in a bank is it?

coxspau · January 09, 2015, 10:26:35 AM

I've got most of the coins I value in a safe with the remainder in 2x2 flips in folders on a book shelf. The NCLT are mostly in boxes in a secure filing cabinet, but they aren't slabbed, vac sealed or such.

However, I'd quite like to move into getting some higher value coins and storage will then become a bigger issue. 2x2s may not be suitable for investment grade coins.

Does anyone use capsules to protect coins vs slabs? Slabbing seems a little too permanent for my interest.

kchan1111 · January 09, 2015, 12:09:54 PM

Hey coxspau, interested to know what safe you use.

I don't have a super high value collection. But enough to get me start thinking something more secure.

coxspau · January 09, 2015, 12:23:53 PM

I managed to pick up small second hand ex.bank safe. At the moment, it has more documents in it than coins.

However, these guys do pretty good safes for the home security.

http://www.cmisafe.com.au/domestic_safes.htm

kchan1111 · January 09, 2015, 02:33:47 PM

Hmm.... I was just saying how low I was able to keep my storage costs and now I am looking at safes. :dodgy:

I just called some banks in Sydney. Lots of banks are shutting down their safe deposit box operations. HSBC no longer offer it any more. There is a waiting list with Westpac! $150 a year for a small one at one Westpac CBD branch. And another one no longer accept names until Feb.

stevo1962 · January 09, 2015, 03:28:49 PM

Quote from: 'kchan1111' pid='65075' dateline='1420776227'Hmm.... I was just saying how low I was able to keep my storage costs and now I am looking at safes. :dodgy:

I just called some banks in Sydney. Lots of banks are shutting down their safe deposit box operations. HSBC no longer offer it any more. There is a waiting list with Westpac! $150 a year for a small one at one Westpac CBD branch. And another one no longer accept names until Feb.

Yeah I did the same exercise but I am in a provincial city so less chance of finding anything so went with the safe option.It's best to keep your valuables secure as we occasionally read about coin collections being stolen and that would be more painful than the price of secure storage

robbiegal · January 09, 2015, 05:16:29 PM

and it is the same or less than insurance premiums to cover your collection

Goldseeker · January 09, 2015, 06:59:08 PM

My two Security Boxes are with Guardian vaults in Melbourne. I have two large boxes.

Guardian Vaults are also in Sydney as they opened there in Mar/Apr 2014.

Costs are quite steep as I am about to get my renewal costs for the next two years at around $2,300.00 which includes $200K of insurance.

The coins stored are part of my household insured items and I must keep my valuable/top coins in the vaults.

The above does not include the security I have here at home.

kchan1111 · January 09, 2015, 07:49:29 PM

Quote from: 'robbiegal' pid='65079' dateline='1420785989'and it is the same or less than insurance premiums to cover your collection

I haven't got the foggiest idea. Never owned anything worth insuring until now.

NRMA gave me an online quote for home & content insurance including $2.5k of coin collection for ~$800. I really only wanted to insure just the coins.

Quote from: 'Goldseeker' pid='65083' dateline='1420792148'My two Security Boxes are with Guardian vaults in Melbourne. I have two large boxes.

Guardian Vaults are also in Sydney as they opened there in Mar/Apr 2014.

Costs are quite steep as I am about to get my renewal costs for the next two years at around $2,300.00 which includes $200K of insurance.

The coins stored are part of my household insured items and I must keep my valuable/top coins in the vaults.

The above does not include the security I have here at home.

Thanks. Will definitely check them out. Their complimentary $10k is more than enough for me. :angel: I really only have a 3 valuable coins. (They are probably not that valuable comparing with some I see around!)

I see there's already waiting list in Melb. Still free spaces in Sydney.

trout · January 10, 2015, 09:00:11 AM

Storage of coins is a personal choice and depends what and why you are collecting.
My "Minimum" standard is a 2x2 or saflip in a good album for every coin I keep.
If I have multiples of certain coins I store them in heat sealed saflips and put them in ice-cream containers.
If I don't think a coin is worthy of keeping I just spend it.

As I don't live in a City or even a large town for that matter ( My nearest neighbour is about 5k's away) I have no need for elaborate security measures.
All my stuff is in large 4 drawer lockable filing cabinets in my office and I can access any coin at any time with ease, Simply a matter of pulling out an album or Blue box from a drawer.
If I had to lock everything away in a Bank vault I would give the hobby away because it would be to hard to be able to see my coins and enjoy them at whim :ok:
I have lived here for years and have a reputation for my generosity and willingness to lend a helping hand when needed.
I also have a reputation for reacting instantly and violently if my good nature is taken advantage of .
I consider that my coins are quite safe enough where they are and never have a concern for the security of them .