As of June 17, 2011, silver has hit $35.88 per troy ounce. That means a single one-ounce silver coin would be worth this price or even more with the commission. With the price of silver on the rise, you would be smart to think of ways to protect your investments. What could befall your precious coins? Plenty of threats, if you are not prepared!
First, let’s talk about your fingers. One way to ruin a valuable coin is to handle it often, whether holding the coin by the center or handling it roughly (especially if you have dirty hands!). Eating and drinking around your coins can also be detrimental to keeping them in tip-top shape. All it takes is one tiny bit of saliva, food, or beverage to compromise the integrity of the coin, which will then lose its value.
Time is another culprit. If your coins are not stored properly, time and the elements can turn a valuable coin into a junk coin. If you have your coins piled in a heap in a drawer somewhere, you certainly aren’t protecting them from this danger. Corrosion, spotting, and even color changes can result from an improperly stored silver coin. Think display holders and flip and slab holders, all in acid-free material.
Keeping coins safe also requires storing them in a safe place. Some collectors choose to store them in a bank. With the shaky economy, however, many people are turning to home safes. Natural disasters may be a concern in home storage. Be sure you have a safe that is fireproof as well as waterproof. Your silver coin may still be valuable if it melts, but as silver bullion only and not as historical coins!
Theft is the biggest concern most people have when storing coins at home. A hidden safe is a good idea, as is having the safe bolted to the floor. Another precaution is to have your safe hidden and locked in a private room. If you have a large closet that can be locked, this would be ideal. You may wish to get creative and come up with hiding places of your own. Spreading your coins to different locations may also be a good idea so that in the unlikely event of a robbery, you won’t lose all of your coins at the same time.
Now that you know how to keep your collection safe, contact a coin dealer to start adding to your silver coin collection today!