Many coin collectors have valuable coin collections passed down from generations, and others start collecting coins purely for the love of it. Protecting your coin collection should be a top priority regardless of the reason. Coins can be damaged or lost due to various factors such as natural wear and tear and environmental factors like humidity, theft, and mishaps. Here are five tips to help you protect it:
1. Insure Your Coin Collection
Many collectors fail to insure their collections, assuming their homeowners’ insurance will offer coverage. However, most homeowners’ insurance policies only provide limited coverage for coin collections and often exclude collectors’ coins entirely. Before insuring your collection, make sure to have it appraised to determine its actual value.
To insure your coin collection, you need to get a separate policy that is designed specifically for coin collections. Choose a reliable insurance provider and read the fine print to ensure that your collection is fully protected. Remember that insurance premiums for coin collection can vary based on factors such as value, location, and security measures put in place. Ensure that your insurance policy is comprehensive and provides adequate coverage for each coin in your collection.
2. Handle Your Coins Correctly
Collectors frequently ignore how coins are handled, leading to wear and tear or damage that could have been prevented. When handling your coins, never use bare hands, as the oils on your skin can leave behind contaminants that can damage the coins. Use cotton gloves instead. Avoid cleaning coins yourself, as cleaning methods and materials may damage the coin. Professional cleaning may be best if your coin is dirty or tarnished.
3. Store Your Coins Properly
Avoid storing coins in areas with high humidity and extreme temperatures. For example, silver coins can easily become tarnished and discolored when exposed to air and moisture, while copper coins can corrode and develop a green patina. Use materials free from harmful chemicals that do not contain PVC, as these materials can cause damage to coins over time. Label each coin holder or slot with detailed information about the coin. It is also best to utilize this guide by Learn About Gold to learn more about how to store coins properly to keep them safe.
4. Regularly Update Your Security Plan
Protecting your coin collection does not end with adopting strong security measures. You must frequently update your security plans to reflect the trends in the security industry. Suppose you have adopted surveillance cameras to provide CCTV coverage of your coin storage area. Consider hiring a professional security firm to conduct regular security audits of your storage facility.
You should also invest in a secure safe or vault, which is essential for coin collectors because theft is common. A safe or vault will keep your coin collection safe from theft. A high-quality safe or vault should be fire-resistant, robust, and lockable with a strong combination or key.
5. Take Extra Precautions When Transporting Coins
If you’re traveling or moving your coin collection, taking extra precautions is essential to avoid damage or loss. Keep your coins out of your checked baggage. Instead, keep them with you in your carry-on luggage or a locked container. You can use tamper-evident tape or seal to secure your container or luggage for added security. Additionally, if you’re shipping your coins, use a reliable carrier and purchase insurance for the full value of your collection.
Endnote
To ensure your collection is well-protected, store your coins properly, insure the collection, update your security plan regularly to avoid potential thieves, invest in a safe or vault for extra protection against natural disasters or burglary, and keep your collection private to minimize theft risk. When transporting coins, take extra precautionary measures so that you will still have the resources and protection they need even if misfortune does befall them.
The post Preserving Precious Assets: 5 Expert Tips to Safeguard Your Coin Collection first appeared on BusinessMole.
