Are safe deposit boxes safe for pmg notes?

[mintcollector]

Hello guys,

 

I was just wondering if it is safe to store pmg notesbin safe deposit boxes? Any advice is greatly appreciated, as I am lost on how to store my collection. Please help! Thank you in advance.

[GW]

Question: is it safe to store pmg notes in safe deposit boxes?

 

My Answer:

 

hi, i think it would be very safe, it's in a bank.

they don't want any fires, natural disasters, robbers, etc.

the PMG holders add needed protection to your notes (water, sunlight, etc.)

 

another way, could be to store them at home in a fire/water safe, they have them for around $100 at staples, office max, walmart, etc. i think it really depends on what you want; security, insurance, access, etc.

 

for reference, i found this article , hope it helps.

 

==

 

Safety deposit boxes- are they really secure?

http://www.essortment.com/career/safetydepositb_tvhw.htm

http://www.ehow.com/list_6936210_safe-deposit-box-laws.html

 

Safety deposit boxes are available in banks and credit unions across America. It is actually a scaled down version of a safe that is stored inside a vault. This type of box is available in a variety of sizes. The customers of the bank or credit union can rent a box to store their smaller valuables in. These can include jewelry, stocks, bonds, annuities, wills, savings bonds, rare stamps, old coins, et cetera.

 

You may even have a safety deposit box rented at the local financial institution you do business with. You probably paid the first month's rent, placed your valuables inside it, and locked it up. You probably walked away with the confident feeling that your possessions are safe and sound. But, are they?

 

To open your storage unit, you'll, of course, need to contact an employee to gain access to the vault. Then, you'll need the key that was issued to you by the bank or credit union. The financial institution has a master key, but your key cannot be copied. Therefore, these are the only two keys available. That fact gives you privacy and security.

 

Usually, you'll have to sign an access log every time you need to get into your safety deposit box.

 

So, even if someone else got hold of your key, they wouldn't be able to access your box.

 

In the event of a bank or credit union robbery, a thief could possibly get to your box and steal its contents, but the chances are highly unlikely. The vault is made of durable concrete or steel, and the safety deposit box is steel as well. A thief isn't likely going to take the time to break in and target your storage unit. So, it's strongly secure in that respect too.

 

If any of your jewelry, rare stamps, old coins, or other valuables would become lost, stolen, or damaged, you should have insurance on them. The bank or credit union probably has some type of blanket coverage, but you can't count on reimbursement through that.

 

Be sure to check your homeowner's or your renter's policy to see if a safety deposit box is covered. If not, you may have to purchase additional coverage.

 

But what about paper valuables such as stocks, bonds, annuities, wills, savings bonds, et cetera?

 

You can easily get another copy of your will from your attorney's office. Your checking accounts, savings accounts, money market deposit accounts, and certificates of deposit are safely insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC covers the first one hundred thousand dollars worth of deposits.

 

However, the FDIC does not insure mutual stocks, bonds, annuities, and other such financial instruments. Neither does the FDIC cover any other tangible valuables that are stored in your safety deposit box. Therefore if a natural disaster such as a flood, earthquake, hurricane, tornado, et cetera, would wreck or destroy the bank, then you could recover damages and get replacements if you yourself have your box insured.

 

If the bank or credit union that you rent your box from fails and closes, as sometimes does happen, the bank would have to notify you of the closing so that you could remove your possessions from their storage unit.

 

Finally, you should keep cash in an account with the bank. Do not store currency in a safety deposit box as it will not be covered under any conditions by the bank or any type of insurance.

 

Also, don't store anything in the box that you may need at a moment's notice. This might include a legal Power of Attorney document, living wills, et cetera.

 

 

[mintcollector]

Thank you so much. Do you think I should pack the notes well and add silica gel, or would you not use any form of protectant? I have heard that silica gel can be bad in high quantities. Any thoughts on any one who stores pmg notes like this? Thanks again. Please forgive mybtyping, I am on an iPad!

[jtryka]

I don't think there are too many issues storing in a safe deposit box, it's where all my PMG notes are stored. I used to have a silica pack that I put in the box, but I've been meaning to recharge it in the oven since about 2004, but I just haven't gotten around to it.

[TheRock]

I have had my collection of notes, all PMG in my SDB for over 5 years now. I do keep an up to date SILICA PACK in my boxes. I have never had any issues as of yet and really don't plan to. The biggest issue is humidity when it comes to currency. I would ask your bank if they have a controlled humidity system in their safe. If they do, your golden and the Silica is not so much of an issue. If not, then I would recommend Silica Packs all day long.

 

To be honest, we will all most likely be buried 6 feet under before anyone would really notice if any damge though.

 

JMO

 

 

[RogerRamjet-migration]

One issue I would be concerned about is that some banks (I know of one where I live) that is in an older building an the SDB vault is underground. My worry would be a water main break or some type of flood.

 

So, make sure the SDB is above ground. You may also want to pay attention if the bank is in a flood plain.

 

Truth be told, I worry more about water than fireor theft in a house or any area for storage.

[vibr0nic]

Aren't PMG holders air tight?

[mintcollector]

I thank all those who responded to this question, as well as PMG (as this question was asked in the 'Ask PMG' section as well). It does amaze me that in all areas of collecting (and I collect CGC comic books, NGC graded coins, and more) that some collectors spend a lot of time and money putting together a very expensive and high grade collection, but spend little time and money trying to protect, properly store, and preserve it. That is why I asked this question. I just needed some advice, aas I don't want to end up like one of those collectors. Here is a prime example of a dealer that in my opinion needs to have his head examined:

 

At a local antique market I frequent, an older gentleman has a stand selling all forms of coins, currency, fire arms, and tobacco cards. He even has some cool antique advertising items worth a small fortune. Unfortunately, the place where he has his stand is at an antique market that is not PROPERLY heated and cooled (though it is inside). It is open all year round, but in the summer months it gets ultra hot and in the winter you have to wear a coat as you can see your own breath (I live in Pennsylvania, where this is located).

 

He has a lot of GREAT high grade PMG and PCGS currency that I would gladly buy, except for the horrid storage conditions! He keeps them directly under a light and in a case all year round subjected to these conditions. I once asked him if he ever bothers to move the items to a better location and he said 'what for, they are already graded and protected.'

 

The point of this story is that some collectors seem to believe that since their items are already graded they can do whatever they want to them with no consequence. This is NOT the case and far from the truth. I would LOVE to buy from this guy (as his prices are fair), but I won't touch a note that I know has been put through these kind of conditions. Any thoughts? I would love to hear them. I truly believe that how we store and care for these items is just as important as the grade they receive from PMG or PCGS! Thank you for reading!

 

 

[mike169]

I thank all those who responded to this question, as well as PMG (as this question was asked in the 'Ask PMG' section as well). It does amaze me that in all areas of collecting (and I collect CGC comic books, NGC graded coins, and more) that some collectors spend a lot of time and money putting together a very expensive and high grade collection, but spend little time and money trying to protect, properly store, and preserve it. That is why I asked this question. I just needed some advice, aas I don't want to end up like one of those collectors. Here is a prime example of a dealer that in my opinion needs to have his head examined:

 

At a local antique market I frequent, an older gentleman has a stand selling all forms of coins, currency, fire arms, and tobacco cards. He even has some cool antique advertising items worth a small fortune. Unfortunately, the place where he has his stand is at an antique market that is not PROPERLY heated and cooled (though it is inside). It is open all year round, but in the summer months it gets ultra hot and in the winter you have to wear a coat as you can see your own breath (I live in Pennsylvania, where this is located).

 

He has a lot of GREAT high grade PMG and PCGS currency that I would gladly buy, except for the horrid storage conditions! He keeps them directly under a light and in a case all year round subjected to these conditions. I once asked him if he ever bothers to move the items to a better location and he said 'what for, they are already graded and protected.'

 

The point of this story is that some collectors seem to believe that since their items are already graded they can do whatever they want to them with no consequence. This is NOT the case and far from the truth. I would LOVE to buy from this guy (as his prices are fair), but I won't touch a note that I know has been put through these kind of conditions. Any thoughts? I would love to hear them. I truly believe that how we store and care for these items is just as important as the grade they receive from PMG or PCGS! Thank you for reading!

 

 

Now, I have a question. Is there a problem with these notes, other than you know he puts them in adverse environments? I mean, if you didn't know this, is there something to say that the notes have been damaged already, or can be damaged in the future if you do purchase them?

 

 

[mintcollector]

I thank all those who responded to this question, as well as PMG (as this question was asked in the 'Ask PMG' section as well). It does amaze me that in all areas of collecting (and I collect CGC comic books, NGC graded coins, and more) that some collectors spend a lot of time and money putting together a very expensive and high grade collection, but spend little time and money trying to protect, properly store, and preserve it. That is why I asked this question. I just needed some advice, aas I don't want to end up like one of those collectors. Here is a prime example of a dealer that in my opinion needs to have his head examined:

 

At a local antique market I frequent, an older gentleman has a stand selling all forms of coins, currency, fire arms, and tobacco cards. He even has some cool antique advertising items worth a small fortune. Unfortunately, the place where he has his stand is at an antique market that is not PROPERLY heated and cooled (though it is inside). It is open all year round, but in the summer months it gets ultra hot and in the winter you have to wear a coat as you can see your own breath (I live in Pennsylvania, where this is located).

 

He has a lot of GREAT high grade PMG and PCGS currency that I would gladly buy, except for the horrid storage conditions! He keeps them directly under a light and in a case all year round subjected to these conditions. I once asked him if he ever bothers to move the items to a better location and he said 'what for, they are already graded and protected.'

 

The point of this story is that some collectors seem to believe that since their items are already graded they can do whatever they want to them with no consequence. This is NOT the case and far from the truth. I would LOVE to buy from this guy (as his prices are fair), but I won't touch a note that I know has been put through these kind of conditions. Any thoughts? I would love to hear them. I truly believe that how we store and care for these items is just as important as the grade they receive from PMG or PCGS! Thank you for reading!

 

 

Now, I have a question. Is there a problem with these notes, other than you know he puts them in adverse environments? I mean, if you didn't know this, is there something to say that the notes have been damaged already, or can be damaged in the future if you do purchase them?

 

 

I am assuming you are talking to me, correct? I will gladly do my best to answer, and I hope this helps. I would prefer you to be more specific, but I think I understand what you are asking, so here it goes!

 

To answer your question:

 

Number one: Severe heat and humidity are extremely dangerous to all notes, graded or not, as is direct light. The dealer in question exposes these notes to all three elements listed above. Note that PCGS graded notes use a holder that is NOT heat sealed like the PMG holder, as PCGS claims that notes need to breathe (I do not know the truth to that statement I am ONLY reporting on what they claim on their own website).

 

Second of all, and I don't know if you know this about me, but any note I purchase graded, I send in to be reholdered by the two third part grading companies I use (PMG and PCGS). I do PREFER notes graded by PMG, it is no secret there. I do this to get a NEW scratch free holder and to symbolize that it is ready to be placed in my collection (consider it a way to keep track of what I am buying).

 

Third, any note can be damaged in a holder (i.e. note the three elements listed above). The truth of the matter is, when you buy from a trusted dealer, you have less a chance of this happening to. I don't worry about my notes in my safe deposit box, as much as I worry about my notes in transit (whether being in the mail or in transit to and from the safe deposit box).

 

Did I answer your question? If not, I will do my best to help clarify anything else you are asking.

 

 

[mike169]

I thank all those who responded to this question, as well as PMG (as this question was asked in the 'Ask PMG' section as well). It does amaze me that in all areas of collecting (and I collect CGC comic books, NGC graded coins, and more) that some collectors spend a lot of time and money putting together a very expensive and high grade collection, but spend little time and money trying to protect, properly store, and preserve it. That is why I asked this question. I just needed some advice, aas I don't want to end up like one of those collectors. Here is a prime example of a dealer that in my opinion needs to have his head examined:

 

At a local antique market I frequent, an older gentleman has a stand selling all forms of coins, currency, fire arms, and tobacco cards. He even has some cool antique advertising items worth a small fortune. Unfortunately, the place where he has his stand is at an antique market that is not PROPERLY heated and cooled (though it is inside). It is open all year round, but in the summer months it gets ultra hot and in the winter you have to wear a coat as you can see your own breath (I live in Pennsylvania, where this is located).

 

He has a lot of GREAT high grade PMG and PCGS currency that I would gladly buy, except for the horrid storage conditions! He keeps them directly under a light and in a case all year round subjected to these conditions. I once asked him if he ever bothers to move the items to a better location and he said 'what for, they are already graded and protected.'

 

The point of this story is that some collectors seem to believe that since their items are already graded they can do whatever they want to them with no consequence. This is NOT the case and far from the truth. I would LOVE to buy from this guy (as his prices are fair), but I won't touch a note that I know has been put through these kind of conditions. Any thoughts? I would love to hear them. I truly believe that how we store and care for these items is just as important as the grade they receive from PMG or PCGS! Thank you for reading!

 

 

Now, I have a question. Is there a problem with these notes, other than you know he puts them in adverse environments? I mean, if you didn't know this, is there something to say that the notes have been damaged already, or can be damaged in the future if you do purchase them?

 

 

I am assuming you are talking to me, correct? I will gladly do my best to answer, and I hope this helps. I would prefer you to be more specific, but I think I understand what you are asking, so here it goes!

 

To answer your question:

 

Number one: Severe heat and humidity are extremely dangerous to all notes, graded or not, as is direct light. The dealer in question exposes these notes to all three elements listed above. Note that PCGS graded notes use a holder that is NOT heat sealed like the PMG holder, as PCGS claims that notes need to breathe (I do not know the truth to that statement I am ONLY reporting on what they claim on their own website).

 

Second of all, and I don't know if you know this about me, but any note I purchase graded, I send in to be reholdered by the two third part grading companies I use (PMG and PCGS). I do PREFER notes graded by PMG, it is no secret there. I do this to get a NEW scratch free holder and to symbolize that it is ready to be placed in my collection (consider it a way to keep track of what I am buying).

 

Third, any note can be damaged in a holder (i.e. note the three elements listed above). The truth of the matter is, when you buy from a trusted dealer, you have less a chance of this happening to. I don't worry about my notes in my safe deposit box, as much as I worry about my notes in transit (whether being in the mail or in transit to and from the safe deposit box).

 

Did I answer your question? If not, I will do my best to help clarify anything else you are asking.

 

 

Thanks for your reply and the information. I agree that adverse elements are dangerous to all notes. From your original post, it appears that the notes were in good condition (i.e. there is no mention of damage), other than the fact that he stored them in adverse enviornments? So, my questions are (1) were the notes damaged already, or (2) even if you "rescued" the notes, could it be possible that they still could be damaged at a future time because of the previous adverse environment?

 

Thanks

[mintcollector]

 

Thanks for your reply and the information. I agree that adverse elements are dangerous to all notes. From your original post, it appears that the notes were in good condition (i.e. there is no mention of damage), other than the fact that he stored them in adverse enviornments? So, my questions are (1) were the notes damaged already, or (2) even if you "rescued" the notes, could it be possible that they still could be damaged at a future time because of the previous adverse environment?

 

Thanks

 

To answer your question, I would NOT buy these notes (from this particular dealer). I don't know if you are aware of this, but if you send in a note for reholdering and there appears to be damage to the note or item in question, both PMG and PCGS reserve the right to regrade it. This happened to me in the comic book side of things when I bought a CGC graded comic book and sent it in for reholdering. There was no damage at all that was visible to me. CGC (who is also owned by the same company that owns PMG) stated that the comic should be given a lower grade as it had corner damage. I had no choice but to allow them to reholder it and regrade it at a lower grade. This does not happen a lot to my knowledge, but they reserve the right to do this. And by the way, I do NOT blame CGC for this; as they were only protecting their valued product in the marketplace. I was just unfortunate to be the 'victim' in this particular case. Therefore, the question becomes, what dealers should you trust when buying notes. I no longer buy high end notes off of ebay because of some of the horror stories I have seen and heard. It would have to be from someone with a high feedback rating. I did buy a 1891 $1 Martha PMG 64 EPQ off of eBay, but I got it at a great price and trusted the dealer.

 

I have heard of collectors buying graded notes that were exposed to direct sunlight or exposed to water damage, then sold on eBay with no mention of this damage. A novice collector (not buying from a trust worthy dealer) would easily think he is getting a good deal just by reading the grade on the holder and not realizing what a 64 EPQ should look like (for example). This is why I don't mind paying a little more to deal with a trusted dealer who can help me. I pay for service as well as the piece of mind knowing I am getting a note in stated as condition. This is where the experienced collector who knows what he/she is doing excels at. I am not an experienced collector. I do NOT know how to grade at this point.

 

We are in a hobby unlike any other. These are 'paper based' products that are usually well over one hundred years old. It is our job to help preserve these artifacts for future generations if not our own financial stake in the item being owned or sought after. This is just my opinion.

 

As for being able to 'rescue' these items. I don't know why anyone would want to pay this dealer to buy his notes, then try to 'rescue' them, if that is what you mean. They are his property, it is up to him to care for them. Just don't expect me to buy them. I have been known to ask dealers how they store their notes and what precautions they take before I agree to buy them. I never buy notes from a dealer that states something like 'oh that item has been on display for years.' That is a red flag for me. This is just my opinion, I hope it helps answer your questions.

 

Sincerely,

 

mintcollector

[johnny9434]

silica packs might be a good idea. i like it

[mike169]

As for being able to 'rescue' these items. I don't know why anyone would want to pay this dealer to buy his notes, then try to 'rescue' them, if that is what you mean. They are his property, it is up to him to care for them. Just don't expect me to buy them. I have been known to ask dealers how they store their notes and what precautions they take before I agree to buy them. I never buy notes from a dealer that states something like 'oh that item has been on display for years.' That is a red flag for me. This is just my opinion, I hope it helps answer your questions.

 

Sincerely,

 

mintcollector

 

My question was basically to ask if there is hidden damage that sometimes does not appear after a while, even if you move the notes back to a more stable environment. For example, if you had bought the notes, and at the time they were/appeared to be undamaged, could they become damaged later?

[mintcollector]

As for being able to 'rescue' these items. I don't know why anyone would want to pay this dealer to buy his notes, then try to 'rescue' them, if that is what you mean. They are his property, it is up to him to care for them. Just don't expect me to buy them. I have been known to ask dealers how they store their notes and what precautions they take before I agree to buy them. I never buy notes from a dealer that states something like 'oh that item has been on display for years.' That is a red flag for me. This is just my opinion, I hope it helps answer your questions.

 

Sincerely,

 

mintcollector

 

My question was basically to ask if there is hidden damage that sometimes does not appear after a while, even if you move the notes back to a more stable environment. For example, if you had bought the notes, and at the time they were/appeared to be undamaged, could they become damaged later?

 

Yes, they can. The heat and humidity (as well as direct light) plays a major role in this. The notes can still become 'brittle' in their holders (no holder with ever offer 100% true protection). Also, direct light can and does FADE any graded note. As for hidden damage, aside from having a note that is now 'brittle' in its holder, I don't know how you would know the extent of the damage until you remove the note from the holder. Therefore, a dishonest person can continue to sell these notes without any mention of how they were stored, etc.

 

One solution: Only deal with dealers you trust or who have a return policy. Otherwise you could be out a lot of money.