The rising price of gold and silver is turning coin collectors like shop owner Julian Leidman into targets for million dollar thefts, reports ABC’s Jenny Doren.After having $2 million worth of rare coins stolen from his car after a collector’s show, Leidman took pricey measures to safeguard his property, spending thousands on high tech cameras and microphones, and even going so far as to replace every glass show case with unbreakable boxes.
The average coin collector might not be able to afford all the bells and whistles Leidman could, but there are plenty of low-cost ways to protect your valuable coins. Here are a few of them:
Safe deposit box: Despite all the TV dramas about bank robberies, banks are still one of the safest places to store your valuables. In some cases, it won’t cost anything to rent a safe deposit box since some banks, like Chase, offer them free with a checking account.
Personal property insurance: Even if you do everything in your power to protect your property you could still wind up being the victim of theft. If you’re going to invest so much in collecting and protecting your coins, consider buying a personal property insurance policy.
Companies like USAA offer policies for as little as $4 a month that will cover the replacement cost of your valuables if they’re stolen, lost or damaged. The best part: You won’t even pay a deductible.
Keep it a secret: The best way to keep your valuables safe, as Leidman pointed out, is to not tell people you have them in the first place.