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Its essential to have specialized insurance for collectibles, which banks typically dont offer.
Relying on a banks basic coverage could leave you underinsured in case of theft or damage.
This only applies, however, to modern currency and financial tools.
Hand a teller a rare quarter that is all they will give you back for it.
Coins that are collectible are valued on their rarity.
They know how to inspect and assess the value.
At times banks/credit unions require coin to be rolled or charge a few to exchange them.
Security and Storage
Rare coins can be very valuable and, oftentimes, irreplaceable.
Banks often dont haveadequate security arrangementsfor such goods, in Huffmans opinion.
I never recommend third-party (depository) storage unless it is a qualified IRA account.
The annual costs are high.
Generally, your items are not immediately accessible due todocumentation and signatory requirements, Rapanotti added.
Careful research and thorough verification of the buyer are essential.
Dont forget rare coins can be a good investment!
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