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About this journal

I'm a coin collector based in Denver, Colorado. I have been collecting numismatic items for nearly a decade and have an incredibly strong passion for the hobby. I find NGC's "Collector's Society" a great platform to share ideas, insight and advice about numismatics as a whole and am grateful for the opportunity to correspond with fellow collectors. If there is one thing I have learned in this hobby, it's that there is "always" something new to learn.

Entries in this journal

 

Insuring Your Coins & Collectibles

My intention in writing this entry is not to come across as an advertisement because that is my last intention (you can check out my registry sets right here on the site). In all honesty, I want to share the following information for fellow collectors who find themselves in the exact position I was in merely a month ago. In saying that, over the years, my collection has grown to be quite valuable. I take pride in the work I have put into my collection, as I have dedicated years of my life to the hobby. As time progressed, I started thinking more and more about protecting my collection. I do not necessarily see my collection as an investment since I collect for sheer love of the hobby, but I knew it would have been naive to not at least attempt seeking some type of insurance that went beyond just a safe. This leads me to my ultimate topic I wish to discuss. Currently, all my coins are housed in pretty sturdy safes; nevertheless, a safe only goes so far. A good friend of mine is in the insurance industry here in Colorado so I thought I would approach her about what options I might have in insuring my collection. She took on the task and spent a great deal of time and work trying to find a company that would take on the risk and provide a policy that would insure the full value of my collection. Eventually, she found a great company that specializes in insuring coins. So, what are some of the specs that go along with such? Well, for those of you that find yourselves in the position I was in, I have proof-of-purchase for the majority of all my coin purchases, an inventory list, they're housed in safes and I was able to come up with a ball-park estimate of the collection's value. With these details alone, my friend was able to get me a great policy. They insured my entire collection for its full value. A few perks included in the plan is coins that are shipped for grading are automatically covered under the policy. Additionally, the plan includes a 1% increase every month for the total value of the collection which allows for the appreciation of my coins and the addition of new coins (if I were to get a really expensive piece, I could always change the total value of my policy beyond the 1% that's already included). If I were to ever experience a loss (theft, fire, flood, etc.), the company would cut me a check for the value of the coins lost. The one caveat in all this is she is licensed in Colorado. As a result of this, if you're interested in insuring your collection, you would need to either be a resident or living in the state of Colorado. Nevertheless, once the plan went into effect, it was almost as though I felt a weight lifted off my shoulders. I am aware that every coin is unique and could never be replaced, even with a check. However, knowing they're now insured really gives me a sense of security and pride. I was shocked by how low the annual premium was and how understanding the numismatic insurance company was regarding the hobby, in general. So, if any of you are either living in or a resident of Colorado and are interested in insuring your collection, shoot me an email and I will provide the contact information for my agent. She's talented, smart and looks out for the best interest of her clients while focusing on finding them the most affordable plan that meets their standards and goals for a collecting policy. If you don't like it, there's no pressure to commit. Nonetheless, if you're interested to simply know what's out there regarding the options of insuring your collection, I highly suggest you give her a ring. I have found, especially in this hobby, being informed goes a long way.  

Siah

Siah

03/24/2017

Last Reply:
05/17/2017

The King of All Kings - My Stolen Prize: Solving the Case and How NGC Unknowingly Helped

The "King of All Kings" I called it in my two year search to obtain and afford one. An NGC PF-63 "1903 US-PHIL Peso Proof" stolen from my mailbox. A month of excessive work on my behalf with the addition of a police investigation was soon to follow... An NGC PF-63 "1903 US-PHIL Peso Proof" was originally stolen from my mailbox on 9/25/14, just three days after my birthday which I had finally obtained as a gift to myself and as the most difficult piece to-date in my US-PHIL collection. I'm a recent under-grad and having a large budget is far from the case. A month of excessive work on my behalf with the addition of a police investigation was soon to follow. After failing to locate the coin, the authorities rendered the investigation "futile." Nevertheless, I would not take "no" for an answer, not on this piece. I had worked so hard to obtain this example, searched for so long, jumped in the air with excitement after winning the auction and spent too much money to just "let it go" as they told me. To make things more difficult, every coin shop I had spoken with in my search was very kind, helpful and stated they would call if it either turned up or if they heard anything. As time passed, I started to lose hope. After exhausting all of my resources and calling every coin/pawn shop I could find a number for, I tried a different search and found the number for a collectibles shop I hadn't yet seen. I dialed the number and... I finally seemed to have found the pesos destination. I was in sheer shock, was this really it? Had I really found it? It was it. That's the end of the story, you might ask? Far from it, actually. I thought it would be as easy as hopping in the car, taking a drive and picking it up... boy, was I wrong. After it seemed I had truly found it, the collectibles shop owner would not give it up without a fight. After proving the example was mine through endless documentation/receipts and the shop owner's mistake of not filing the proper paperwork when the item was sold, the police eventually seized the coin. If the coin had not been certified by NGC, I never would have been able to prove it was mine. The detective assigned to the case even stated, "You're lucky you had this coin authenticated. If it hadn't been, there would have been little to no chance for us to prove it was really the coin that was stolen." (As a word of advise, when you're spending good money on a coin, always buy it certified. This is a perfect example of how beneficial it can be, among many other reasons such as authenticity. I thank NGC every day for certifying that coin.) I finally received the piece on 10/31/14, making this specimen that much more invaluable to my collection, while also being the last coin to complete my 1903 Proof Set. What happened to the perpetrator, I suspect you might be wondering? He was never caught. Apparently, he had used a fake ID when selling the coin and the cameras were not active on the showroom floor. As mentioned in the prior, the shop owner didn't file the proper paperwork with this transaction... and that included not obtaining a fingerprint which is required by law in Colorado. However, the detective on the case said this was a stepping-stone in advancing progress on the case towards a criminal ring that had been involved in breaking into mail-rooms stealing anything with a tracking number. In the end, the detective thanked me for my tenacity and work, handed me the coin and I walked outta' that police station with the biggest grin I've probably ever had in my entire life. "A job well done," I thought. A tribute thank you is directed to NGC for their certification/encapsulation of coins and inadvertent assistance in helping me get back "the stolen prize: the king of all kings." To see old comments for this Journal entry, click here. New comments can be added below.

Siah

Siah

07/26/2015