Storage Questions. Just starting out...

[ARehmat]

Hi there, so after spending a few day on the forum browsing around my first set of 1oz Silver Coins should be arriving fairly soon. I would like to know  what the best way to store silver and other PMs at home is. I do understand that there is a point where it makes sense to store PMs at a secure location or several secure locations. However I am nowhere near that threshold yet. How do you prefer to store at home? Cookie jars, hidden compartments or safes? Kinda stuck for of ideas... Also whats the best way to keep silver from tarnishing and milk spotting? 

Thanks!

[badar]

I keep my stash in a shoebox. It has 120 ounces of silver in it. However if you’re stacking, there so many little places you can spread them around. Best way to save space is to keep them in tubes. 
 

Milk spots or tarnishing can be solved by storing in an air tight container; while also having anti-tarnishing strips in it (replace every three months). If you keep coins in capsules or sealed tubes then most should not tarnish. 

[ARehmat]

1 minute ago, badar said:

I keep my stash in a shoebox. It has 120 ounces of silver in it. However if you’re stacking, there so many little places you can spread them around. Best way to save space is to keep them in tubes. 
 

Milk spots or tarnishing can be solved by storing in an air tight container; while also having anti-tarnishing strips in it (replace every three months). If you keep coins in capsules or sealed tubes then most should not tarnish. 

Thanks. I suppose its all about storing it in a safe place where others would least expect it.

[Melon]

It's all relative. If you're buying a couple of hundred quid worth of 1oz coins then it's not worth worrying about too much - robbers would be better off nicking your TV right? Best thing to do in that circumstance is to just put it somewhere out of sight and be discreet about it (i.e. don't go around telling people about it). 

If you're buying substantially more than that, then you should start thinking about home safes (secure ones not the cheap Argos kind), offsite safety deposit boxes, relevant insurance etc. It's all down to where you are in your journey and the level of risk you're willing to accept. Personally I find a couple hundred quid a year worthwhile for peace of mind of having a safety deposit box (both for PMs and other important records), but many others here wouldn't like that idea. 

[KevjustKev]

2 minutes ago, Melon said:

It's all relative. If you're buying a couple of hundred quid worth of 1oz coins then it's not worth worrying about too much - robbers would be better off nicking your TV right? Best thing to do in that circumstance is to just put it somewhere out of sight and be discreet about it (i.e. don't go around telling people about it). 

If you're buying substantially more than that, then you should start thinking about home safes (secure ones not the cheap Argos kind), offsite safety deposit boxes, relevant insurance etc. It's all down to where you are in your journey and the level of risk you're willing to accept. Personally I find a couple hundred quid a year worthwhile for peace of mind of having a safety deposit box (both for PMs and other important records), but many others here wouldn't like that idea. 

I went down the bank a few months ago and asked a boxes, and an answer I was given was not that great. If you have X amount at home and your insurance covers it, great. However the same amount is not covered by the bank, and is covered by you home insurance just the same. Not only are you paying X for your insurance you are adding Y for the storage at the bank. 

Get a nice safe, and make sure your insurance company knows what you have, mine didn't go up

[Melon]

1 minute ago, tallthinkev said:

I went down the bank a few months ago and asked a boxes, and an answer I was given was not that great. If you have X amount at home and your insurance covers it, great. However the same amount is not covered by the bank, and is covered by you home insurance just the same. Not only are you paying X for your insurance you are adding Y for the storage at the bank. 

Get a nice safe, and make sure your insurance company knows what you have, mine didn't go up

You can get insurance to cover your SDB as well. The bank doesn't insure it by default. But yes, it may be better to choose one or the other, depending on your needs. 

[StackerNoob]

I think your basic instincts are correct, when you have a handful of coins and say, less than 50 oz, its probably not worth your time and effort trying to figure out offsite storage.

I actually was a little lazy and waited until I had a couple hundred oz before thinking about storage. I keep most items off site now, but always have a little that I use for making videos or if I havent moved it into storage from a recent order.

When thinking about home storage, the one thing I would insist on is the value of layers. Try to find somewhere that is at least three or four layers deep. i.e under a floorboard beneath a rug which has furniture on top of it.

Their is also the option of false backs and bottoms of cupboards and wardrobes etc, but I always think these are less secure. Still a good option though. 

One thing I used for a while was a safe that did not look like a safe. I wont go into detail because I dont want thieves thinking too much about this, but there are some pretty creative safes out there that look like completely worthless objects.

 

[StackemHigh]

If you Can get delivery to somewhere else that you DO NOT STORE   any of your pm's adds a little extra protection for free. Mis direction if you like. I've used 6 or 7 delivery addresses so far. Large orders can go to work place so you can always be in etc.

[Airhead]

Although the majority of banks stopped supplying deposit boxes a while ago, a number are starting to reintroduce the service. Lloyds and Metro are two that I know have started to market the service at some of thier branches.

I always feel quite envious when I see the vaults that even small high street banks have, you do get an odd feeling imagining what must have been stored over the years, crates of sovereigns perhaps. 

[SilverPirate007]

I store away from my home in a safe at another property. Well hidden