The Coin Bank
By Coins and coin collecting | Wednesday, 17 May 2006
Why you should consider a coin bank
The coin bank appeals to many different people and for numerous reasons. Children enjoy saving their pocket money in a coin bank so they can buy something big with it when they've got enough money; this also acts as an excellent way to teach your children to save money of course. Coin collectors have a specific type of coin bank to store their precious and collectible coins in. These are not usually the novelty shaped coin banks that children use but are more similar to a safe or safety deposit box in appearance and use.
Collectibles
Coin banks have been popular over a great many centuries all around the world and, as such, there have been numerous designs from many different countries. Some coin banks are very old and worth a large amount of money because of their historical value and their uniqueness. Even more recently coin banks have become collectible, and in some cases it doesn't take very long before a novelty coin bank is transformed from a mundane children's saving method to a valuable collector's item. Because money plays such a big part in everyone's lives and because the coin bank has always been a popular choice among children, parents and any other adult a coin bank really can become quite collectible.
Storage
Keeping a coin collection safe and out of harms way can sometimes be difficult. By purchasing a heavy and unbreakable coin bank you can store your entire collection without fear of your coins becoming damaged, lost or broken. Also, for insurance purposes the use of a good and secure coin bank may improve your premium, although bear in mind that most of your premium is based on the value of your coins.
Protection
Because coins were created for every day use and to be stored together they will take a good battering before they become too damaged but the abuse many do suffer is obvious when looking at the coins. Scratches, scuffs and other blemishes are abundant on older coins. If you collect silver or gold coins then the importance of keeping them in a coin bank should be very obvious. Silver and gold coins in mint condition are worth a lot more than their battered and bruised counterparts. If you are an investor then a coin bank will help you protect your investment and if you are a collector a coin bank will help you keep your collection in the condition they deserve to be kept in.
The best type of coin bank
If you are purchasing a coin bank to house your coin collection then you obviously do not want one that has a slot at the top and a reasonable enough drop to an edge-denting fall. You should buy a coin box that resembles a safe. You should be able to open it and place your coin collection in without having to force your coins to endure any rough treatment. It should be air tight and water tight to protect it from the elements and this way your collection will look as good when you take it out as it did when you put it in.
Safety deposit boxes as coin banks
For the rarest and most valuable of collections you may want to consider the use of a safety deposit box in a secure bank. Only you will be able to access this box and you can easily place a coin bank in there or a wallet that contains your coins. By doing this you are giving yourself the peace of mind that your collection will be secure against thieves and damage. Of course, if you want to proudly show your collection to family, friends and other collectors this may not be the best solution for you.
This article is part of the Coins and coin collecting articles.
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