Three (golden) cheers for Utah!

Utah just passed a bill to accept gold and silver as currency, and we could not be happier.

The recent bill has essentially three components:

· Recognizing gold and silver coins as a legal tender

· Provides a credit for the capital gains tax implications on gold and silver used as currency.

· Sets up a joint committee to further study changes in the monetary policies of Utah.

We hope that other states, and eventually the federal government decide to seriously consider returning to the gold standard. Hip-Hooray for Utah courageously embarking on a new chapter!

Coins and Safety

If you are growing your coin collection as an investment, eventually the safety of your collection will be a top priority. I have seen various methods of hidden storage and various security measures. Here are a few ideas to help keep your coins safe and secure.

· Safe Deposit Box

Keeping your most prized possessions at the bank is a very secure way to safeguard your collection. The only drawbacks are the yearly costs (which is normally quite cheap) and not having 24 hour access to your coins. I know many collectors that put only their high value coins in the vault to guarantee security.

· Home Safe

A home safe is a great way to protect your collection. I advise against small lightweight safes as it would be easy for a would-be thief to walk off with the entire thing! Gun safes are heavy, sturdy, and often provide a great deal of fire protection.

· Hidden Spaces

Many people hide their collection in boxes or tubs marked “Christmas” or “Photos” or something that would not gather attention from a criminal. Make sure to hide them somewhere that nobody will think to look. I have seen books for sale on building hidden compartments in your house that only you have access to. This is a great way to hide your collection “out in the open”.

Always remember not to advertise to family and friends how much your collection is worth or exactly what you have, as one person tells another who tells another, and next thing you know, you have unwanted company searching your house for your hard earned treasure.

Keep collecting and stay safe!

Modern day coin finds!

One of the best strategies to inexpensively build your collection is as close as your local bank. There are many coin collectors that start building their collection by searching through pocket change. Taking this a step further (after exhausting all of the change in your pockets) you can head to your local bank to buy wrapped bankrolls.

A few years ago I began buying rolls of half dollar coins, pulling out all the silver coinage, and taking the leftovers to a different bank. When silver was $5 +/- an ounce, I hoarded mountains of half dollar silver coins. Most of them were 40% silver, but I found many 90% silver and even some proof silver coins. Unfortunately most banks have stopped carrying half dollar rolls, but I encourage you to ask!

One of my favorite and ways to search coins is one-cent rolls. I save ANY penny dated before 1982, as the copper inside is worth more than face value. I believe in the future, copper prices will continue to rise and these coins will be harder and harder to find. I have even seen people accepting $50 of pre-1982 pennies in exchange for $100 of merchandise.

Nickel rolls can yield coins that are worth saving. I generally save anything dated 1960 and earlier as they are getting harder and harder to find. Many coin dealers charge a premium for these nickels.

In my opinion, the days of successful searching quarter and dime rolls has for the most part come and gone. This isn't to say that you will never find a gem, but I have found that those discoveries are few and far between.

When people bring in their change, many times banks will roll the coinage straight from counted bags of coins. This leads to rare finds that may have been mixed in with 'grandma's' change when she brought it in. I have also found numerous proof coins and foreign coins mixed in with common bankrolls.

I encourage you to take a chance and see what treasure awaits you!