How to Store 500 Silver Rounds
Silver rounds are a popular investment alternative to silver coins. They resemble silver coins but are struck at private mints--such as the Sunshine Mint, Northwest Territorial Mint or Engelhard--and thus are not recognized as legal tender. However, their silver content and purity is identical to that of the Silver American Eagle coin struck by the U.S. Mint, meaning each contains one full troy ounce of silver with a purity of 0.999 fine. Legal tender or not, they are a valuable asset that must be protected from theft and damage, yet easily accessible by the owner, ideally in a nearby place.
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Things You'll Need
- 500 silver rounds
- 25 square plastic coin tubes
- Masking tape
- Safety deposit box (minimum 3 inches by 5 inches by 22 inches)
Instructions
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1
Remove the rounds from their original rolls and place 20 in each of the plastic coin tubes. Secure the lids on the tubes. For added safety, put a piece of masking tape over the lids to prevent the tubes from opening accidentally.
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2
Place all 25 coin tubes in a briefcase or small strongbox. The tubes are square, with a round center the exact size of a large silver dollar coin such as a Morgan or "Peace" dollar, so your rounds will not rattle or knock against one another.
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3
Visit the bank and sign out your safety deposit box. Take it and the briefcase/strongbox into one of the secured rooms the bank provides for box renters. Lock the door from the inside.
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4
Place your coin tubes containing the silver rounds in the safety deposit box. When you are finished, return the box to the safety deposit vault and lock it inside.
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Tips & Warnings
Take special care of the keys to your safety deposit box. If you should lose them, they are expensive to replace. When the bank is acquiring a new key for you, you will not have access to your safety deposit box.
