Coin Collecting For Dummies. Neil S. Berman

       Keep good records. This way, you can supply a list of the missing coins to law enforcement authorities. Be sure to keep on file as much information as possible, includingA description of the coin, including any identifying marksSerial numbers (if the coins have been encapsulated by an outside grading company)Catalog identification numbersThe current value of the coinThe date you purchased the coinThe dealer from whom you purchased the coin

       Have your best coins photographed to help make positive identifications. Digital cameras and the use of the camera in your cell phone make coin photography easy and inexpensive.

       Begin locally and end globally. Contact every dealer in the town where your coins were stolen; then target dealers in the surrounding towns, dealers in the major cities in your state, and dealers in the major cities throughout the United States.

       Provide every contact as much information as possible, including inventory listings and photographs. Be sure to include contact information for yourself and any law enforcement officials involved with your case.

       Use email. Email allows you to send the same message to a large number of recipients at the same time. When I say “large,” I’m talking about the potential to contact hundreds and thousands of dealers. You could send an email each week just as a friendly reminder for dealers to keep an eye open for your missing coins. Be sensitive to spamming issues (sending unsolicited emails). Although most dealers are eager to help people recover their stolen coins, others may find your emails to be a nuisance. If someone asks you to stop sending them emails, honor the request quickly and politely.

       Will my insurance policy cover my coin collection? Unless you purchase special coverage, your coin collection will be insured only for its face value. In other words, you get a buck for that silver dollar you purchased last year for $3,000! Buy coin insurance.

       Am I required to get an appraisal of my collection? You may be required to have an outside independent appraiser prepare an official evaluation of your collection. This evaluation can be expensive, so find out what kind of information the insurance company requires, whom it’ll accept as an appraiser, and how additions to and subtractions from your collection will be treated.

       Will I be required to protect my collection? Your insurance company may require you to install a home security system, a safe, or some other security method. If you already have such things in place, ask whether they’ll help reduce your premiums.

       Are the coins in my safe-deposit box covered? Typically, the answer is no — not unless you pay extra. Be sure to ask whether special coverage is required.

       What about transporting my coins? Are you covered when you take coins from your home to your bank’s vault? How about when you take coins to and from a coin show? Your insurance company may place limits on the value of the coins you transport, and it won’t pay you if you leave your coins unattended, even to go to the bathroom. It will place restrictions on how you transport the coins as well.

       What will the insurance cost? Every insurance company is different, but expect to pay based on a cost-per-value basis.

       What about deductibles? A deductible reduces the amount of money you receive in the event of a claim. If you have a deductible of $500, and your loss was $3,000, you receive $2,500. Sure, you can get a nondeductible policy, but those policies are the most expensive kind. Generally, the higher the deductible, the lower your annual premium. Your job is to find a balance between the two that makes you comfortable.