One of the annoying parts of moderating comments is that you can read a comment, click to approve and then have it vanish back into the archives somewhere. That happened this afternoon. Anyway Chris from Alaska asked my thoughts on moving with physical precious metals, he said a bit more but that is the jist and well the comment is back somewhere. Anyway here it goes.
Personally I would be inclined to hand carry precious metals during a move. If for some reason that didn't seem like a good idea another option if you have a PO Box or very trusted individual on the other side would be to ship them in the mail (or UPS/FEDEX) insured up to their full replacement value. Well those are my thoughts. There will be a normal post later.
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4 comments:
An funny story regarding flying with PM's (and a lesson, too). A friend of mine came across an incredible deal on US silver dollars. The problem was, he was here in CA, and the coins were in Hawaii. The deal was so good, he flew to HI to buy them.
He decided that he was going to take them with him as carry-on. All 140 POUNDS of them! Well over 2000 coins.
The coins were declared for their face value, not their numismatic or melt value. He was asked over and over, what they were worth. His answer every single time was "one buck a piece - says so right on the coin!"
He was finally allowed to board the plane, but there is a lesson here: If he were trying to do the same with silver bullion, and not US coins, at the very minimum, he would have had to have declared the melt value of the coins, since they weren't legal tender. That would have put him on a whole other Special List with the TSA (although he was probably put on it anyways).
If traveling by air, I'd travel "small". Perhaps even converting silver into gold to make it more compact, then going back to silver once you arrive. It would cost you a bit in the buy/sell transactions, but you could stay off the radar much more easily that way.
Chief, I have flown with PM's twice recently though not that much in terms of value or weight. When getting on the first time they didn't say anything. When going through customs here somebody asked what the solidish metal thing in the bag was and I said my coin collection. Nobody asked about value or anything.
Flying is a possibility. So long as the total value is <$10K you don't even have to declare it, although that won't stop you from being hassled.
Hand carrying during a road trip is also possible but I'd feel nervous. My car already has enough valuable stuff in it when I move, adding a few grand in coins won't help...
Mailing is probably the safest but most expensive option. If you see your PM's as an investment then you want to minimize expenses. I wonder if it'd be possible to mail them directly to a local bank in your new area and pick them up upon arrival.
Maybe hand carrying and paying for a valuable personal property rider on your insurance for the duration of the trip is the way to go. Don't rely solely on your standard insurance policy -- most will only ensure a few hundred bucks worth of cash or coins.
Chris, I guess it all depends on what concerns you most. A rider would secure coins that you hand carried for (I imagine) a nominal fee. However that is another person/ group that knows about your precious metals.
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