Safe Deposit Box or Home Safe: Which is the Best Place for Your Valuables?

There are pros and cons for using either a safe deposit box at a bank or a home safe, including some things I’ll bet you’ve never thought of.  I’m going to list a few ideas you need to be aware of so you can make an informed decision.  After all, you don’t want to place your newly-acquired gold bullion, your heirlooms and expensive jewelry, or your important papers at risk. 

 

Safe Deposit Box

Nothing in your safe deposit box is insured by the FDIC, nor is the bank liable for it.  So be sure these items are included in your personal insurance policy, even if you have to add a rider (a personal-articles floater).  Ask for language stating “we cover personal property owned or used by an insured while it is anywhere in the world” for your jewelry.

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What Is The Constitutional Tender Act?

The U.S. economy is having big problems.  This is not news!  But some legislators in Georgia think they have a solution to the problem.  While it would only impact their State, their hope is that if the bill passes they will set a good example for other states as well as the Federal Government.

The Constitutional Tender Act is Georgia House Bill (HB) 430.  It was introduced by Representative Bobby Franklin (R-43) in 2009.   He points out that the United States Constitution declares (Article I, Section 10) that “No State shall…make any thing but gold and silver coin a tender in payment of debts.”  However this is no longer the case.  

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Krugerrand, American Gold Eagle, Canadian Maple Leaf, and the Australian Gold Nugget: An Introduction

In the last post, I explained the difference between gold bullion coins and gold numismatic coins.   If you have decided to invest in gold bullion coins, it is important to understand some of the different types that are currently available worldwide, along with their face value, gold content, and approximate weight.  Here are four of the best-known gold bullion coins.

 

Krugerrand

Introduced in 1967, the Krugerrand is produced by the South African Mint Company.   On the obverse (front) side of the coin is the bust of Paul Kruger, who was the 5th President of the South African Republic (1883-1900).   On krugerrandthe reverse (back) side is a springbok, which is a South African gazelle.  It is the national animal of South Africa and is the name of South Africa’s national rugby team (the Springboks).  While it has no face value inscribed, it does have the amount of gold content.

The Krugerrand is the first gold coin to ever contain exactly one (1.000) troy ounce of fine gold.   It weighs 33.9303 g and is minted from gold alloy that is 91.67% pure (22 karat fineness), the remaining 8.33% of its weight being copper (aka crown gold).

In 1980, three smaller coins were introduced, each with a gold fineness of 91.67%:  1/2 ounce (wt: 16.9636 g; gold: 0.50 troy oz); 1/4 ounce (wt: 8.4818 g; gold: 0.250 troy oz); and 1/10 ounce (wt: 3.393 g; gold: 0.110 troy oz).

 

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