KEEPING YOUR COINS SAFE WITH Victor J. Gonzalez

Victor J. Gonzalez has been involved in the insurance industry since 1985.

After a successful accounting career with the U.S. Air Force, he gained employment at insurance giant Marsh McLennan, where he remained for six years, rising to the position of senior account manager for the Southwest region. His insurance adventure continued with his co-founding Cleland & Associates, where he has remained for over three decades. Gonzalez underwrites insurance for over $300 million worth of rare coins and gold and silver bullion.

Is the recent compromise of private depositories a disturbing trend to you?

Any time there’s a loss of millions of dollars of rare coins and precious metals, you realize the vulnerability of storage methodologies. In the case of depositories, inventory of high value is stored under one roof. That can be very tempting to a dishonest depository owner. These owners have unique administrative access to items of exceptionally high value, as opposed to the double key security and other precautions often taken by banks to prevent temptation.

How can a coin collector take precautions at a bank safe deposit box? 

First, interview the bank, and get an assurance that it’s in it for the long haul. Banks that now have policies disallowing new box rentals and dissuading current box owners should be avoided.