Antique Safe Deposit Box History and Collecting Guide

Author

Reads 1.3K

Decorative cardboard appliques of safe deposit with piles of coins above Savings inscription on blue background
Credit: pexels.com, Decorative cardboard appliques of safe deposit with piles of coins above Savings inscription on blue background

Antique safe deposit boxes have been around for centuries, with the first recorded use dating back to ancient Greece and Rome. They were used to store valuable items, like gold and jewels, in secure containers.

In the early 19th century, safe deposit boxes became a staple in banks, offering a secure place for people to store important documents and valuables. The first safe deposit boxes were made of wood and were often locked with a combination lock.

These early safe deposit boxes were relatively simple in design, but they provided a sense of security and peace of mind for those who used them. As time went on, safe deposit boxes evolved to include more advanced locking mechanisms and materials.

Today, antique safe deposit boxes are highly sought after by collectors and enthusiasts, who appreciate their historical significance and craftsmanship.

History of Safe Deposit Boxes

Safe deposit boxes have been around since the 1860s, which is a pretty long time.

Credit: youtube.com, UNLOCKING 100 YEAR OLD ABANDON BANK SAFE DEPOSIT BOX - Compilation Unboxing History Series!

They're usually kept in bank vaults and are sturdy storage containers designed to hold personal valuables.

Historical oddities often turn up when these boxes are finally opened, likely due to the long time they've been stored.

These boxes have been widely used for storing personal items, which is a testament to their enduring popularity.

Types of Safe Deposit Boxes

Safe deposit boxes come in various sizes to accommodate different storage needs. They can be as small as 2x4 inches or as large as 15x30 inches.

The most common types of safe deposit boxes are walk-in vaults, external vaults, and in-room safes.

Mystery Box

A mystery box can be a real puzzle to solve, like the 600-pound safe cabinet that sat in the Boone County District Courtroom for 52 years. It was locked for 40 years, with no one knowing the combination.

Experts tried to open it, but nobody could crack the code. A tourist's lucky guess finally opened it on his first try.

Credit: youtube.com, A minute on secret safe deposit boxes

Mega-rich individuals often own safe deposit boxes to keep their prized possessions safe. But, as we saw in the case of the mystery box, it's not always that simple.

The tourist's guess was a lucky one, but it just goes to show that sometimes, the solution to a mystery can be unexpected.

Commerce Bank Locking Bag with Key

You can't go wrong with a good old-fashioned locking money bag, like the Commerce Bank Locking Money Bag With Key. This type of safe deposit box is designed to keep your valuables secure.

The key is literally the key to unlocking the bag, and it's a simple, no-frills way to store your important documents and cash. Just be sure to keep track of that key, because if you lose it, you'll be locked out.

A cautionary note: be careful when inspecting the lot numbers and descriptions, as the photograph may not always accurately represent the item. You're bidding on the described item, not the picture.

Don't assume that just because two items are connected in the photo, they're part of the same lot. Take the time to read the descriptions carefully.

On a similar theme: How to Safely Wire Money

Condition and Maintenance

Credit: youtube.com, Repairing Antique Safe

Antique safe deposit boxes can be fragile and delicate, so it's essential to handle them with care.

Some antique safe deposit boxes are made of metal, such as iron or steel, which can be prone to rust if not properly maintained.

Cleaning the exterior of an antique safe deposit box with a soft cloth and mild soap can help prevent rust and maintain its appearance.

Regular dusting can also help prevent dust buildup, which can be difficult to remove without damaging the box's finish.

Over time, the hinges and locks of an antique safe deposit box can become stiff or stuck, requiring gentle lubrication with a silicone-based spray to restore smooth operation.

Antique safe deposit boxes can also be affected by changes in humidity and temperature, which can cause the wood to shrink or expand, potentially causing the box to crack or warp.

To prevent this, it's essential to keep the box in a stable environment with a consistent temperature and humidity level.

By following these simple maintenance tips, you can help preserve the condition of your antique safe deposit box and keep it in great working order for years to come.

Frequently Asked Questions

Is it illegal to keep cash in a safe deposit box?

No, it is not illegal to keep cash in a safe deposit box. However, it's worth noting that the contents of your box are subject to certain restrictions and potential access by authorized parties.

Why are banks getting rid of safe deposit boxes?

Banks are discontinuing safe deposit boxes due to decreasing demand and increasing costs. This shift is largely driven by the difficulty and expense of replacing documents stored in these boxes.

Can IRS take cash in a safe deposit box?

Yes, the IRS can seize or force the sale of the contents of a safe deposit box, including cash, to satisfy a tax debt or penalty. This may happen if a court order is obtained.

What happens to old safety deposit boxes?

When a safety deposit box is unclaimed and abandoned, the bank may transfer its contents to the state treasurer or unclaimed-property office. This process is called escheat, and the timeframe varies by state statute.

Aaron Osinski

Writer

Aaron Osinski is a versatile writer with a passion for crafting engaging content across various topics. With a keen eye for detail and a knack for storytelling, he has established himself as a reliable voice in the online publishing world. Aaron's areas of expertise include financial journalism, with a focus on personal finance and consumer advocacy.

Love What You Read? Stay Updated!

Join our community for insights, tips, and more.