# Vault, Portfolio & Redemption

The portfolio is the collector's home for vaulted assets. Redemption turns a vaulted holding into a physical delivery workflow.

```mermaid
stateDiagram-v2
  [*] --> Vaulted
  Vaulted --> RedemptionPending: Collector requests redemption
  RedemptionPending --> Redeemed: Fulfillment confirmed
  Redeemed --> Burned: Registry token burned/finalized
  RedemptionPending --> Vaulted: Request cancelled or rejected
```

## Portfolio Holding

A holding should show:

* Coin name, grade, and certification context.
* Stored obverse/reverse media and generated product video when available.
* Vault status and custody proof.
* Integrity proof link.
* 90% vault bid (buyback offer based on estimated market value).
* Redeem action if eligible.

A physical coin cannot be owned by two users simultaneously. Ownership is enforced at assignment time (marketplace purchase or pack reveal).

## Pricing

| Context                          | Price                                                  |
| -------------------------------- | ------------------------------------------------------ |
| Marketplace ask (unowned coin)   | Deterministic, within +/-10% of estimated market value |
| Portfolio vault bid (owned coin) | 90% of estimated market value                          |

## Media

* Generated product videos that have bad frames (black frames, rendering artifacts) are gated from frontend rendering.
* Gated videos remain in the media pipeline for regeneration.
* Coins with gated videos still display obverse/reverse images and all other metadata normally.

## Redemption Controls

Redemption should remain a backend-controlled custody workflow. For canonical deployment, contract state transitions should be reconciled with database status before the frontend shows a final redeemed state.


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