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 Replies: 35 / Views: 8,966 |
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Bedrock of the Community
United States
10038 Posts |
Having young grankids myself, I understand the concept of time being the most important thing to give to them. When they get old enough to understand it, do some coin roll hunting with them to fill an album - Kennedy halves are easy to fill (a circulation issue album - not proofs), and you may even find some silver to excite them more (and you!). They will then remember the time they spent with you each time they see the coins you leave them. |
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Moderator
 United States
56855 Posts |
 to CCF. I would say key coins. They should hold their value if not increase. Also precious metal coins is a good idea if you can buy them at the low end prices. John1  |
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Pillar of the Community
921 Posts |
IMO, coins for the grandkids may not be the best idea right now.
Open a "trust account" instead of sitting on the coins as they may not understand that coins can't be touched or spent.
Treat the coins as you would the knife & guns & once they get older & understand more about knives, guns & coins, then use the money from the trust account to invest in coins.
For now, spend time with them & show them your coin collection & cherish the moments.
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Pillar of the Community
United States
3210 Posts |
Considering I am 27 and don't have kids but do have a 4 year old nephew. I introduced him to coins last year letting him play with worn out Buffalo nickels, junk silver, etc and he likes it. I got him a few State Quarter sets to see if he likes it as he gets older. If he continues to like it I will give some coins from my collection, if he doesn't then I will keep the coins for myself and pass them down when I do eventually have kids. My philosophy is why waste money on a hobby no one will,appreciate or possibly sell my Morgan dollars for cheap. Now for sets you should collect. 1. Morgan dollars- without a doubt the most popular coin to collect period. Always buy certified by ngc or pcgs tip you acquire a good enough eye to buy raw coins without getting ripped off. 2. Walking Liberty half dollars - you can easily complete a raw set for under $1000. The 21 and 21d will set you back 300-400 or so for both alone. Or buy high grade common date ones certified again by ngc or pcgs. 3. A personal favorite of mine Mercury dimes- buy high grade and will full bands they add a premium again buy certified. Hope this helps |
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New Member
 United States
4 Posts |
Thank you all! The advice given above has been immeasurable, So much so that my plan on how to collect has changed dramatically. My plan was to just collect $5-$10 coins and fill several shoe boxes so after I'm gone the three would have bunches of coins to go thru. Reality is that I want to leave them something to remember me by and nothing says that better than a slew of better quality coins. for now I have started collecting Morgans from $5--$250, Walking Liberty halves from $50-100 each and better quality Silver Eagles. As time goes on I hope to buy a few Gold coins as well as some real super grail coins. Quality over quantity really rang a bell with me. One more question; Is there any benefit to adding silver bullion (bars, rounds, etc.) to this collection or should I keep it all in coins? Thanks again!! |
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New Member
United States
4 Posts |
I did want to add that when they were born we started trust funds for each. My wife makes far more than I so she is in charge of managing them. I decided on coins because I am having the ball of a lifetime collecting them. I am 60 so I have a few more years to go so I can have fun and leave them what I have amassed as "my" collection. The advice to buy certified higher end coins put a huge smile on my face!
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Bedrock of the Community
United States
20753 Posts |
Quote:
One more question; Is there any benefit to adding silver bullion (bars, rounds, etc.) to this collection or should I keep it all in coins? No big benefit but always nice to be a bit diversified. Like anything, never put all your eggs in one basket so goes the old saying. |
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Bedrock of the Community
United States
11951 Posts |
When I posted before, I did not know the level you were thinking of spending for this adventure. With this new information, I would suggest other coins than I was thinking before. I would go with Morgan's and Classic gold. I might look for some that would make it personal. Like gold coins that are 100 years older than the grandkid. Another suggestion would be classic and modern commemorative silver. My grandson likes looking at them. Years ago I read a article where experts think long term, that modern commemorative dollars will gain in value. Right now they are very reasonable, and is possible to put a set together. Here is a old link to some of mine .. just to give you a idea what they are like. https://goccf.com/t/113108 |
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Bedrock of the Community
United States
20753 Posts |
And too there are so many stories of people that inherit coins and then just take them to a coin store, coin dealer or even just dump them in a bank. Getting coins for kids may not work out the way you want. Remember that if they have no interest in coins, they will simply get rid of them and no memories of you giving them those. So many people I knew in the past just got rid of anything they had no interest in and all money spent on that was usually just lost.
IF you really want to be remembered, just take a lot of photos of you and them together. Much cheaper and for sure the best way to be remembered if they can actually see you. Almost, not all, kids can appreciate a photo and no loss if not. Easy to make many copies of too.
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Valued Member
United States
337 Posts |
I suggest whatever coins you buy you get three alike. Coin future values are difficult, and think about one or two coins soaring in value. who gets it? Inheritance has caused many family feuds,so make it equal. And I would definitely include coins from the birth years, and maybe heritage coins from where your family lived in the past, like before America was settled. Meaningful and equal would be my suggestions.
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Pillar of the Community
Canada
1269 Posts |
When I buy a coin I always think about what will happen to it when I am gone. I am trying to make sure that the beneficiary can either sell the coins for a decent price or keep them as collectables that will always have some value. As such I do not bother buying a lot of cheap coins. In my ancients collection I currently have 12 coins. 6 of these are coins of the Twelve Caesars. I could see my collection expanding to perhaps 40-50 coins maximum, but each of those will be worth having. I would much rather wait and pay 500.00 for one coin than buy 20 25.00 coins. However, there as many ways to enjoy collecting as there are collectors. You will find your way, just enjoy the trip.
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Pillar of the Community
United States
1704 Posts |
I think your grandchildren are far too young for to consider leaving them your coin collection as a legacy to you. They barely know you now and perchance you die before they can really get to know you and your passion for coins there would be no sentimental reason for them to keep any coins that are left to them or to become coin collectors themselves. As they get old enough to comprehend how coin collecting can be a fun and rewarding hobby then take to the coin shops and coin shows they will let you know if they have any interest. Collectors are born with a desire to collect something, if there is no desire at an early age then it probably will not be be there later. The majority of people inheriting coins do not keep them. Some coin collections are kept because it was grandpa's or dad's by non collectors for a generation or then it gets sold. I have no children. No one else in my family collects coins. One of my brothers just last year began to buy .999 anything, silver rounds, silver eagles and such. I gave a Morgan dollar to his son for his birthday many, many years ago and he still has it. I have talked to him about buying coins for the future and he said maybe later. He is 27 I think. He will probably be the one who will ultimately get my collection. I know he is aware of how much I enjoy collecting coins and I know he would not just run down to the nearest coin shop and sell them as soon as he got them. I will recommend he not sell the coins until he retires as many of the coins I have have very good investment potential. I have a few silver eagles and no .999 rounds and bars. Edited by Gyrene7483
06/04/2015 8:40 pm
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Valued Member
United States
331 Posts |
start with the america the beutiful quarter series started with my mom and now addicted plus they can be bought at the bank for .25
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Valued Member
United States
331 Posts |
do you have 10 dollars to waste on your grandkids
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Bedrock of the Community
United States
19952 Posts |
Quality over quantity. Most people left with big coin hoards are NOT collectors, they will be overwhelmed with a giant collection willed to them. We see people come to this forum all the time with this "problem". It ends up being a tough job to determine what to do, most end-up selling the collection because they need the money. When unloading such a beast, they typically have to sell at a discount or, worse, they get ripped-off.
With just a few valuable coins, they are easier to store and easier to sell later if needed.
Now, on the flip side, it wouldn't hurt to buy a few more common, less expensive coins to get them interested in the hobby. Often a partially filled album will get them interested and motivated to "fill the holes". I would keep this minimal though, just one album for each kid. However, IMO, most of your effort and money should be focused on just a few quality coins.
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Replies: 35 / Views: 8,966 |
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Posted 05/23/2015 07:13 am
