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 Replies: 43 / Views: 4,528 |
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Valued Member
South Africa
331 Posts |
This thread made me think so just to be sure I asked all my kids if any of then want my collection they are all teenagers and low and behold no one wanted it.......so it just confirms that they will be sold and the money will be given to a good cause.
What is wrong with the kids today?!!
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Pillar of the Community
United States
5857 Posts |
Well, my plan is to take them all with me when I die...  If that doesn't work, the plan is to leave them all to my son, with whom I shared my love of coin collecting. Of course, if he grows up to be an ingrate who refuses to take care of his parents when they get old, I'll probably end up selling them all to fund my retirement years. |
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Pillar of the Community
Canada
1118 Posts |
I am vigorously buying up and cataloging any token related to my home county. Ideally I would like to see that stuff end up in the Carleton County Historical Society's Connel House.
My railroad stocks should be framed and given to the New Brunswick Railroad Museum.
Any general Canadian, Persian, American or what have you type material should be sold to the highest bidder. I like the idea of my children picking out a few select pieces.
I am actually meeting an estate planner tomorrow. What happened was I filled out this ballet at Woodstock's Old Home Week ( a fair type deal) to win $50. I did not win but I got a call from the Royal Bank of Canada (the people holding the contest) asking if I could discus estate planning with them.
I figured it is free so why not. My mother is freaked out by it all (being 22 and meeting an estate planner). So I guess I should make the most of this meeting. My question is: What should I ask him tomorrow to get the most out of this?
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Pillar of the Community
Australia
7096 Posts |
When I finally retire I intend to sell my collection myself and enjoy the proceeds.
This way I will be able to get a fair price and be able to enjoy selling the coins as well.
I have NO intention of leaving my coins in my estate so that some unscrupulous dealer can profit from them after my death,
I would much rather leave the Quids that I get from the sales instead.
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Pillar of the Community
United States
6370 Posts |
We'll see when we get there. I'm 19, so I doubt I have to worry about it in the near future.
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Valued Member
United States
263 Posts |
My collection has a very low resale value, so it will have to go to someone who wants it because they really like coins. If the relatives don't grow up into coin collectors, perhaps one of the handful of adults who like to look at them with me will outlive me and I can pass them on to them. If they decide that they aren't interested, perhaps I'll find a few collectors to start a "tontine" - last survivor inherits everything! Maybe I'll take one of your ideas about sharing them with new collectors, but include both children and adults as recipients - anyone who truly wants them would be welcome. It is tempting to think about burying a few in an unlikely place and really confusing future metal detector people.  It is something that I think about. Some of these coins have lasted a lifetime before I acquired them, and I owe it to future collectors to be a good caretaker, so there will still be some to collect in the future. |
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Pillar of the Community
Canada
818 Posts |
When I retire, I plan on opening a small coin shop to keep busy. The store will be stocked with my collection.
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Pillar of the Community
United States
2023 Posts |
I just started collecting again, now I have to think about this? I figure I'll sell what I need/want to when that time comes, else they will just be part of my estate. No kids and no explicit plans in my will -- my collection doesn't warrant that yet, but it is something to consider.
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Valued Member
Lithuania
386 Posts |
trout1105
AgHoarder
like it
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Valued Member
United States
406 Posts |
My grandfather passed his collection down to me, I've expanded it, and I hope to pass it down to a grandchild myself someday. The coin collecting bug seems to skip every other generation in my family for some reason.
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Valued Member
Lithuania
386 Posts |
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Bedrock of the Community
United States
11951 Posts |
AS some of us get older this is a question that becomes a real concern. I do feel I will really have to thin down my collection. It is to large of a mess to just dump on someone. And it keeps getting larger. Then there is my father who's collection is three times the size of mine. I like to think ... in another 5 to 10 years my wife and I might do ebay sales .. or local coin shows to get the collection into a more manageable level. When I leave this world I think it would be nice to have my collection down to two bank boxes, one for each daughter. I have learned it is better to have your valuables set up so that they go to the person you want to get them, or they might just go to who gets there first. |
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Bedrock of the Community
 United States
18681 Posts |
for all of those commenting that they would pass it down to their children but they are not interested, I would like to help you by stating that I will cherish and take care of your coins for as long as I should live. |
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Pillar of the Community
United States
968 Posts |
I'm not young anymore but if I stay healthy I've got about as much time ahead of me as behind me at this point. So I'm not too worried about it now. If someone in my family or close to me is interested in coin collecting I may give much of the collection to that person. Otherwise I'm fine with my family selling it off. I'll just be sure to leave some sort of guide or road map for navigating through my collection to find the coins that are genuinely worth something vs. those of modest value. Just to make sure some unscrupulous dealer doesn't offer a 1909 VDB price for my 1909-S VDB, for example.
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Valued Member
United States
81 Posts |
Great topic. A few notes:
(1) "Estate planning expert" = salesman;
(2) Having no will DOES NOT mean the state takes ANYTHING, unless you have no living relatives;
(3) This whole thread arouses my suspicions further that the collector base is declining (not too many children interested at all).
I hope to give my kids a good education and foundation to make their own money, as well as hopefully a lot of my own money as a cushion.
On top of this, I have a few coins put away. Before they go in the safety deposit box, I often give them to my children to hold and look at on their own. (The oldest is just in kindergarten.) But they are old enough to recognize they are heavy, and look at the design. They loved holding the 2 oz. Privateer rounds, and looking at the nice high relief pictures.
I harbor a fantasy that they will remember looking at these things when I am gone, and be interested in hanging onto at least some of this stuff for posterity. However, even I can't be sure that I won't lose interest in my waning years, and decide to sell everything or almost everything.
It is a question I take seriously, but I have concluded that holding onto my Index Mutual funds, and transferring the basis to my kids when I die, is a better thing to do for them that burdening them with a coin collection, which I view as something like my own diversion, and a better one than, for example, drinking beer.
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Posted 09/15/2016 2:33 pm
