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 Replies: 58 / Views: 8,264 |
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Bedrock of the Community
United States
17884 Posts |
Quote:
The big thing with me is that I want to keep it in my family and in hundreds of years from now I want it to be with someone that's related to me. I've thought about that and it might be possible to place the collection in a trust to be held until such time as one of your descendants does develop an interest in coin collecting at which time they would inherit the collection. You would probably have to establish some kind of guidelines the potential heir would have to satisfy in order to prove that they actually had a real interest and weren't just saying they were a collector in order to inherit. |
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Moderator
 Canada
10458 Posts |
Hopefully, a PCGS registry set of two will remain #1 for a decade or more... would be cool to attach a pedigree to some of my collection.
More realistically, I think a good legacy is writing articles and publishing on coins you collect. There are a lot of collectors out there, with a lot of cool coins and information in their head, which never sees print in any form. Most coin clubs and associations are always asking for contributions...
I have published some of my errors and varieties in Errorscope (publication of CONECA), maybe many years from now, when these pieces hit an auction block, someone can point out my paper that describes the error...
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
United States
937 Posts |
Well, I am rather firmly in the camp of 'I do not care'. I will be dead so it will not matter to me as I am sure if there is awareness in the next adventure I will be too busy being aware of there. I am no longer young and my wife is 20 years my senior so I do not expect that she will be around to deal with it, and there are no kids. So I expect it will be broken up and many other collectors will love and treasure them.
Just as I have marveled and wondered about previous owners of my coins someone new will wonder over them and be thankful that I did my best to keep them well so the next collector can enjoy them.
My coins helped keep me somewhat sane as I grew up in a bit of an insane environment and as an adult they became my passion. I am sure that someone or someones will enjoy them and quietly thank me that I kept them nice so they could enjoy them.
As I will not be able to say it then I will say it now... I knew you would appreciate it, enjoy them.
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Pillar of the Community
United Kingdom
548 Posts |
Depends how long I live, I suppose.
If I died now I'd like the collection to go to my brother.
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Pillar of the Community
United States
655 Posts |
At this point I'm hoping for grandchildren, seeing as how my kids don't care about coins or my collection.
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Bedrock of the Community
United States
20753 Posts |
Quote:
've thought about that and it might be possible to place the collection in a trust to be held until such time as one of your descendants does develop an interest in coin collecting at which time they would inherit the collection. A problem with this method is just who would hold it and where. If your like me with virtually thousands of coins, hundreds of Albums, books and just coin stuff, just who would want to hold it all. And where? I've got boxes full of Proof and Uncirc sets, miscellaneous loose coins, etc. I highly doubt any attorney would furnish a place for all that. And what relative would hold this all? Placing it all in a trust sounds great but just where would it all be kept? And by WHO? I really know no one I know is interested in a coin collection. And for sure no relative. The only and primary thing I do care about is wherever it all goes, it would be just sort of a waste. All my hours of sorting, comparing, etc. just a waste as they all fall into a coin counter. As I was reading this I sort of pictured my #1 Mercury dime Album of all FSB coins being dumped into a coin counter. Over the years I've heard so many horror stories of what happens to people's so called valuables after. I remember a person I used to know that was a small arms instructor in the military. His massive collection of guns, knives, ammo, etc. was mind boggling. He passed away and his relatives called in a gun store and they offered a thousand dollars and they took that. What a waste. With coins I sure would hope at least they end up in a collection, not a banks coin counter. |
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Moderator
United States
14463 Posts |
No one in my family currently has any interest in my coin and bill collections, probably their only interest is in how much it is worth or not.  I plan to make a will soon, and plan to will the collections to CCF.  |
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New Member
United States
22 Posts |
Honestly, how many serious collectors have you known that had their collections walked down to a cut rate buyer? Hardly any unless they were stolen.... Plus many of them are tight-fisted misers and would never have their precious coins and currency sold at firesale prices.
I would rather liquidate at real market price and give the money to causes I believe in, then have complicated problems for heirs to solve. If a serious collection were sent to Great Collections, HA, or Stacks Bowers for sale you could be reasonably confident the net realized would be over Bluesheet.
Edited by colonelgreen
11/21/2014 7:17 pm
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Valued Member
United States
457 Posts |
Although I won't have to worry about this for a long time, I can tell you what happened to my grandfather's collection. He had this amazing collection that I didn't even know he had back when he was still alive. I was astounded by his US gold, especially the pre-1933. My father went through his collection and it totaled up to 71.4 oz of gold! He wanted all the grandchildren (that includes me) to get 3 pre-1933 gold coins, which he did pick out before he passed. So far, I am the only one out of the six grandchildren to not sell it. I guess my older brother has not sold his yet, but he plans on selling it sometime soon. Each grandchild got a little more than $4000 in gold coins. But the ones who sold it got around $2500 as they all went to the same pawn shop together at one time, and of course they knew nothing about the coins and obviously didn't care either  . So I look at this experience and pray that it doesn't happen to my coins, even though I'm dead my collection will probably be one of few things that they will have to remember me by. Also, if you were wondering, I do not ever plan on selling these gold coins I inherited, no matter how much money I have in the future.  |
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Bedrock of the Community
Australia
21788 Posts |
I have never thought about getting all of your justifiable by value coins graded. One of the main reasons why coins are graded is so they can be sold.
If you have already carked it, someone else has to flog 'em off out of your estate. Much easier if all of your most valuable coins are graded.
Good one, trout1105!
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Pillar of the Community
Canada
849 Posts |
My father is in his mid eighties and is of sound mind although his physical health is poor. He still lives in his own home with my mom. He has always collected coins and that is what interested me as a child. I had never collected fifty cent pieces nor silver dollars but this year he gave me 12 duplicate silver dollars and 22 fifty cents - all silver not nickel. [He does not have a '48 dollar nor '47 ML so no duplicates!] I am one of five children - two others collect coins but not quite as intensely as me. When he passes I know his first wish would be that some family members (children, grandchildren) would cherish his collection. His second wish would be that if certain coins/sets are of no interest that they would be sold for reasonable value. What he would not want is to see a bunch of stuff dumped off at a bank as that is what recently happened to his elderly sister by a family member. He has told me a couple of times how sick that made him feel - not just for the monetary loss but the emotional disregard as well. I am in my early sixties. I have three children - one who has albums for Canadian cents, nickels, dimes, and quarters. He might be the one who ends up with my collection. I have a printed excel sheet of what I have and highlight key items that could be disposed of with value on ebay, etc. if there is no family interest. |
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New Member
United States
22 Posts |
In Connecticut there is not a shop that would offer GS bid for most coins walking in their door, but more like 10-20% behind. Most pawn, gold buyers and shops would offer around melt for gold coins, certified or not. There is a way to get top dollar for type gole, I do not recommend auction for those pieces usually unless they are super high end. Heritage and Rarcoa have published buy prices, so you don't lose money when selling through auction. At least with CAC there are definite bids for most coins with the green bean.
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Bedrock of the Community
Canada
21610 Posts |
I will probably leave it to my grandaughter. She is 10 and has been collecting for 2 years. For Xmas and Birthdays, she always asks for coins instead of toys. A true collector.
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Pillar of the Community
United States
5855 Posts |
Wait, who said I planned on being "gone" some day? I don't recall ever agreeing to that!  Seriously, though, my wife only lets me spends so much on coins because I have convinced her they are a good investment and I can sell them if we need the money in our retirement. So I'll either sell them as promised or, assuming we don't need the money to live, I'll hand them down to my son. He's only 9 right now and is interested in them, but who knows what the future will hold. Hopefully, he will cherish them and want to continue adding to the collection and passing them down to his child(ren) some day, but if he decides to sell them all for a quick buck I guess that will be his right. I won't be around to worry about it, obviously. Edited by barryg
11/25/2014 1:20 pm
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New Member
United States
22 Posts |
I'll have my wife and/or kids auction my entire collection on ebay :) one shot, someone gets to incorporate my collection and my family gets the value! |
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Replies: 58 / Views: 8,264 |
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Posted 11/21/2014 11:57 am
