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 Replies: 38 / Views: 5,048 |
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Valued Member
Canada
85 Posts |
It looks like most of us would pass them on. For me, I said pass them on, but that is because I would never be able to let them go. I do not think my chilren will get into coin collecting so I think they will sell them off as part of my estate. That saddens me, but I would rather leave it to them to sell, because I could never do it myself.
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Pillar of the Community
United States
3592 Posts |
My goal is to spend every cent I can before I die....this collecting is just a "piggy bank" for me....now maybe if my future grandchildren would show a big interest, I would pass them on ,but I'm not a fan of inherited money and what it can do to people. Teaching your kids to work for what they want is one of the best things you can do for them. |
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Pillar of the Community
United States
4000 Posts |
I was looking for "til death do we part", so I went with the closest available option.
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Pillar of the Community
United States
629 Posts |
I will pass the collection on to my heirs but the collection will be different than it is today. As a collector, my interests in various types of coins changes the way I collect. I specialize in Canadian but have many more different types of coins, notes and books that I have collected. I have started getting rid of the books and some of the other things that I can still turn a profit on. My collection will be down to the my best coins that I will be passing on to my heirs. More importantly, I will educate them on how to sell them for the top money that they deserve. Finally, I will give them some of my stories that go with the various coins.
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Pillar of the Community
United States
958 Posts |
Its ether sell while your alive or someone will do it after you die.
1 The coins will be fought over by family after you die ,someone will sell them to keep others in the family from gettng them
2 You leave them to someone who eventually sells them and makes money
3 You die and relatives take them to a coin dealer and get 30% of the coins value and split the money.
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Pillar of the Community
United States
844 Posts |
coppertop5150,
That sounds about right. My family is notorious for that kind of behavior. It's sad, but human nature.
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Pillar of the Community
United States
1256 Posts |
As discussed in another thread, there are 3 parts.
Collection - for me that's my Lincoln set. I intend to pass it down. Unlikely he will sell but they'll be his to do as he wishes.
Accumulation - US silver, world coins, rolls of Lincolns - Sell as needed starting at 60
Hoard - wheat and memorial copper - Sell later to enhance the collection
I have 7 1/2 years to work on it :)
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Bedrock of the Community
Australia
21788 Posts |
Your heirs won't necessarily have the same interests as yourself. ASK if they are interested in some or all of your coins. Talk in detail about your collection.
It is most probable that their interests will not exactly be the same as yours.
GIVE them that part of your collection that they really want to have and build on, BEFORE you kark it! Beats the Tax man!
For the rest of my collection, I will have just as much fun disposing of it myself as I did in building it. I will break it into logical sections and negotiate at coin shows and dealers for each part of it. The more valuable coins will be offered at a major numismatic auction.
My kids have their mortgages. I am sure that they would appreciate me paying a substantial amount off their debts, and the poor old Tax Man is going to miss out. Gee I am sorry about that!
Edited by sel_69l
02/05/2011 12:04 am
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Pillar of the Community
United States
1080 Posts |
I like coin collecting because most of the coins I collect are fairly "liquid." If you collect stamps, it's almost impossible to sell them for what they are worth, and it's tough to find buyers in general. Coins have built-in value and are relatively easy to sell.
I have no problem buying junk silver from the dealer every month knowing I can sell it back at junk silver prices whenever I need to pay a bill. It's one step removed from stashing money in a mattress, I guess.
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Valued Member
United States
268 Posts |
I plane on leaving my colloction to some one in my family, my daughter already likes coins and has some of her own. She is only 20 so its not a big part of her life at this time.
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Valued Member
Guatemala
357 Posts |
Well... I would have chosen 'next o' kin', but since I'm the only one left, that's out...
I can't take it with me... I know they wouldn't stay with me too long, that route...
So... I'll give stuff away, and if there's any leftovers, off to charity they go!
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Valued Member
Canada
276 Posts |
@JMerrick: You should give a few to a salvation army store (or some second hand store), in some sort of hidden fashion. You know, kid buys an old camera and realizes that in the lens case there are a few old coins with the pricetags still on them...
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Pillar of the Community
Turkey
870 Posts |
It's actually sad to think that. I am not a teenager and I know chances of dying earlier than expected is slim, but these kind of stuff happens. I don't have any heirs at the moment, but I hope to have some very soon! :) after they grow to a certain age, if they're interested, everything I have is theirs. If not, I think after 60, maybe, all of the coins will be sold, besides a couple that has some memories (which can easily go with me to my long nap) and the money might be spent to something such as a holiday with my missus or similar.
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New Member
Canada
42 Posts |
My collection is a 3rd generation collection - passed from grandpa to dad and from dad to me and it will continue on down the line - my heirs are daughters and they aren't in the least interested but they have sons and I have two grandsons who are very interested. Of course they do not know the worth of what I have - all they think is that I have two penny collections - one Cdn. and one US. Better they think that until they grow up - that way I hope they won't have dollar signs in their eyes instead of true interest.
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Pillar of the Community
Canada
617 Posts |
On two different occasions I have had young people(teenagers) come in to where I work wanting to use old coins to pay for something. Their grandfather had left it to them. I explained that they could get a whole lot more the coins from a dealer but they just couldn't be bothered.
I guess my point is that to a non collector especially a kid a quarter is just a quarter. Anyone who ends up with your collection should be made aware of its value how to go about selling it if necessary.
note: just in case you were wondering I did notify the police about the coins just in case.
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Replies: 38 / Views: 5,048 |
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Posted 02/04/2011 10:46 am
