Collection Longevity

Way too many variables in this particular equation to give you a "final" answer. However...some thoughts, in no particular order: (1) you may be lucky and have a child or grandchild who is interested in collecting, but may not. (2) Once someone has inherited the collection, you can no longer control what happens to it. (have you ever watched "Cash in the Attic" where folks more often than not are selling off irreplaceable family heirlooms to buy a hot tub?) (3) If your collection is valuable (a relative term) and you have multiple heirs, the collection may have to be broken up and/or sold for inheritance purposes. (I mean...say you have $100,000 in cash and a collection worth $100,000 and two heirs. Giving one the cash and the other the collection may work...but probably not. Just a thought.)

If you really want your collection to be passed from generation to generation, then first and foremost, you need to develop a serious collector in the inheriting generation. And such development cannot be forced. Be sure to involve your children at an early age in the hobby in fun and exciting ways. Dragging them along to a coin show or auction and then making them "sit still and be quiet" for hours on end may not achieve the desired effect! But getting them a coin for "their" collection every now and then, and even letting them choose something to get, may work wonders. In the end though...this hobby is great for some folks, and just a bore for others. (Weird folks, that latter group!)

Take any or all words of mine with a grain of salt...they are just opinions and thoughts based on observations of a 56 year old whose raised a couple of kids and watched a lot of others grow up.

In the end, I collect for my own pleasure,and hope my heirs will have fun going through my collection after I'm gone, discovering that some of it is worth a pretty penney (pun intended) and have fun dividing it up and selling it off (or keeping it) as they see fit.

I have been teaching my 10 year old daughter about error coins for years now. She has found errors on her own many times. She even found a mushroom shaped very cool error nickel of mine that had fallen off my desk and migrated under the couch where she found it and CLAIMED IT. I very talented hobo nickel carver gave here a lion hobo nickel probably worth in the hundreds. She absolutely loves my old and modern commemorative coins for their art and eye appeal. She was bummed to learn that half my collection now goes to her six week old brother. She keeps claiming certain coins in my collection for her own. My daughter is such a nerd. I have taught her to say "Thank you" when anyone calls her weird. She knows the value of most of my coins, (my wife certainly does not). She knows that if she has to sell the coins, to sell them individually as opposed to one big lot.

errrrror

A good idea is to keep a record of your collection and each coins approx market value at the time and then keep updating the information. This way even if your collection gets sold your family will have an idea of value and not roll them all up and take them to the bank foe face value. I have come across many rolls of coins which I suspect this has happened. I once opened up two rolls of Canadian 5 cent coins and found every date from 1922 to 1970 including varieties. Personally I have told my two daughters that they can do with it what they want.

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A good idea is to keep a record of your collection and each coins approx market value at the time and then keep updating the information. This way even if your collection gets sold your family will have an idea of value and not roll them all up and take them to the bank for face value.

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chrycopaul

I can accept the idea of having my collection sold by my children or grandchildren after my death but that they roll them all up and take them to the bank for face value that would kill me even if I'm already dead

If none of my kids find interest in coins or old paper money I think I will go to a coin show (this is when I will be 85ish, probably) and find the youngest, most interested in coins kid I can find and give em all away. If my kids don't want to learn a little bit of this and a little bit of that they can kiss a fine investment good bye. My kids can take the house, cars, space crafts, etc. but someone who really appreciates coins is going to end up with my collection in the end.

But I turn 21 this Saturday so I have quite some time tell this day comes. If for some reason I die, and was smart emough to make a will, I think I would give my coins to either my father or youngest brother. Father already collects coins, but the brother would be willing to learn.
Ty

I share my hobies of fishing and coin collecting with my 4 year-old whenever I get the oportunity. At this point in his life he treasures any attention that isn't divided between him and his 18 month old brother. Maybe he'll carry these interests with him into adulthood, maybe not. I do know that my grandfather started my collection with a SCWC and a handful of coins when I was young.

If no one in your family follows your interest in collecting, I wouldn't worry too much. Your children are your true legacy.