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Fewer Multi-generational Collections Out There?

 
 
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Pillar of the Community
United States
3707 Posts
 Posted 07/22/2019  6:37 pm Show Profile   Bookmark this topic Add Joe2007 to your friends list Get a Link to this Message
Was talking to a older coin dealer who said that there used to be many more multigenerational hoards that came into his shop decades ago. He said that in the past people weren't so quick to sell the family collections as they are today.

Anybody have any thoughts on this topic? About 5 years ago I was at an estate auction that had a immense multigenerational coin collection that covered almost every series all the way back to the beginning of the republic. I though it was really cool the idea, the next generation building on the foundation of the last and making additions to an already substantial hoard.

Unfortunately my grandfather's modest coin collection has already been raided by a greedy aunt so I won't have the chance to purchase it to continue the legacy.
Pillar of the Community
United States
781 Posts
 Posted 07/22/2019  7:06 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply
I think that's the problem. There are too many greedy aunts
Pillar of the Community
Canada
1665 Posts
 Posted 07/22/2019  7:42 pm  Show Profile   Bookmark this reply Add samsnate to your friends list Get a Link to this Reply
That's most likely exactly what it is. So many people trying to make a buck without doing anything for it. It's really sad. I'm the first in my family to ever collect coins so I don't have something from earlier years to build on. I, like many others, would hope that our children might hold onto what we did and build upon it, keep it in the family as a reminder of our past and our country past, and all those that came before. We can only hope.
Bedrock of the Community
United States
17406 Posts
 Posted 07/22/2019  7:53 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
In previous generations it was possible to build a decent beginning collection from change or the bank. Although some collectors still have modest success with that system today, it's virtually impossible to build the foundation of a significant collection.

I would hazard that previous generations also enjoyed more close knit proximity to one another. Many generations brought up the kids with extended family ties. Grandpa and grandma were two blocks away.

Today too many families are splattered all over the nation with less contact. How can there be multigenerational collections when generations are nowhere near one another?

If you are the exception, thank your lucky stars.
Valued Member
United States
316 Posts
 Posted 07/22/2019  8:19 pm  Show Profile   Bookmark this reply Add howell1018 to your friends list Get a Link to this Reply
I expect that my wife or daughters will have sold off my collection before my ashes have settled. That's fine by me. I love my kids far more than my coin (and stamp) collection and have written down for them where everything is kept, what they should reasonably expect to see when it's sold, and the various methods by which they can achieve selling the collection(s). It's not important to me that my offspring take up coin collecting, someone will get some pleasure out of it and hopefully my kids will enjoy the proceeds in their own way. Sorry if that's blasphemous.
Bedrock of the Community
United States
12467 Posts
 Posted 07/23/2019  08:58 am  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
He said that in the past people weren't so quick to sell the family collections as they are today.


If there was any difference it was just because in the past it was harder to sell such collections without the internet giving people an easy way to figure out how to do it.

Whether or not more or less is coming into a shop really isn't an indication of anything, most of the best stuff gets sold privately or goes to auction houses now anyways as people can get a bigger slice of the pie with the good stuff than they would from most dealers.

Aside from bullion the number of direct sales to a shop are declining in general as there are now multiple ways for someone to sell. There's plenty of multigenerational collections still out there and plenty of people building sets and trusts for their grandkids with them.

It should also be remembered that just because a hoard comes in or gets sold, doesn't mean everything was sold. Pretty much everyone would sell some part of a large collection they inherited for the things they didn't want which maybe are too common or they don't want a 1000 kennedy halfs as some examples.
Pillar of the Community
Learn More...
United States
5696 Posts
 Posted 07/23/2019  09:31 am  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
If fewer multi-generational collections are being sold, isn't that a good thing? Maybe it means that more are being actively built or at least kept in the family?

For me personally, I had one grandparent on each side who collected coins. Neither of them are what most here would consider any more than a basic collector. My maternal grandfather (who gave me his entire collection, save for one gold coin given to him on his wedding) collected junk box coins as a kid, and kept about $1-5 equivalent of pocket change from every country he visited as an adult. My paternal grandmother hoards wheat pennies, building off of her father's collection which was started when he was a cop and worked the parking meters in his later years. My single most expensive coin (still under $1,000) is likely worth 3 to 5 times the market value of my two multi-generational collections combined. I would of course never sell either collection, but I could see the temptation to sell if Grandpa passed away and his collection was worth "pay off the house" money instead of "new TV" money.
My Collections:
Roman Imperial
http://goccf.com/t/348979
Japan Type set Tokugawa + Modern
http://goccf.com/t/348999
Indo Sassanian
http://goccf.com/t/322087
Bedrock of the Community
United States
18556 Posts
 Posted 07/25/2019  10:54 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
No one in my past family collected coins. No one in my future collects coins nor do they want to either. My entire collection will probably end up in a banks counting machine.
just carl
Pillar of the Community
United States
1225 Posts
 Posted 07/25/2019  4:18 pm  Show Profile   Bookmark this reply Add AcesKings to your friends list Get a Link to this Reply
My son collects too, and has told me when I pass on he plans on keeping my collection together. I know things come up where he might have to sell, but for me the sentiment is enough.
Pillar of the Community
United States
732 Posts
 Posted 07/26/2019  10:15 am  Show Profile   Bookmark this reply Add Big-Kingdom to your friends list Get a Link to this Reply
My Aunt collected coins and when I was a kid she sold off whatever she could and gave me the folders and the leftover junk and I've built my collection off of that and about 35 years of coin roll hunting. (she actually left it to me in her will when she died about 5 years ago, even though she had already given it to me, all stripped out when I was 8. Ohhh well that's another whole story. My inheritance of some old Whitman folders and a handful of 1950s Lincoln cents )

The thing is, it's quite difficult to pass on the coin collecting bug to a younger generation, it was different I think 50 years ago when coins had some value still but now a days a penny is worthless and the kids know it a quarter can't buy them anything and they know it. It all appears as worthless junk to them unless they can get interested in it, and if they don't have interest it's always gonna be "my grandpa collected this junk, whats it worth, I want to sell it because I don't care about it"

I expect this to happen to my collection also, the best I can hope to do is label and catalog it all so it makes sens so family doesn't get ripped off and can figure out the values themselves without too much effort involved. Maybe instead of selling someone will continue it but I'm doubtful, I'm looked at like a crazy penny licker around here that spends his money to get a bunch of worthless coins from the bank to look though just to take them back to then get more to look through over and over again. They don't get it, and they never will.

I think the world's gotten too fast and too expensive for coins to keep the kids attention anymore. too much background noise I guess, maybe ADHD, I dunno.
Pillar of the Community
United States
507 Posts
 Posted 07/31/2019  09:13 am  Show Profile   Bookmark this reply Add CitationSquirrel to your friends list Get a Link to this Reply
Many good comments here.

I think people who are not in the hobby don't understand it. Either they think we are crazy for roll hunting and checking every reject tray as Big-Kingdom describes, or they think because it is money it must be worth a ton of money and the greedy aunts descend.

As for my situation, my dad gave me his tiny collection years ago when I showed an interest and my father-in-law gave me most of his when he was downsizing because he knew I collected. I intend to continue my collection and expand things where I can (hopefully my good purchases will out number my bad). My son is interested in coin collecting, but is at that age where other things are starting to press in. When the time comes, I'll turn everything over to him and let him continue on.
Pillar of the Community
Russian Federation
2769 Posts
 Posted 08/01/2019  7:29 pm  Show Profile   Bookmark this reply Add january1may to your friends list Get a Link to this Reply
I'm reminded of one CCF member mentioning (oh, right, found it) that his family saved up several coins every generation in a historical "collection" going back to the 17th century.

Unfortunately, his family lived in China at the time, so all the saved coins from 17th to early 20th century were dirt-cheap Qing cash, and the entire hoard combined would hardly be worth $200 in numismatic value.


As far as my family is concerned, most of my father's collection ended up with me, but he continues to collect (and occasionally give new coins to me).
My mother never collected coins (that I know of); some of the older relatives on her side gave me their hoards of circulated Soviet coins, which I, for the most part, proceeded to misplace.

Back to the present, I personally know at least two active young coin collectors well under 14 years old; it is probably far too early to tell how long their collections might last.
I'm not aware of any history of coin collecting in their families, though I do not know their families well enough to be sure how definite this is.

Unfortunately, my attempts to get my younger brother to collect coins did not appear to work out much (yet).
Perhaps he got overwhelmed by what I have; perhaps he just prefers to spend his (little) spare money on something more immediately useful (such as ice cream).
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