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What Will Happen To Your Coin Collection When You Die?

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Pillar of the Community
United States
964 Posts
 Posted 08/29/2021  3:46 pm Show Profile   Bookmark this topic Add Mr Click to your friends list Get a Link to this Message
I'm curious if any one has thought about this? Especially in this coin hunting thread. Will all the coins you have hunted for be carelessly plunged back into circulation by your relatives? Do you have a plan for your coin collection? Or do you plan to purposely dump all your coins into circulation for others in this forum to find?

My Grandfather passed away back in 1987 and his coin collection was passed on to his wife and then to his four children. When he was alive he gave all his grandkids silver coins for Christmas every year. My grandma continued the tradition until she passed and my mom still gives me a coin from grandpa's collection around Christmas every year since she inherited her portion. I miss my Grandfather and look forward to Christmas every year.


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62848 Posts
 Posted 08/29/2021  3:52 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I've made arrangements to sell everything through Heritage then that time comes.
Valued Member
United States
202 Posts
 Posted 08/29/2021  4:45 pm  Show Profile   Bookmark this reply Add HappyHippo to your friends list Get a Link to this Reply
God willing, I won"t have to sell anything before that time. I explained everything to my son (currently 26). It'll be his "problem" to deal with.
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United States
4379 Posts
 Posted 08/29/2021  5:01 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I have 3 things of value that I consider mine.

I have a meteorite collection
A set of premium telescopes , mounts and eyepieces

And my coin and currency collection.

My oldest wants the telescopes and meteorites and my younger wants the coins and currency. Her boyfriend also collects and if they stay together I think he would be thrilled to get my collection.

Since my wife and I want to spend all the retirement money. The collections maybe all they get

But we are still young so hopefully 30 years before I have to worry.
Edited by hfjacinto
08/29/2021 5:02 pm
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 Posted 08/29/2021  8:15 pm  Show Profile   Bookmark this reply Add Ty2020b to your friends list Get a Link to this Reply
Knock on wood, this is a long time off for me (I'm only 33). That said, I have young kiddos, who for the most part haven't taken much of an interest except for my son (7 yo), who is on and off with helping me out in the hobby. He has already asked who gets the coins when I die . As of now, they will go to my children, but depending what the future brings, may become part of my retirement .
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United States
3810 Posts
 Posted 08/29/2021  9:25 pm  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply
My younger son (age 22) seems interested and has a small collection himself so that's probably where they end up.
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United States
461 Posts
 Posted 08/29/2021  11:26 pm  Show Profile   Bookmark this reply Add PlumCrazy814 to your friends list Get a Link to this Reply
Funny thing - if you find a dollar in your deceased parents house, it technically is a taxable asset for consideration of inheritance tax. Of course there usually is no one to police that so it is an honor system to declare it.

If it is in a bank deposit box, however, it is policed. The box is inventoried and the value is reported to the state. (at least where I live)

I will leave it for my heirs to figure it out which is what happened in my family. I had to set some value to everything and then divide it four ways.

There were some beautiful coins gleaned from banks and pocket change that you would be drooling over a bit now but were basically worth face then and would still be worth about the same now. I just broke up those collections by blindly dealing them into four paper grocery bags one at a time (they were in flips). I informed my siblings that those coins were basically spending money unless they wanted to go through the effort of trying to sell them for more than face or found a dealer that might be interested.

I put the items that were worth more than face in separate containers, divided out 4 ways based on value. Fortunately, I could make sets of four nearly identical by item type so it went fairly well.


Edited by PlumCrazy814
08/29/2021 11:31 pm
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4999 Posts
 Posted 08/30/2021  12:52 am  Show Profile   Bookmark this reply Add Greasy Fingers to your friends list Get a Link to this Reply
Well who knows when that time may come for me, could be tonight could (and I hope) be many many years from now. I've started to sticker my collection with red, yellow and green dots, red means hold because of the numismatic value, yellow can be sold at melt or a bit higher to LCS and green means break out of 2x2s and spend so someone will find or give away. Slabs are also dotted (red and yellow) these might be sold during retirement.....my girlfriend can care less about my hobby and says I spend more time on it then her and with no close nor distant family members to pass them on to, so....
I'm by no means a pro and will never claim to be...just my 2 cents
A smile costs nothing to give or receive....GF
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United States
513 Posts
 Posted 08/30/2021  02:07 am  Show Profile   Bookmark this reply Add PNWType to your friends list Get a Link to this Reply
I'm in my early twenties so this question is far off for me, but still something I consider.

I have put work into paring down my collection to just 2 albums and a small grouping of slabs. My goal for the future would be to have kids that, even if they aren't interested in coins, would hang onto a single album of them to remember me by, like an heirloom. This is why I put so much work into making my own type set but within a Dansco album: it's uniquely me but doesn't take up much room and looks tidy.
[Custom 7070 v3.0 WIP] - - - [Custom 7070 v2.0] - - - [Custom 7070 v1.0]
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16176 Posts
 Posted 08/30/2021  10:10 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Well I'm in between a rock and a hard place with my collection . My children never took to the hobby , so I had planned on splitting it between my 4 grandchildren .Problem is the oldest one (22) flew the coop, the 14 year old is a problem child who never comes over to visit my wife and I . That leaves my 19 year old and 9 year old who looks like they have the potential to be YN's .
All I can tell you for sure is people and kids change as they grow up . Decisions ,Decisions !

In Memory of Butch L.
and Jim U. rest in peace .
Pillar of the Community
United States
4379 Posts
 Posted 08/30/2021  10:16 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
T-Bop,

If you adopt me I'll gladly take your coin collection.
Pillar of the Community
United States
3810 Posts
 Posted 08/30/2021  11:27 am  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply

Quote:
Funny thing - if you find a dollar in your deceased parents house, it technically is a taxable asset for consideration of inheritance tax. Of course there usually is no one to police that so it is an honor system to declare it.

If it is in a bank deposit box, however, it is policed. The box is inventoried and the value is reported to the state.


The federal estate tax kicks in at $11.7 million for 2021 so this often isn't a limit most people need to worry about. Some states do have lower limits but many don't impose an inheritance tax as well.
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Canada
627 Posts
 Posted 08/30/2021  12:01 pm  Show Profile   Bookmark this reply Add Cdncoins to your friends list Get a Link to this Reply
I typed out instructions and emailed them to my wife. This is an active document that I update whenever I add meaningful items or a dealer I mention to sell to retires/dies. My kids are still young, but ideally I'd like to pass on a core part of the collection to them if they become more interested. I think the best thing you can do for your estate is organize and inventory your collection as best as you can. This will make things easier for them and hopefully avoid them rolling up the key dates and depositing them at the bank.
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106468 Posts
 Posted 08/30/2021  1:04 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I hope my son keeps it. If I live long enough, then his children.
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United States
964 Posts
 Posted 08/30/2021  3:44 pm  Show Profile   Bookmark this reply Add Mr Click to your friends list Get a Link to this Reply
Thanks for the replies so far. A lot of interesting comments. Not only do I have coins to pass on but I have toy collectibles, sports memorabilia, licenses plates and vintage collectibles. My wife always say " if something happens to you I'm throwing it all out into the front yard!" So I called my closest friends and told them, " if I ever die, you best get over to my front yard as quick as possible!!"
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United States
106468 Posts
 Posted 08/30/2021  3:55 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
" if I ever die, you best get over to my front yard as quick as possible!!"
Always be prepared!
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