Some Thoughts On Coin Collecting Transition Plans

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Author	Replies: 7 / Views: 1,455
cc99999 Pillar of the Community United States 1302 Posts	Posted 01/28/2013 1:22 pm I can tell you from experience that coin collections or worth different amounts to different people. Some of it is grade, of course, or which dates you have... but there are myriad other factors that go into placing a value on a coin collection and finding the right way to move on once your collecting days are over. Hubert and I set out to help show you some of the key things you need to keep in mind in our column this week: http://www.coinweek.com/commentary/...-collection/ I learn so much by reading comments, so let me know if there are any ideas I missed- do you think I get it right? Report this Post to the Staff

blackjack Valued Member United States 386 Posts	Posted 01/28/2013 1:55 pm That's a helpful, thoughtful article. Thank you for sharing it. Have you thought about writing an article about buying coins or sets for speculative purposes? What would a relatively new collector want to have in mind? Report this Post to the Staff
jbuck Moderator United States 187678 Posts	Posted 01/28/2013 2:54 pm Quote: How liquid is your collection? About as liquid as gold is at room temperature. Although it does not completely apply to me, it is still a good article. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
CoinsKelly Pillar of the Community United States 3453 Posts	Posted 01/28/2013 6:52 pm , very good article. It gave me some good things to think about. When I told my hubby about it, he aptly pointed out that it would not apply to me on a couple of levels. One, I collect 3cn, trimes and 2 centers - the buyer pool is more like a kiddie pool. And two, I have yet to sell a coin! Report this Post to the Staff
Dusto5 Valued Member United States 84 Posts	Posted 01/28/2013 9:00 pm Good food for thought. It definitely applies to me, as I feel I've taken it to the next level, already building a decent hoard to start out with. The issue is that when you're starting out, sometimes you have no idea what you want to collect. There's so much to learn about in the hobby/obsession as a whole, that it's really quite difficult to study every possible angle before you so much as buy a single coin. If you did, you'd get so bogged down in the details, that it'd probably become a turn off. But, as you build your knowledge and understand a little more and more of how it works, then much of what you wrote comes into play, especially if you've found a series that you enjoy, and feel you'd actually like to "collect" that series. At that point, you do your research and buy the best condition you can afford. Learning to say "no thanks" is probably the hardest part when you have money burning a hole in your pocket to feed your coin addiction. Report this Post to the Staff
ghostrider Pillar of the Community United States 1116 Posts	Posted 01/28/2013 10:23 pm It's a very good article, but when you are collecting proof coins from the mint how can an exit plan work when the coins carry the mint premium. The only way that I can see any plan working would be to collect on the secondary market. I know that not all plans will work in every instance, but still a plan is better than no plan. I'm afraid that I basically no plan and am collecting the coins that I do like. That's why I have started a circulated ATB set because I would have the coins at face and the coins will still be in good condition. I'm truly afraid that my coins are more for my kids and my grandkids than they are for me. I do think that I need to make better plans to unload my coins. The point about talking the coins over with your family is probably the best one for me and mine. That's what I took from you article and something that I do need to do. Most of my collectible coins I do have listed on a spreadsheet but I never thought about putting my ATB and other coin's values on a similiar spreadsheet. I think that the best thing that I can do at this point is to talk about my albums with a dealer to get some idea of actual current value. That plus looking for a dealer that may specialize in the coins that I collect. I don't have to many high value coins. Report this Post to the Staff
blackjack Valued Member United States 386 Posts	Posted 01/29/2013 06:41 am As ghostrider says, thinking about what the family will do with the collection is a compelling part of the article and something many of us do not adress. Good looking out on that one, cc. It's a worrisome topic--look at what we go through learning this hobby and making changes in our thinking, buying, and collecting habits over the .years. I'm afraid that there is no way around this: ONCE WE'RE GONE, OUR COLLECTIONS WILL NOT BE VALUED PROPERLY Report this Post to the Staff
jbuck Moderator United States 187678 Posts	Posted 01/29/2013 12:16 pm Quote: I have yet to sell a coin! Same here. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
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