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 Replies: 35 / Views: 8,944 |
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New Member
United States
4 Posts |
I have been a gun and knife collector for 35 years. Over the past 4 years my son has produced three great grandchildren and that got me thinking. What can I leave for them that will mean something, certainly not knives and guns, so I turned to coins. I have a ton of questions, many I hope will get answered by reading these forums but I have one very important question which will tell me how I should collect. My Grandkids are now all under age 5 so they will not even know this collection exists for 10 years or more. It is not crucial that the coins I buy turn a profit, just hold their value or close to it. NOW, the question: If I have $500 this month to buy coins with it is best to buy one or two key coins or a slew of $5-$25 coins?
I sincerely appreciate all your help and advice, especially to me, a newbie with one post!
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Moderator
 United States
14463 Posts |
 I have typed several responses, but changed my mind each time. What would you be interested in and could use that later to connect with your grandchildren? |
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Pillar of the Community
United States
1512 Posts |
! Can I be one of your Grandchildren? All joking aside, I would focus on purchasing higher end coins. You could start to do a Morgan dollar Set/s in AU/MS or find nice $5 Gold pieces. Are you going to have around $500 each month to spend? |
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Pillar of the Community
United States
865 Posts |
Before you invest too much money into coins your grandkids might not even want, maybe spend time putting a collection together with the grandkids and see if they are interested in them. Start with a series that won't be too expensive such as wheat cents or Buffalo nickels and let them hold the coins in their hands, explain to them what they are and the history behind them. Let them put the coins into the folders and watch the collection grow with their own eyes while they are young and they will always have those memories of sorting coins with grandpa. If you just assemble a collection without them knowing they might not have those sentimental memories as a foundation for something that could become a lifelong hobby for the kids. If they show interest, then I say start buying the more expensive pieces to later pass on down to them so they just don't get sold without a second thought. It can be a legacy that they can be a part of. Edited by keepcalmandcoinon
05/22/2015 7:13 pm
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Rest in Peace
United States
18456 Posts |
Think of it this way , what if your grandkids show no interest in coins like many kids don't. maybe your best bet would be the $5-25 coins. once they receive them if they take interest then let them buy what they like.  |
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Bedrock of the Community
Australia
21786 Posts |
Buy, on behalf of each of your grandkids a Morgan dollar in the best possible condition you can for the price. Keep all of these coins together so that they can see them easily and appreciate them. THEN as each one of them has a 12th birthday, give them one of the Morgans set aside specially for them. What they do with their coin is their business, but by that age, they should be at least appreciative enough to understand the significance of such a coin and of it's presentation to them. Leave a verbal instructions with the executors of your estate, if you think you may be unfortunate enough to 'kick the bucket' before the youngest of your grandkids reaches 12 years of age. |
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Pillar of the Community
United States
1215 Posts |
I think you can buy a big variety and include a lot of silver. That being said, do NOT buy any coin that can be mistaken for circulating currency. You just don't want to risk their inheritance to be spent at face value at some point, maybe not by your grandchildren but perhaps down the line. For silver quarters, standing liberty or barber may be more appropriate than say--washington quarters.
Also you can create two sections-- one for raw 90% silver coins (no modern coins!) in rolls or otherwise bulk and one for coins whose values are derived mainly from numismatic value as opposed to silver content. You can alternate time on building each section.
Lastly, I have to say I am not a grandparent; I am actually a teenager. However, I have seen a multitude of coin inheritances on this forum. You can too to get a good idea.
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Moderator
United States
14463 Posts |
We more often get questions about inherited coins. Follow that link to see some hints and tips that we recommend.  |
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New Member
 United States
4 Posts |
Thank you so much for the replies. maybe a bit more info might help. My Grand daughter is just 4, the twin boys are 16 Months. Right now If I gave them a 1932-S quarter the girl would buy some candy, the boyz would try to eat it!! Right now, as I begin I am having a ball. It is so much fun to be a 60 year old newbie as I have never collected a coin or even read about collecting coins. As I begin I am so very excited. For now I am collecting more for me than them but one day it will become theirs to sell, or continue to collect. My first purchase was two weeks ago and I started my journey with a few Morgans and Walking Liberty halves. My question, is it better to buy higher end coins and end up with a smaller number of coins or better to buy $5-$25 coins and fill shoeboxes. Man, I just do not know which way to go...............Help!! |
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Pillar of the Community
United States
7390 Posts |
Buy the best you can afford. Quality over quantity. They will thank you for that decision one day even if you're gone
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Pillar of the Community
Canada
4911 Posts |
you should go for the best quality and rarity coins you can, if you are EVER even slightly hesitant post a picture of the coin here before buying it to get advice. if you do go the avenue of filling albums with them and sharing the experience(I think it would be great for you and them) perhaps give them a striking error piece to start their interest on how coins are made later on.
imagine you are a dealer.....some people walk in and say they were left with some coins....either there can be some good pieces you want and will pay fair prices or you can say "this is a bunch of cheap $5 items, it will take long to sell them, ill give you $2 a piece". you don't want the latter to happen if your grand kids choose to sell.
Feel free to call me Will.
Edited by thedollarman
05/22/2015 8:10 pm
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Pillar of the Community
Canada
1269 Posts |
I agree. Always buy the best you can afford. For myself I would rather have fewer higher value coins than a bunch of lower priced coins. Others may have a different strategy but this works for me. For example, I am building a set of Roman coins "The Twelve Caesars". There are only twelve coins but it may take several years to complete because some of the coins are rare, some are expensive, and some are both.
I know you want to pass on the collection but imho you should collect what works for you.
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Pillar of the Community
Canada
2781 Posts |
if possible, spend the time with them working on fun sets like wheat cents or Buffalo nickels (if they take an interest maybe quietly put away a few select gems for them to inherit at a later date) while putting away the $$$ for their college degree. the time they spend with you, and a education, will be a greater gift than a bunch of coins that they might not even appreciate. I've always thought coin collecting was really only truly rewarding for the person doing the collecting and not the person who ends up "having to deal with" the "stuff" a person leaves behind. |
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Bedrock of the Community
United States
20753 Posts |
I sort of disagree with buying the best or most expensive coins now. Why do that unless it's for your own fun. From personal experience with kids and grandkids is sort of what has already been said. What if they have no interest in coins. Take my kids for instance. They have no interest in coins, guns, knives, cars, etc. They do like all sorts of computer games and stuff. I too have grandkids. Again, no interest in coins at all. This has come up before on this forum. What happens to out STUFF after. I always hate this subject due to not long ago having Cancer. Close call that time. AND no one to leave coins, guns, knives, etc. to. No relative has any interest at all in coins. Today's modern people are not really way up there in collecting anything. And if so, not coins. That is becoming apparent at coin shows all the time. Us older people try to get kids interested in coins but seldom works to well. My suggestion is sort of what has already been said. When the grand kids get a bit older, try taking them to coin shows, coin stores, show them coin stuff on the internet, etc. Get them all either Folders and/or Albums. Help them try to fill them. Kids do think it is fun to try to fill those even if not interested in coins as coins. It is just fun. And if they loose interest, not much money lost. |
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Pillar of the Community
Canada
4911 Posts |
if you get them hooked you could take them to an auction when they are older and give them a little money to drop, this would be a great atmosphere and show them one of the fast paced, exciting things in numismatics that may get them hooked and give them a rush.
Feel free to call me Will.
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Bedrock of the Community
United States
11951 Posts |
Wolfmann601 your getting a lot of good ideas .. nothing wrong with any of them. When I was younger, many of my friends would get a silver dollar from their grand parents. Some of the kids would keep them, some would spend them. My suggestion and it is what I do. Is purchase a Dansco American silver Eagle album, with blank pages. I do this for each grand child. Then starting the year they were born, I put in a Silver Eagle dollar coin. I use a label maker to put their name in their album and date each hole. I don't plan on giving it to them until they are older. I also have bought a gold coin for each. Each gold coin is 100 years older than the grandkid it is for. I need some updated pictures .. but it will look something like this.  |
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Replies: 35 / Views: 8,944 |
Posted 05/22/2015 6:41 pm
