Estate Planing Question - Coin Community Forum

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Author	Replies: 7 / Views: 1,107
Edward J New Member United States 28 Posts	Posted 02/24/2008 09:47 am I could not find a category which this seems to fit so in seeing the offer to put it into the right category I bit on the ID forum. I want to leave parts of my numismatic holdings to my grandchildren. I have been advised to have them evaluated so that fairness is covered in my distribution. Don't want my legacy to be Jealously and slighted feelings among the family. My collecting taste has been unusual (like many of my interests and views). I did not want to be a nonconformist like everyone else. Early on I had the opportunity to purchase remainders from a notable Canadian Numismatist. Some of these were intact collections from another notable numismatist which had been purchased in the same way. He had sold all of his decimal coins and kept the odd stuff. I purchased a collection of Love Tokens which includes a $5.00 gold piece, several silver dollars and then the usual dimes, quarters etc. It contains both US and Canadian coins but mostly US. I also purchased the Odd and Curious Collection which he had. This one I have taken a couple of prizes for displaying it at shows. My problem is that these were the remainders of the gentleman's collection. If I had the MS70 +++ Silver Dollars and Double Eagles that were in these collections there would be no problem evaluating them. Stuff like that is traded often and a value base is easily accessible. I do not often see Love Tokens or Odd & Curious listed in dealer adds. Since Hans M F Schulman Is not in business any more who knows what this stuff is worth. I could put it in an auction and the price realized would be the value but that would not be something concrete for me to pass on to the family. Any Ideas? Thanks for your thoughts! Report this Post to the Staff

Sap Moderator Australia 16810 Posts	Posted 02/27/2008 03:49 am Valuing exonumia like love tokens is problematic. There are people who collect such things, but compared to "normal" coin collectors, they're few and far between. And because in many cases each item is unique and individual, there aren't any "standard prices" possible. Your best bet is to search through online databases, like Heritage. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
j_h_s Pillar of the Community United States 1934 Posts	Posted 02/27/2008 04:49 am my Lincoln Cent only: The overall value of the estate and its equitable division amongst heirs is something you may want to consider rather than the equitable division of one component of the estate. I wouldnt divide a coin collection before I figured out how to divide the entire estate equitably so the collection could remain a "collection." Jim Report this Post to the Staff
amac44 Member United States 3242 Posts	Posted 02/27/2008 09:18 am the key to me is to have a will that way no ones boo ho about Items! Report this Post to the Staff
Nelrak Pillar of the Community United States 974 Posts	Posted 02/27/2008 09:31 am I plan on giving my coins to my heirs prior to my demise so I can see the joy on their face while I am living and so I can answer questions and educate them about what they have rather than what I have seen so many times...the heirs hitting the coin shop to sell a life time of collecting! Report this Post to the Staff
okie-colin Pillar of the Community United States 1083 Posts	Posted 02/27/2008 10:14 am Since there is no common market value for this type of collection, I would not worry too much about passing it along to grand children unless I knew they were interested in the eclectic nature of the collection. Why not liquidate it and include the value in your total estate? If you have any heirs that want to become numismatists they can use the funds to collect what they are interested in? If a grandchild has expressed an interest in this collection you could pay a professional appraiser and than be sure other parts of the estate were divided fairly for those who didn't show an interest. Sounds like an interesting collection. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 02/27/2008 12:06 pm That is truely a problem in many families. The bickering that happens after a person leaves us and it does at times becomes a detriment to the entire family. It happened to my Mom. She was from a large family and when her parents died, no will and the fighting over everything became insane. Due to their bickering they never noticed that nieghbors had stripped the house to the bone. Nothing left. Stupid, stupid, dumb. Not even after 50 years most relatives do not communicate with each other. If you ask me the thing to do is right now attempt to find out which individual in your entire family is interested in coin collecting. Do not show, tell or discuss what you have with all the relatives. When you find one that is interested, and if you like that person, tell them about the collection. Show them were it is kept and how to grab it in case. Make sure you explain that if the rest find out about this, they will probably spit it all up and sell to a coin shop. If there are a few of them that you want to leave it to, sit them down and ask them if they wouldn't mind splitting them up themselves and again, keep the mouths shut. No lawyers, attorneys, inheritance fees or taxes. No fighting, bickering, back stabbing. Of course there would really be no problems at all if you just send it all to me. Report this Post to the Staff
gnome Valued Member Australia 372 Posts	Posted 02/27/2008 6:51 pm Hello Edward J, This is indeed a good subject to address. I have the same problem as I'm sure a lot of members do/will have in the future. If I may, this is what I have finally decided on. I have 2 boys, one in his 20's the other in his late teens, only one has a moderate interest in coin collecting. I have left my modest collection to be split evenly between them. Here's the fun part now. They each get to pick a piece one at a time until it's split evenly between themselves and it's up to them then to find out the monetary value if they wish to. That way there can be less squabbling because they made the decission on which pieces they wanted, purely on whether they like it or not. I do have some duplicates, so that should be a no brainer for them. Admittedly I would like to see the collection stay together, and that was the best I could come up with. I have had to think long about this myself, just my 2c worth. Hope you work it out, have a good day. Report this Post to the Staff
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