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 Replies: 9 / Views: 1,943 |
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Pillar of the Community
United States
717 Posts |
I'm 69 and have 4 grandchildren ranging in age from 6 weeks to 7 years old (2 boys and 2 girls). I have made it practice that when they're born they get a tenth ounce gold eagle. For their first Christmas they receive a $5 gold liberty. Subsequently for each birthday and Christmas they get a 5 oz. ATB silver coin. I know there are probably many here that do something similar. Are the recipients appreiative, or would they rather have Legos (I get them toys as well)? Has anyone perhaps ever had a grandkid (or offspring for that matter) who turned 18 or so and said, "Gee thanks pop, I cashed in those Kruggerands and bought my car!!" |
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Pillar of the Community
United States
4333 Posts |
Your question looks very familiar again.
My opinion is that you are wasting your money.
They may appreciate the coin for the moment, but will forget it quickly.
The young (and older) couldn't care less. You'd be better off giving gift certificates or cash.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
Canada
999 Posts |
That's very nice of you. It sounds like you would like your grandkids to have a sizable amount once they turn 18 so they can use it to make a large purchase.
I would suggest investing in low cost ETFs instead. They are not as pretty as coins but most likely will appreciate much more in value. Also, with coins, it puts the burden on their parents to keep track of them all and keep them safe. It then puts the burden on the grandkids to find the best way to sell them, which is not always easy without taking a big haircut.
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Bedrock of the Community
United States
20753 Posts |
I USED to give a Proof set or Uncirc set plus a Red Book to as many as 14 people each Christmas. I stopped that a few years ago. Most eventually told me they simply sold them to a coin store. Most just threw away the Red Book too. Out of all those people that I did that for, none ever took up coin collecting. All would have probably wanted a computer type game or just cash. |
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Pillar of the Community
 United States
717 Posts |
Just to clarify, my intent is not to turn my grandkids into coin collectors, it's more like what Cdncoins has described. I'm thinking about the time they turn 18 they'll have around $5k to help with college expenses, or perhaps buy a car, or whatever. I like the idea of metals because they're harder to convert to cash, so it still might be around when they really need it.
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Pillar of the Community
United States
717 Posts |
Right now my daughter tells me the thing my 7-year old grandson likes best is the challenge of opening the package. I usually get the coinage from APMEX and they package pretty securely. |
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Pillar of the Community
United States
1026 Posts |
I tend to go with Cdncoins. There are better ways to do it. As a grandparent you should be able to contribute to their 529 account (if memory serves me right).
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New Member
United States
1 Posts |
Your interests are not necessarily their interests.
Give them exposure and if you see an interest, then help them along but otherwise, assume your giving the coins is akin to a beloved grandmother giving you Hummel figurines, in the hopes that you'll start collecting. You'll just wind up with a bunch of unwanted junk that will be sold.
If the goal is to give them money or something that will likely grow in value, consider an index fund or something that pays dividends and that will reinvest for a decade or so. Historically, metals are terrible performers relative to pretty much everything other investment vehicle.
Edited by Gold
11/17/2019 4:24 pm
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Pillar of the Community
United States
7273 Posts |
If you want to adopt me, I'll gladly take the coins :)
My brother used to give my kids US saving bonds, the kids were like ok, Well now they are worth over $1000 for each kid and they aren't getting the money until they graduate college. Consider it a graduation gift. When the kids need the money they will appreciate it.
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Pillar of the Community
United States
1667 Posts |
When my niece and nephew were born I contemplated doing something like this each year. I decided against it because my brother and his wife are going to have to drag it all around for the next 18 years and quite likely misplace them or just sell them immediately and they won't be there 18 years later.
I bought a birth year mint set for each of them. Since then it's been whatever their parent say they need or something the kids want. This year it's a play station gift card so the boy can buy some stuff in game and the girl, she like cash because she impulse buys where ever she's at and when she sees something she wants and likes yeah. She's not a junk collector necessarily but picky and doesn't like girly things but when something catche's her eye she's gotta have it.
Anyways. I think had I done silver Eagles or gold coins they'd pile up and be forgotten, stolen, lost or left behind, or money gets tight and my brother who would be the caretaker would run them off to the "we buy gold" people.
It's a nice idea, just a lot can happen in 18 years. There's safer ways of planning for the future for them so that it will be around when they come of age even setting them aside for them yourself and gifting it to them on graduation at least then you have more control over it until the time comes.
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Replies: 9 / Views: 1,943 |
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Posted 11/17/2019 09:27 am
