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 Replies: 13 / Views: 1,108 |
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Pillar of the Community
United States
1083 Posts |
 There is no one in my family that has any knowledge of Numismatics. As my collection grows in value and I grow in age, I was trying to figure out how to preserve the value. I was thinking of leaving a note in the Bank box for my wife and daughter with instructions. The first part would say that this is a collection of coins that has significant value. If they wish to leave it alone, it will certainly increase in value in the coming years. The second part is where I run up against a hard place. If it becomes necessary to sell the collection I want to leave them a list of contacts to get a fair price. I might give them my rough idea on what the whole thing is worth wholesale, but who do they contact? Has anyone ever been in a situation to sell a collection to a dealer? What contacts (dealers, individuals) can I leave them that will not take advantage of two ladies with no knowledge about coins? My local dealer has turned into a Bullion Shark and I don't completely trust him. This whole dilemma has placed a nasty thought in my mind that maybe I should wait for the first break in the economy and carefully dispose of them myself. No one in my family is wealthy and we are pretty much middle class. I would appreciate any good thoughts from the wise ones on this forum.
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Moderator
 United States
6563 Posts |
Find a dealer/collector you know and trust and leave that contact info with your box. Or give them instructions on what to do with this LINK |
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Pillar of the Community
 United States
1083 Posts |
Ha Ha! Aren't you hilarious.
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Rest in Peace
United States
1943 Posts |
One of the members of our coin club said he put a note in his safty deposit box to his wife that says, "Whatever you do honey, don't sell these for the price I told you I paid for them." We all got a laugh out of that.
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Moderator
 United States
23478 Posts |
There are a number of things to consider I have a safety deposit box in which is an envelope that Open in case of my death. My wife and son know how to access it In the envelope is my will as well as the combination and key to my safe and information on how to gain access to the other Safety deposit boxes holding coins. I have listed all important information such as insurance policy #s etc. plus since I am a Darksider. I have listed contacts both in the USA and Australia who would know or who could easily determine value for sale. I am putting together a inventory to assist and I put a Maccas (equivalent to Red Book) in the safe each year as well. I have listed some people who I know only through the forum, who could be trusted to sell my coins (even paying them a commission). I have also listed certain coins to be left to my grand children. One of whom has been collecting since he is 7 and now he is just as enthusiastic at age 10. rggoodie
aka Richard
"catch em doing something right"
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Pillar of the Community
Spain
1361 Posts |
Quote:
"Whatever you do honey, don't sell these for the price I told you I paid for them."  |
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Bedrock of the Community
United States
20753 Posts |
When I first started to read this post I thought I wrote it. Then I saw the part about a wife and kids. Your lucky there. IF you wanted to you could sit down with them and discuss those coins, their values, what to do with them, etc. If you have other trustworthy relatives you could do the same.
I don't know how old you are to be thinking of this but I do all the time. Being rather on the elderly side, very few relatives left anywhere, very few freinds left either. Mostly my relatives were gone during the WW2. Any of the ones here just jgot old and passed on also. Only one son and he is in another state and also has no interest at all in coins. Over 60 years of coin collecting and no one to continue. My son's name is on all safe deposit boxes but what good is that if he is thousands of miles away. If I should pass away I sure couldn't call him first and tell him to get here fast.
And it's not just coins in a safe deposit box. What happens to everything else in this house? Probably stripped by the time my son would even find out.
Like I said I think about this subject a lot. Being a stage 4 Cancer survivor makes one think of this often.
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Pillar of the Community
United States
1840 Posts |
My parents are in their early sixties and have already begun passing on heirlooms. They do have possessions that they are not ready to part with, but they have made it clear what child or grandchild will receive them. Of course there is a will, but they are hoping to avoid bickering about who gets what in the end.
If you are truly worried about what becomes of your collection, maybe you should keep only the best pieces and pass them on to family members. You could show them in advance what they are getting, what makes it special to you and what it is worth. It would be a nice momento of something that was important to you. You could then sell whatever is left of your collection. Given time you could probably ensure a better return on your investment than if it was sold wholesale after your death. Let's be honest here, it sounds like they are just going to sell it anyway.
Now you have money that you can enjoy with your family. Maybe your legacy could be a college fund for a grandchild or you could just take them some place nice for vacation. To me that would be much more gratifying than sticking them with a bunch of coins and the expectation that you'll be rolling over in your grave if they don't sell them for the right price.
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Pillar of the Community
United States
1228 Posts |
I would cash in the regular silver with no numismatic value and give the rest to your family over time as gifts x-mas & b-days weddings anniversarys etc remember we cant take it with us so do your best at doing the right thing while you can you can do it.  |
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Valued Member
United States
193 Posts |
Knowledge is power Give them your knowledge by taking inventory and thinking of how you would parse and liquidate the collection, give them a value for quick sale, best offer and best price. Include the date you determined each lot value AND the reference book used. Date everything. Tell them where and how to get current information, I've heard that ebay is now used by appraisers to get a true market value. Don't use numismatic abbreviations. i.e. BU, AU use complete descriptions. If you have folders and albums that are filled and include key dates, tell them the value of the entire folder and then which issues are the keys that can be popped out and sold individually. For example: This is a complete set of Roosevelt dimes in Brilliant Uncirculated and Proof condition. The issues from 1946-1964 are silver and should at least be worth $1.50 each. The issues from 1965-end are mostly fillers and not worth great value, except for the proof and silver proof issues are worth considerably more value and as a group are worth $?.?. The key date of this issue is the 1949-S and in brilliant uncirculated condtion and should be worth $?.?. If you have silver or gold, show how to get the current price and the conversion values for each coin and what should be expected as the minimum value as just melt. If you have eMail contacts you trust, put those in there and tell them to contact them all to get a value. Don't get too crazy about itemizing, start with the entire collection and work in lots. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
remember we cant take it with us so do your best at doing the right thing while you can you can do it.
Maybe you can't but I'm sure going to try. The Egyptions tried but I think I know how. Cover my coins with Garlic, Onions and Limber cheese. Quote:
Knowledge is power
jewellse. Obviously you are correct but have no experience with people that just don't care about something. Regardless of what you say, show, explain to someone, if they just don't care, it is meaningless. My Son, for example. Way, way back I tried to interest him in coins. Just didn't work. I explained the value of them. Just no interest. Tried his wife. Heard, OK, OK we'll look into it. They just don't care about coins and most likely never will. Same with most people that just don't care about something. Ever hear that old expression that (you can lead a horse to water but you can't make him drink). |
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Valued Member
United States
325 Posts |
I am on the other end of that scenario. My wifes dad collected since the 30s, when he died, we put the collection in her sisters van, she took it home and it's been sitting in a closet for about 7 years now. I know when I unloaded the safe there were many things, when we unloaded the dressers there were rolls of pennies from 1930 to 1995 each one marked as to date and mint mark. I can't even remember how many quarters/dimes/nickel books and 2x2s we moved. Suffice to say, the collection covered a large dining room table and spilled onto the kitchen table. This summer is the chance I get to go over this lot. I was interested a bit before, but being 1100 miles away made it hard to establish a connection prior to his passing.
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Pillar of the Community
United States
651 Posts |
I'm with the folks that leave instructions. I left instructions for my wife with what to do for collectibles versus bullion along with some contacts.
The other thing I do is save all of the receipts & inventory records to help her (or my kids) out. I figured it's ok if she sees how much I spent and wants to break my legs as it really can't hurt me at that point.
But I have left directions for one set that I'd like to see handed down and continued on by one of my kids. Of course I have the same reservations as Just Carl in that that they won't care so I combined a special type set with a family tree into two albums. Figured they might feel compelled (i.e. feel guilty enough) to keep the family tree/history info going as well as the coins.
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Pillar of the Community
United States
1151 Posts |
For those that keep their coins in safety deposit boxes. Make sure you have another person who can access that box upon your death, if there is not a second person the bank will lock down that box and not allow anyone into it without court approval.
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Replies: 13 / Views: 1,108 |
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Posted 01/25/2009 4:45 pm
