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 Replies: 21 / Views: 2,406 |
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Pillar of the Community
United States
1083 Posts |
 Maybe I am thinking about this because I have to have an MRI tomorrow, or maybe because I got my first social security check today, who knows? My question is how do I protect my non-collecting wife and daughter from getting ripped off when they sell my collection after I am gone (definitely a probability)? I have five figures invested in my current collection and I would like my collection sold to a fair and honest dealer. Who would you use? Please be specific and tell me why? Consignment, out right sale - who would you use? Thanks.
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Moderator
 United States
6563 Posts |
Education is the key. Even though they might not be interested in the collection I'd go over it with them to let them know what it's worth and what to expect. One thing I have seen people do is have a pricing guide with the majority of your collection with grades and variety's itemized. That will help them and whoever is the buyer/consignment seller. I'd include a list of people who sell on consignment such as Bobby & Susan. Keep their contact info with your inventory lists as well as local coin dealers and friends who you trust that can give advice. And if you really think you are gonna go the big coin shop in the sky pretty soon then I'd also include your sign in information for here so the forum as a whole can be of assistance. Or...cause I'm a nice guy...just put me as the executor and power of attorney of your will and don't worry I'll get it all taken care of  |
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Pillar of the Community
United States
851 Posts |
Hope you MRI goes well.  |
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Pillar of the Community
 United States
1083 Posts |
"I'd include a list of people who sell on consignment such as Bobby & Susan. Keep their contact info with your inventory lists as well as local coin dealers and friends who you trust that can give advice."
Susan and Bobby - that is a good suggestion. Who else specifically? That is my idea, to leave them a list of trusted contacts, but I don't know exactly who that would be? As far going over the collection with them, I doubt that there is much interest in that. I do have a spreadsheet with everything listed, grades, and prices I paid, but neither my wife or my daughter will sit down and go over it - they think I am being morbid.
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Pillar of the Community
United States
1599 Posts |
Hopefully, this won't be an issue for you (and me) for a long time. I have done a pretty good job getting my retirement, investments and such in good order. I have a notebook in my safe with all the financial info that my wife will need; she has been heavily involved in the planning and decision making ( I am three years from retirement). On the other hand, my wife does not understand my interest in coins nor is she interested (she thinks I am crazy). My collection is not nearly as valuable as some mentioned here, however, I hope it will be when it transfers, probably to my kids. I have used the birth of my first grandson to begin educating my daughter about coins and my collection. She is beginning to understand the monetary value as well as the intrinsic value. I am working to keep all of inventory with prices etc, to cut down on questions later on and to help if they decide to liquidate (I really hope that in about 30-40 years, my great grand kids are looking at my collection and thinking what a cool great grand dad I was/am). Anyway, back to the question, I am trying to ease my daughter into the coin business if not to get her interested in collection, but at least understanding as to what it is all about and about its value. (I really can't wait till my grandson is old enough to begin the indoctrination process....) Sorry for the long post.
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Valued Member
United States
447 Posts |
I have a completely different idea as to what to do.
It's your collection, you started it, you nurtured it, you built it up to where it is today. You should be the one to sell it.
Your wife and daughter are not collectors. They don't know what anything is, let alone what it's worth. (If they are anything like my family you probably hear "IT'S JUST A PENNY" like I do.) They don't understand and never will. You can tell them til your blue in the face, show them lists, leave them books to read, but they just don't get it, they're just not interested, it's not their thing.
They will get frustrated with all the work involved in selling a large collection, and will take the first few thousand dollars that walks by.
Only the owner of the collection knows what went into it. All the time, all the searching, all the work, and all the expense.
Take your collection to the end. Bring it full circle. You sell it off. Show your family what you have while your still around.
You are the one that should be rewarded.
When it's all sold, and you have a pile of cash, leave that to them.
They know what that is. And they will remember what you did for them, and will appreciate not having to mess with all those coins that they see as, just nickles, dimes and pennies.
Edited by tornandfrayed75
08/24/2009 11:26 pm
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Pillar of the Community
Canada
1931 Posts |
This is an interesting topic to me right now. As my mother in law passed just last week, I was given her entire collection for my daughter 2 days later. I do not think she had any ideas of value and it was just fluke that I happen to collect. It is mostly just stuff she found in her change and put away but still important to know where its going.
I know with my own collection I have a spreadsheet as well, but with this years values updated whenever there is a difference in value. and the first page lists how many coins there are and total value.
If you have a will, maybe keep it in a big brown envelope and cross out and change the total value each year so that if something happens to you and your will is searched for, the total will be right there.
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Pillar of the Community
Australia
1040 Posts |
tornandfrayed75 has the right idea in an ideal world. I intend to do the same thing if no one in my family develops an interest. I bought my most expensive coin from a collector who did just this, and he let me pay for it over eight months as he didn't need the money, it was all going into trust for his family.
However, sometimes things don't work out ideally. In the event that I am not around to sell the collection myself, I have every coin worth more than face catalogued in a database with purchase price, current catalogue value and a fair sale price linked to the code on the 2x2. I also have a list of trusted dealers/people who can help. That way my wife should have no problems. In the event something happens to both of us at the same time, my brother also has a copy.
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Pillar of the Community
United States
581 Posts |
I pretty much agree, Educate now if you can. separate the "good" stuff, and document everything you can.
What it is, where you got it, what you paid for it, and what is it worth.
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Valued Member
Australia
125 Posts |
An important and realistic topic, and I wish you a happy outcome okie-colin. I've been down this road too, and you can email me anytime.
Now, I understand what tornandfrayed75 is saying, but would be too depressing selling off all your stuff, don'cha think?
And this reminds me of a fellow bottle collector friend who sold all his fabulous collection upon being diagnosed with prostrate cancer.
Well, that was 10 years ago. And since that time Gino's been hard at it, re-building what he'd gotten rid of!
All of us should think ahead, and what I've done is write a list of my 'high end' items and priced them, and doesn't matter too much about the rest. But then that's me, and everyone's different.
Cheer,
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Pillar of the Community
United States
1083 Posts |
Thanks for all the well wishes, but I am in no immediate danger of dying (Ihope) I just wondered what to do with all this stuff. I don't know who to trust and again I would appreciate some names of those you would use. Thanks again.
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Pillar of the Community
United States
4085 Posts |
I think the main thing is to keep them from getting ripped off. They can probably figure out the details from there. So, I think just a note with the collection that says something like "dear wife and daughter - this is my coin collection. It's worth a lot. Like $xx,xxx. You can do what you like with it - keep it, give it to loved ones, or sell it. Just be aware that there are people out there who would love to give you a lot less than $xx,xxx for it." Then you can list some ideas - trusted store, ebay, consignment, etc. If they have a ballpark on what it is worth, at least they won't get ripped off. Ken |
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Pillar of the Community
United States
2541 Posts |
See if you can find an attorney to put your will together and explain to him the values of these things when your wife/daughter are present.
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Valued Member
United States
245 Posts |
Maybe leave a list of names of younger collectors who you trust too help the family when you're gone.
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Pillar of the Community
Australia
1040 Posts |
I have no idea who to recommend , being from Australia, but have you thought of the big auction houses like Heritage?
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Pillar of the Community
United States
1083 Posts |
To use Heritage and some other large auction houses, I would have to get everything slabbed and/or reslabbed after cracking them out. That would be a very expensive proposition.
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Replies: 21 / Views: 2,406 |
Posted 08/24/2009 9:28 pm
