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 Replies: 14 / Views: 1,687 |
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Pillar of the Community
United States
1083 Posts |
I just got back from a trip down to the Texas coast to visit some friends. My friend Larry, had inherited a collection from his father who had passed away. He knows zero about coins and just wanted to dispose of them. Of course there were the hundreds of modern proof and mint sets, but also a set of completed Three Cent Nickels, minus one date. The rarer dates looked uncirculated and there were three proofs. also a set of circulated Two Cent Pieces, including a VG-8 1872. We took them down to the local dealer and he offered Larry a ridiculously low amount. He also had a fair amount of 90% silver coins and he was offered eight times face. To make a long story shorter I offered to take them back to Tulsa where I have an honest dealer. Today I sold his silver for 11.5 times face and my dealer bought the Three Cent Nickels and Two Cent Pieces for what I considered a fair price from the graysheet. I have a nice check to send to Larry. He told me to choose something from his Dad's collection as my commission and I picked a 1955 Proof set. still in the little box that the mint sent it to his father. The individual coins are in little plastic baggies and stapled together. Kind of neat. The sad part of this story is that Larry's secretive Dad had a much larger collection, including gold coins that he had shown his kids earlier. No one knows what he did with the rest of it. The moral of this story is don't hide things from your family. Let then know where they are, give them an inventory and a rough idea of the value. Glad that my knowledge of coins allowed me to help a friend. Also, thanks Prethen for the good advice. |
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Valued Member
United States
436 Posts |
I keep a fairly recent list of what I have, and there's a note with each book to remind my daughter, should anything happen to me, to at least check the current blue book (I also buy one of them a year) to get at least a rough estimate of what the collection is worth should she decide to sell. The note says also to expect as little as 75% of blue book realistically, but not to accept less. And it is known where all my coins are located.
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Pillar of the Community
 United States
1083 Posts |
Good planning hippiebrian. My friend also had a page of nice BU Peace and Morgan dollars, no rare dates. They were in those paper and mylar flips and stapled on four sides. In the moist Gulf Coast climate the staples begin to corrode and were close enough to the coins to spot tone these beautiful mint state dollars. The toning is a nice red color, but doesn't look great in spots, rather than all around the rims. A real shame! |
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Pillar of the Community
United States
1208 Posts |
Hats off to you for helping your friend so honestly! We had a similiar situation in my family once. My aunt's husband inheireted his grandparents' home when they passed. They proceeded to unload the house to Goodwill and other charitys. By chance they noticed some of the clothes they were about to give away were 'funny feeling'. Well, the old folks had sewn cash into the linings around the time of the depression, and left it there! It was luck that they found it. But then they proceeded to deposit it in the bank, rather than have a collector check it over.  They turned in thousands of dollars in gold notes straight into the bank! So... Don't hide from your family AND let them know what you have as well, so they don't make a simple mistake. |
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Valued Member
United States
245 Posts |
I inherited a fairly large collection from my great uncle who was secretive too. Someone,(unknown person) got the gold coins before I did. I was able too find my wifes grandfathers gold coins before anyone else, knowone knew he had them either. |
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Pillar of the Community
United States
6326 Posts |
Quote:
Also, thanks Prethen for the good advice.
Prethen is a good man......I'm sure you benefited very well from his expertise ! ...  This story about your friend Larry.......I'm glad you shared this, because this kind of thing is a lot more prevalent than most people realize. Other family members "take things" upon someones passing....and not everyone knows the full extent of what was there.......UGGGGHHH !. There has been some of this in my own family when my Grandpa died some 30 years ago......and again when my Grandma went into a nursing home about a year and a half ago. This "secretive" stuff can destroy families. If that wasn't enough, after reading your post, it made me realize what I'm doing with my own collection too. In fact, soon, I'll be posting my own topic here with my own personal dilemma, as I struggle in how to exactly handle things with my own collection going clear back to my Great-Grandparents, now that I'm about to be married to a woman who has a five year old child who will be my step-daughter. And having coins that need to stay forever in my family, while starting "new" collections with her and her daughter.....it's kind of "touchy" let me tell ya ! The idea of my future wife having a key to my Safety Deposit boxes that "only" contain my families' and my coins, as of right now. And my Mother being VERY adament that "her" dads coins ALWAYS stay in our family and NOT go somewhere else if something happens to me. And how one discusses these things with his "wife to be" without offending her....which is impossible, because the little bit I have discussed "has" offended her. And the whole "pre-nuptial" potential thing, including my business (to do or not to do... offend or not offend... keep seperate or join everything) with all sorts of things, not JUST coin collections. It might just all be a little too personal to be discussing here on CCF too......haven't decided yet ~~ !Edited by eaglefoot
11/03/2009 1:02 pm
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Pillar of the Community
United States
1208 Posts |
Yeah, "The Taking"... I hate when family passes and folks gather like vultures. It is so morbid and unseemly. A side of loved ones that rears it's ugly head, and I'd rather not see it. |
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Valued Member
United States
199 Posts |
Eaglefoot,I know where you are coming from.I would say,in no uncertain terms,that Family things are for you and your kin Only.She needs to understand that IMHO.Personally,I lost both my folks this year.I am suddenly in a different bracket....My wife knows that that is family money,nuff said.
This IS probably too personal to discuss here on CCF
Brewzz
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Pillar of the Community
United States
1083 Posts |
I was unsure if I should weigh in on the recent posts, but anyway, here goes. In some situations a pre-nupital agreement is the best way to handle a situation where there are family assets, like a coin collection that need to be protected. On the other hand if you marry a new girl and become a stepfather to her child, than they are your family. I would try and be fair and sensitive to hurt feelings. Please remember than coins are made of metal, cold and hard and don't actually carry any part of your deceased relatives spirit. In all likelihood, whoever they pass to are going to sell them anyway. Very few things stay in families forever. I have said this before and someone on the forum accused me of being hard hearted and unsentimental. In truth the thing we should be sentimental about are not our coin collections, but our families, both original and new. Peace.
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Pillar of the Community
United States
2669 Posts |
Just thought I'd throw this out there on the subject of business and marriage. If you have a business, you might want to keep it totally separate. This is not to keep her out of anything - it's to protect her. It will take a bit more juggling, and the "Married Filing Separate" filing status is no bargain  , but you wouldn't want her to be affected by anything that happens to your business, and neither would she. I'm assuming it's a sole proprietorship - LLC's and Corporations have their own protections built in. And if it's a partnership, that would be the possibility of 2 people, one she is not married to, affecting her versus only one. The decision should be made before nuptials - in regards to the IRS and other Government Entities, they will lump her stuff in with yours in a heartbeat for payment of any debt they think your business owes unless it's proven everything was kept separate from the date of marriage. Of course, look into the specific laws in the state you live - some won't even honor the 'separate' thing, I'm sure, so even trying could be an exercise in frustration, for the both of you. Just a thought. Good luck! I know it's a lot to think about, nevermind the wedding itself!  |
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Pillar of the Community
 United States
5953 Posts |
Just Curious as to which dealer gave the low ball offer?
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Pillar of the Community
United States
1083 Posts |
"Just Curious as to which dealer gave the low ball offer?"
I would rather not roast someone that I know nothing about. His main business was jewelry, not coins and in this small city there weren't any real coin dealers to ask. I mentioned to him that the going rate for silver was 11.5 times face and he told me that city ordinance treats him as a pawn shop. He cannot sell anything he buys for several weeks and that makes the risk too high that silver or gold will fall in price before he can sell it.
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Valued Member
United States
258 Posts |
She should sign a prenup without hesitation assuming she is marrying you for you and not your business or coin collection. . If it is that much of a sticky issue with her I would be just a little concerned, especially in these days and times. Best of luck to you whatever you decide to do. Sincerely, John Leckrone
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New Member
United States
14 Posts |
I keep a three ring binder in my safe with a list off all my coins and values. Hopefully when my time comes they will not be sold, they will be passed on.
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Rest in Peace
United States
2668 Posts |
If a pre-nup is a problem, it should be a red flag. Please carefully re-consider. Not the pre-nup.
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Replies: 14 / Views: 1,687 |
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Posted 11/03/2009 08:55 am
