How Do You Plan On Retiring From Your Collection? - Page 3

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Author	Replies: 38 / Views: 5,049	Page: of 3

sel_69l Bedrock of the Community Australia 21788 Posts	Posted 02/04/2011 9:30 pm Your heirs won't necessarily have the same interests as yourself. ASK if they are interested in some or all of your coins. Talk in detail about your collection. It is most probable that their interests will not exactly be the same as yours. GIVE them that part of your collection that they really want to have and build on, BEFORE you kark it! Beats the Tax man! For the rest of my collection, I will have just as much fun disposing of it myself as I did in building it. I will break it into logical sections and negotiate at coin shows and dealers for each part of it. The more valuable coins will be offered at a major numismatic auction. My kids have their mortgages. I am sure that they would appreciate me paying a substantial amount off their debts, and the poor old Tax Man is going to miss out. Gee I am sorry about that! Edited by sel_69l 02/05/2011 12:04 am Report this Post to the Staff
specksynder Pillar of the Community United States 1080 Posts	Posted 02/05/2011 01:15 am I like coin collecting because most of the coins I collect are fairly "liquid." If you collect stamps, it's almost impossible to sell them for what they are worth, and it's tough to find buyers in general. Coins have built-in value and are relatively easy to sell. I have no problem buying junk silver from the dealer every month knowing I can sell it back at junk silver prices whenever I need to pay a bill. It's one step removed from stashing money in a mattress, I guess. Report this Post to the Staff
Johnny1328 Valued Member United States 268 Posts	Posted 02/05/2011 02:33 am I plane on leaving my colloction to some one in my family, my daughter already likes coins and has some of her own. She is only 20 so its not a big part of her life at this time. Report this Post to the Staff
JMerrick Valued Member Guatemala 357 Posts	Posted 02/05/2011 04:54 am Well... I would have chosen 'next o' kin', but since I'm the only one left, that's out... I can't take it with me... I know they wouldn't stay with me too long, that route... So... I'll give stuff away, and if there's any leftovers, off to charity they go! Report this Post to the Staff
rodime Valued Member Canada 276 Posts	Posted 02/05/2011 08:45 am @JMerrick: You should give a few to a salvation army store (or some second hand store), in some sort of hidden fashion. You know, kid buys an old camera and realizes that in the lens case there are a few old coins with the pricetags still on them... Report this Post to the Staff
molydeii Pillar of the Community Turkey 870 Posts	Posted 02/05/2011 09:32 am It's actually sad to think that. I am not a teenager and I know chances of dying earlier than expected is slim, but these kind of stuff happens. I don't have any heirs at the moment, but I hope to have some very soon! :) after they grow to a certain age, if they're interested, everything I have is theirs. If not, I think after 60, maybe, all of the coins will be sold, besides a couple that has some memories (which can easily go with me to my long nap) and the money might be spent to something such as a holiday with my missus or similar. Report this Post to the Staff
kniceone New Member Canada 42 Posts	Posted 02/10/2011 11:11 pm My collection is a 3rd generation collection - passed from grandpa to dad and from dad to me and it will continue on down the line - my heirs are daughters and they aren't in the least interested but they have sons and I have two grandsons who are very interested. Of course they do not know the worth of what I have - all they think is that I have two penny collections - one Cdn. and one US. Better they think that until they grow up - that way I hope they won't have dollar signs in their eyes instead of true interest. Report this Post to the Staff
North of 49 Pillar of the Community Canada 617 Posts	Posted 02/12/2011 10:29 am On two different occasions I have had young people(teenagers) come in to where I work wanting to use old coins to pay for something. Their grandfather had left it to them. I explained that they could get a whole lot more the coins from a dealer but they just couldn't be bothered. I guess my point is that to a non collector especially a kid a quarter is just a quarter. Anyone who ends up with your collection should be made aware of its value how to go about selling it if necessary. note: just in case you were wondering I did notify the police about the coins just in case. Report this Post to the Staff
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