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 Replies: 18 / Views: 3,800 |
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Valued Member
Canada
55 Posts |
I was thinking the best way to 'educate' or inform my wife on how best to sell my collection apon my untimely demise. I am worried she will just bring it all to the nearest coin shop (or worse a pawn shop or some fly-by-night coin dealer set up in the mall) and get taken. For her to try to sort through and figure this stuff all out to sell on ebay etc. is just to tedious. The I was thinking... what about a coin 'godfather'? A fellow collector/friend knowledgable about coins that could let her know what is worth good money, what is junk, and weather or not a coin dealer was offering her a reasonable amount for the collection. I have a few coin collector friends that I may approach with the idea of helping my spouse deal with my collection if required. It would give me peace of mind. Have others come up with a better solution? Moved to Main Coin Forum - Sap |
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Pillar of the Community
Canada
1733 Posts |
I took the same step Roy, one of my buddies will aid in disposal if that is what the family wishes. I have also educated the kids to know what and how as well. I'm sure they could break the collection correctly on their own if needed.
Actually a few of us friends have left each other coins... just a few special pieces so that the others can continue to enjoy them even after one of us is gone.
But yes, that support system is important. Some of these coins are unfortunately too damned pricey to trust to fate.
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Pillar of the Community
Canada
1554 Posts |
 I've already arranged a pact with the Devil, if anyone rips off ma next o'kin, I'll come back and haunt'em for life! Glenn  Edited by glenzy1
06/01/2011 06:40 am
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Moderator
 United States
14463 Posts |
I keep meaning to make a will. This is another item I need to include.  |
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Bedrock of the Community
Australia
21786 Posts |
Get your wife sufficiently interested in your collection, such that she will be self motivated in getting the best price for herself.
You never know, she may even wish to start her own collection, perhaps of quite different character to your own collection, such that both collections are complementary to each other.
That is how I started my sister and my mother into coin collecting. Their collections are quite different to mine, and both have been collecting for over twenty years now. My sister collects modern scarce dates and types, and my mother collects silver and gold proof sets. I collect world coins, ancient to modern, all centuries and cultures.
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Pillar of the Community
Canada
1984 Posts |
I keep the important stuff separate from the unimportant stuff. This also makes safekeeping of the most important coins simple and efficient. I keep an ongoing record of what the important stuff is, so even an unknowledgable person could quickly get their minds around it with a catalogue or two. I figure that I am the one best able to sort through what I have.
I wouldn't count on people who aren't that interested in coins to spend the hours and hours needed to go through a large hoard of material.
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Pillar of the Community
United States
629 Posts |
I made up a letter that addresses the best coins in my collection. These are the ones that I have stories for that I pass along and the ones that would bring them the most cash. Other than that, they can sell them for what ever they want because you know it's all profit for them!
If I had a choice, I would tell them to sell the coins and buy something for themselves that they want. It's not like I have any say in it anymore anyway.
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Pillar of the Community
United States
597 Posts |
great idea but how would you a. have him not buy anything or b. not have him in cahoots with another person. sounds harsh but I have seen money turn good people bad
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Valued Member
Canada
84 Posts |
I have a simple excel spreadsheet with all my coins listed... what I paid for them and where they came from... if they are certifed and by what TPG company. I keep the sheet updated on a yearly basis re trends and have a pct of tends I think the coin should be worth. Independent decisions will be made despite what I want after the fact... only thing I am trying to give those that will be making them is the best info I can. If someone in my large family shows an interest before the day... I will probably just leave the collection to them in total. No kids involved so that makes it somewhat easier. |
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Valued Member
 Canada
55 Posts |
Good ideas all. I have my coins in spreadsheet form too, with grades, prices etc. that would help my wife a great deal. But still, the actual selling of them, it would be nice to have someone over her should who could say "NO, the guy is trying to con you", or "Thats fair, I'd take that deal if I were you." I don't want her to have to deal with each coin on an individual basis. I would hope she would give some to our kids, and keep anything for herself that caught her eye. But I can assure you after 25 years of marriage, she is not interested in starting her own collection. LOL!
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Pillar of the Community
United States
3540 Posts |
I have done the same with, well, the items that are in my gunsafes. I created an excel spreadsheet listing the specifics, new value, and actual value to sell at. There are three items listed on the spreadsheet that are left specifically to my younger brother (family heirlooms). For the remainder, I have left instructions to let my buddy to pick one item for himself and sell the rest.
The ironic part of this, the "support" equipment and accessories is also worth quite a bit as well. Specific instructions were left on what to sell.
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Pillar of the Community
United States
584 Posts |
What about leaving instructions to call a company like Heritage, You can meet with an associate and plan accordingly for now, Then touch basis as years go bye to update what you have. This way in the event of the worst your in good hands. I can't help but to think of the saying, If you fail to plan, Plan to fail!
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Rest in Peace
United States
5375 Posts |
Interesting idea, I'm not of the age where I would really need a will, but it can't hurt.
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Pillar of the Community
United States
1304 Posts |
I have talked to my wife about this also. While she doesn't set and look at coins, spend alot of time reading this and other coin forums, she does know quite a bit about our collection and what we have paid for each coin that I have bought. I told her that if something happens to me and she wants to sell she should come here and post them first. I believe that she would be treated fairly, although I am not sure if the 50 posts rule would be waved off.  |
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Pillar of the Community
United States
3294 Posts |
I take it by "Godfather" you don't mean someone who will make her an offer she can't refuse?
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Bedrock of the Community
United States
20753 Posts |
Quote:
Interesting idea, I'm not of the age where I would really need a will, but it can't hurt.
In reality that is not to smart. I've seen many, many people pass away at almost any age. In one family I know 2 members passed away in their early 40's. If you own almost anything, you should have a will. Also, many should look into a thing called a living will. Always better to be safe than sorry. Or course after you pass away, to late to be sorry. There are WILL makers on line and you can buy electronic ones. Usually all you need them is a withess. There are goods and bads to wills and a so called Godfather system. The will is only good if someone finds it or knows where it is when needed. The Godfather system really depends on someone you really, really trust. |
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Replies: 18 / Views: 3,800 |
Posted 06/01/2011 06:39 am
