Trusted Company or dealer for collection sale because of death!
SliderGuy
Posts: 27 ✭✭
Just the other day I was chatting with my family about who i can trust selling my collection with honesty and integrity to a coin dealer or another venue.. Is there someone out there that can be trusted! If so, can you share. How do you have your coin collection set to sell if you left this earth early! Thanks
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Of course there are folks you can trust. Part of your responsibility as a coin collector, if you embrace the responsibility, is to prepare others for liquidation in the event of an emergency or change in life circumstance. Do your homework just as you should do your homework before buying a coin.
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Yes
If you want me to be more specific, it would help if you could be more specific too. Are we talking about six-figure rarities or a collection of elongated carnival cents? It won’t do any good to give you the name of the most trusted dealer in the world if he doesn’t deal in what you collect.
Upon ones death (everyone dies sooner or later) who is getting the house? Trucks? Bank account? Etc.
The coin collection is just one piece of many that needs to adjudged upon ones death.
Who is going to manage (executor) the estate based upon the will?
Having a very good Executor (who is willing and able) is very important.
2c
6 figure mostly gold coins! Some high grades and 90% raw gold coins. Many types of gold coins!!
I think with a collection of that value you should already know the answer to your question.
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Educate your most trusted heir. Raw gold that is not of type value should be slabbed. Too much value to leave things to chance. Written instructions as an addendum to your will would be good. Would anyone in your family want to keep your coins as family heirlooms? Talk with some trusted dealers and heirs. Too many collectors do not and it goes badly.
Don't die with your collection. If the heirs have no interest in coins they are likely to just dump it for cash as quickly as possible.
Why burden your heirs with the sale of your collection? You should know best how to achieve maximum value. Start by selling your least favorite and move on from there. And try to have fun in the process.
If nobody in your family collects (not that you want to have them handle it anyway) then start making friends with dealers. There are a lot of trusted dealers. If they are all graded or you are willing to have them graded you could start by asking Great Collections (Ian Russell) @ianrussell here on the board, a few questions. Disposing of them at auction and then disbursing the cash might be easiest and best route.
bob
Preparation for death, like all life's responsibilities, is important. Most of us have wills... likely just the basics are covered. Details are necessary for such things as coin collections....If not selling before departing (or, in the case of early, unexpected demise), then such details should be recorded and kept with the will, and referenced therein. Cheers, RickO
My wife often attends coin shows with me and knows it's a game. She also knows my primary (and trusted) dealers. That plus a detailed spreadsheet with "realistic" sales prices (update twice a year) and she should be able to do okay. If I'm the last to go (unlikely), my other heirs know about the collection and spreadsheet.
Hide them.
Leave an obscure map.
My wife knows about the spreadsheet and knows the game from our discussions. I included instructions in my spreadsheet for how to ascertain value as well.
Hide them. Leave an obscure map.
Look up the Forrest Fenn story. He did just that. Several people have been killed looking for his "treasure".
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Let the map lead to your neighbor's yard.
They died accidental deaths. He says that if anyone causes another person's death over it that he will end it. I assume he or someone else will fetch it. Still not sure how he knows it's not been found. Must have a hell of solar powered camera.