It is sickening to me what @Texast went through and I CAN'T believe how some folks treat their parents and older folks.
I have such respect for the elderly.......especially for family members...but really for ALL old folks. They have challenges that some of us can't even understand but will ALL learn about, someday, unfortunately, but that is only if we are lucky enough to live that long......it's a catch 22, in my eyes....it's life's cruel irony. Everyone sells, when they are ready but only they know when that time will be. Some older folks are not in such a hurry to liquidate, as the coins bring them enjoyment, peace and activity, when friends and family have become less and less....it fills their days and keeps their minds sharp
I will sell, someday, but not for at least 25 years or more (barring a completely unexpected economic/financial calamity or health crisis), as I am just over 50. Hell, I'll still be working for at least another 15 years. I am also lucky enough to have BOTH of my parents still living and even one grandparent and they all are very active and positive, in how they live their lives. My Mom is like a big sister to me. They are VERY independent and never ask for help, as they are too proud and don't want to be a burden, but I always give it to them, gladly....I wouldn't be able to live with myself, if I didn't, and I LOVE them. I'll never forget everything they did for me, when I was growing up, and helped me become a successful adult. I guess we have good genes (and good morals) in my family.
I still go to coin shows with my dad just like I did, when I was a child....only now, I buy HIM coins, instead of the other way around . We both REALLY enjoy doing that together. I called him on the phone the other day and he asked, when the next show would be and, if I wanted to go, then he rattled off the CC Morgans that he is still looking for for his collection. It brings out the passionate youngster in all of us. It warmed my heart and I can't wait to do that with him. He still enjoys coins a lot and loves those CC Morgans!
God Bless you all and I wish good health to you all. Spend as much time as you can with your parents and grandparents, or even volunteer at a nursing home, if possible (I did that once and it was soooo rewarding and educational), because once they're gone...that's it and you WON'T have another chance.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
In general, people don't do multi-generational collections anymore, but if they did, they could do something like what William Randolph Hearst did with his company, allowing the collection to be managed by professionals while letting the heirs have some benefit.
A sad development, given how hard the patriarch of this family fortune struggled to ensure prosperity and harmony for his family after he was gone. Newspaper mogul William Randolph Hearst died in 1951 at the age of 88. The will made clear his feelings about his relatives. None of his five children (all sons) was competent to run the business. Control was to be in the hands of professional managers answering to a self-perpetuating board of trustees on which Hearst family members would have only 5 of 13 votes. The trusts would last until all the then-living grandchildren had died—an event likely to occur sometime around 2035. Any heir who challenged the will would be disinherited.
That the Hearst Corp. survives at all today—and remains privately held, as W.R. Hearst wanted—says something about the wisdom of his estate plan. He left behind some ranch land, 15 dailies, most of them evening newspapers destined to be run out of business by television, and a handful of magazines (including Good Housekeeping and Town & Country). Had the people running the business sat on their hands, there might be nothing left today. But they used profits from old media to buy into new media. By doing so they assembled a collection of assets that includes 26 television and radio licenses, 17 magazines and an assortment of cable operations. Forbes estimates the 1999 revenues of Hearst Corp. at $4.4 billion.
My friends, I know this is a coin forum, and I want to take the time to thank the OP (that's Original Poster for the new people) @Pickwickjr .
I am embarrassed that I was so wound up with the topic I paid very little attention to "The Man on a Bench" I don't know if this is the title of the picture or not, but that's what I would name it. Having been into photography most of my life I really believe that a picture says a thousand words, and this one is a novel.
As I studied each part of the picture I realized some of the things I missed.
The man is very old and very proud, he is a clean shaven man, hair is combed. He is sitting at attention, most likely he is a veteran, this is a learned but never forgotten position to sit in. Most likely an officer, not enlisted. His shoes, although not matching, are polished, something many of us have done in the past. He is poor, he has no socks on, his jacket is way to big for a man this size.
He is sitting indoors, I know this because the bench is polished and there is carpet on the floor. Maybe a shelter of some kind, the floor is dirty. It is normally a well traveled area. He has nowhere left to go, he was a very sociable person, he sits in the middle of the bench waiting for his friends to join him, but he is alone, for he has outlived his friends, he was probably married but had no children.
That is a few of the things I see, I guess paying attention to details is one part of this hobby.
What do you see?
JMHO
TexasT
On BS&T Now: Nothing. Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up! Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Dealing with stuff is a royal PITA. My dad left a huge shop full of tools, parts, and mostly-done projects. Mom doesn't really need the money, so it's a slow process. I'd rather just let everyone pick through it and then do a big estate auction, but she isn't ready for the finality of that yet.
Leaving it to charity is great, but make sure they understand what it's worth and how to extract the value from it.
To answer the OP, the time to sell is a little before you're forced too. Getting in a financial mess is a sure way to end up with something less than you could have gotten.
Whenever you want. However, some things just cannot be sold so my advice is to "document" what you have and why you have it.
Some inheritors will just sell the first chance they get. Others may hang on to a coin inheritance for keepsakes but eventually, they all get sold.
Documentation is your best bet.
Me? I've got some stuff that I paid a LOT of money for only to have the carpet pulled out from under me. The time to sell that stuff has been long gone. I keep them in my "Lessons Learned collections" and if the kids or grandkids want to sell them or even just spend them makes no difference to me.
I decided to change calling the bathroom the John and renamed it the Jim. I feel so much better saying I went to the Jim this morning.
@spacehayduke said:
I sold a big chunk of my collection to help pay for a house this year. I had some uncommon and one of a kind branch mint gold coins, condition census for some of them. The dealer I worked with sold everything in a week, most did not even make it to his website. Did I not like selling them? Of course, but when I see images of them or others like them I can remember the enjoyment of being their steward for a while and the fact that I chose well, job well done. It was the time to sell even if I would be losing something special. And the view from the new house? Our dream view we worked 30 years for........ So I don't regret it at all.
Best, SH
How about a picture of that view?
I was lucky enough to do the same but without selling coins!
Comments
It is sickening to me what @Texast went through and I CAN'T believe how some folks treat their parents and older folks.
I have such respect for the elderly.......especially for family members...but really for ALL old folks. They have challenges that some of us can't even understand but will ALL learn about, someday, unfortunately, but that is only if we are lucky enough to live that long......it's a catch 22, in my eyes....it's life's cruel irony. Everyone sells, when they are ready but only they know when that time will be. Some older folks are not in such a hurry to liquidate, as the coins bring them enjoyment, peace and activity, when friends and family have become less and less....it fills their days and keeps their minds sharp
I will sell, someday, but not for at least 25 years or more (barring a completely unexpected economic/financial calamity or health crisis), as I am just over 50. Hell, I'll still be working for at least another 15 years. I am also lucky enough to have BOTH of my parents still living and even one grandparent and they all are very active and positive, in how they live their lives. My Mom is like a big sister to me. They are VERY independent and never ask for help, as they are too proud and don't want to be a burden, but I always give it to them, gladly....I wouldn't be able to live with myself, if I didn't, and I LOVE them. I'll never forget everything they did for me, when I was growing up, and helped me become a successful adult. I guess we have good genes (and good morals) in my family.
I still go to coin shows with my dad just like I did, when I was a child....only now, I buy HIM coins, instead of the other way around . We both REALLY enjoy doing that together. I called him on the phone the other day and he asked, when the next show would be and, if I wanted to go, then he rattled off the CC Morgans that he is still looking for for his collection. It brings out the passionate youngster in all of us. It warmed my heart and I can't wait to do that with him. He still enjoys coins a lot and loves those CC Morgans!
God Bless you all and I wish good health to you all. Spend as much time as you can with your parents and grandparents, or even volunteer at a nursing home, if possible (I did that once and it was soooo rewarding and educational), because once they're gone...that's it and you WON'T have another chance.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
In general, people don't do multi-generational collections anymore, but if they did, they could do something like what William Randolph Hearst did with his company, allowing the collection to be managed by professionals while letting the heirs have some benefit.
https://www.forbes.com/forbes/2000/1225/6616137a.html
My friends, I know this is a coin forum, and I want to take the time to thank the OP (that's Original Poster for the new people) @Pickwickjr .
I am embarrassed that I was so wound up with the topic I paid very little attention to "The Man on a Bench" I don't know if this is the title of the picture or not, but that's what I would name it. Having been into photography most of my life I really believe that a picture says a thousand words, and this one is a novel.
As I studied each part of the picture I realized some of the things I missed.
The man is very old and very proud, he is a clean shaven man, hair is combed. He is sitting at attention, most likely he is a veteran, this is a learned but never forgotten position to sit in. Most likely an officer, not enlisted. His shoes, although not matching, are polished, something many of us have done in the past. He is poor, he has no socks on, his jacket is way to big for a man this size.
He is sitting indoors, I know this because the bench is polished and there is carpet on the floor. Maybe a shelter of some kind, the floor is dirty. It is normally a well traveled area. He has nowhere left to go, he was a very sociable person, he sits in the middle of the bench waiting for his friends to join him, but he is alone, for he has outlived his friends, he was probably married but had no children.
That is a few of the things I see, I guess paying attention to details is one part of this hobby.
What do you see?
JMHO
TexasT
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Great post(s) @Texast
Dealing with stuff is a royal PITA. My dad left a huge shop full of tools, parts, and mostly-done projects. Mom doesn't really need the money, so it's a slow process. I'd rather just let everyone pick through it and then do a big estate auction, but she isn't ready for the finality of that yet.
Leaving it to charity is great, but make sure they understand what it's worth and how to extract the value from it.
To answer the OP, the time to sell is a little before you're forced too. Getting in a financial mess is a sure way to end up with something less than you could have gotten.
Honestly with me it varies there are days want get rid of it all.
I think In 20 - 25 years when I’m retired I will sell of most of my collection. My children will be adults and hopefully I’ll be a grandfather.
Unless of course, it forces you to become a coin dealer
When to sell?
Whenever you want. However, some things just cannot be sold so my advice is to "document" what you have and why you have it.
Some inheritors will just sell the first chance they get. Others may hang on to a coin inheritance for keepsakes but eventually, they all get sold.
Documentation is your best bet.
Me? I've got some stuff that I paid a LOT of money for only to have the carpet pulled out from under me. The time to sell that stuff has been long gone. I keep them in my "Lessons Learned collections" and if the kids or grandkids want to sell them or even just spend them makes no difference to me.
The name is LEE!
How about a picture of that view?
I was lucky enough to do the same but without selling coins!
Latin American Collection