Contemplating selling a "forever" coin....
Bochiman
Posts: 25,556 ✭✭✭✭✭
I have less than 5 coins that I bought and counted as "forever" coins....actually, really only 1. I'm not going to say which one it is, though I have talked about it over the years and shown it's trueview a few times in various threads. I will say it is a 'key' but isn't 'rare', though the toning on it is certainly unique and it does have a very nice look (to me and others that have seen it in hand, and on the trueview I do believe).
I received an unsolicited offer and it is a very tempting offer, tbh.
Not an immediate "grab it right now!", but very tempting. Enough so that I am on the ledge on selling it, where before I was mentally locked up tight on it.
I want to talk to my son (at college) as, if I did keep it as a "forever" coin, it would be his when I pass. However, I don't think he sees it the same way I do.
It isn't part of a set, for me, though a potential owner would likely add it to his set and it would fit in super well, from what I have seen.
I have some other "keepers", such as my Massachusetts Copper (1/2 and one cent) coinage, and my 1793 1/2 cent in VF25. I mean, THOSE have major history from their time period. But, with those, they are very nice lookers but not "unique". Better than many in those grades, and even look better than some a few grades up, due to the planchets, but they are more replaceable.
Just tossing this thread out there to be cathartic for myself a bit as, if I do sell it in the very near future, I know I will miss it, but, as many others have said, "We are but temporary stewards of these small metallic bits of history, and they will, and must, move on; at some point".
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Comments
If it's a 'forever' coin, that means you'll never be able to get another one, or if you can, it will only be with extreme difficulty. I don't have many of them, either, but a keeper is a keeper, barring a financial emergency or a desire to leave the hobby.
Several of my keepers are attractively toned coins which I've never seen anything like them elsewhere. Several others never seem to become available. Two others, I spent eight and ten years respectively, looking for them. None of these coins are going anywhere, except to my estate and heirs.
"Seu cabra da peste,
"Sou Mangueira......."
For me, the question is what would you do with the money? If you’re going to be able to do something that brings you more joy/peace/protection/whatever than that coin does, then do it. If you’ll just have more money and use it to look for something that (hopefully) equals what you sold, keep the coin and be thankful for the offer/option.
Btw, I just looked at my records.....I always remembered I got this from @MFeld (Coinguy1), but I had forgotten how long ago....I've had it for 15 years.
I had another example, but it wasn't as "unique" as this one. I had this listed on Mark's "WTB List" and when he came across it, and mentioned it to me, and then sent it to me to see if I wanted it. NGC plastic and all, it was love at first site. It now resides in PCGS plastic, which I like better for viewing coins, for some reason, and has resided in this holder for better than 2/3 of the time I have had the coin.
Elcontador: You are right in that analysis, which is why I have been considering it a "forever" coin...those exact reasons. And, this is a coin with "modern" history. Even non-coin people look at it and, toning aside, see how special it is....no loupe needed.
Your reasons are why this is hard.
No, I am not in a financial emergency. Not in poor health either. My son IS at college (not cheap, right? Out of state schooling and all), nor am I old enough to collect SS or use my 401k or anything. But, I haven't really been after any new coins for awhile (lasik helped me see but did make it a bit harder, for me personally, to photograph the coins or spend too much time looking at them closely...lost some of my excitement then).
Again, I will say that I have never seen another example like this one....and I have owned a few others of the same date/type. When coinfacts used to show all the trueviewed coins, I would always go look at the others like this....and I did see BETTER ones (higher grade and nice) but never one I even had a tinge of liking better.
Not sure if I am trying to talk myself OUT of selling it or talk myself INTO selling it. Not easy for me, and it sounds like you understand the concept of the "forever" coin as I see it as well.....
If I do sell...I am 100% certain it would go to a good, long term, home....
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
It is obvious, sell.
The only major consideration I would have is how much you would miss the coin afterwards.
Also, how would you feel if the buyer sells the collection, including your coin, a few years down the road?
If you sell it, you'll have "seller's remorse" forever.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
What does the coin look like and what was the offer? Everything has its price.
Only if you sell too cheaply.
Irrelevant to anyone but me and the interested party(ies). I'm not going to divulge on the forum as it wouldn't be the right thing to do, imho. I don't even know if the person is a member here...I know (s)he has a registry set....but whether or not a member, I don't feel it is the right thing to just announce.
As I said, the thread was more cathartic FOR ME than it was for anyone to have specifics and agree/disagree or second guess anything.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Bob Simpson had an nice quote in his recent interview:
That may help guide you on when is the right time to move on.
Oops. Sorry. I stopped reading after the fourth paragraph. I usually keep a journal for things I don't expect commentary on.
P.S. Good luck if you decide to sell it.
Ron, I had a very good idea which coin you were talking about, before you confirmed it. Other than that, I’m staying out of this one. 😉 Best of luck with your decision.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Do you think in the future, you will ever get an offer comparable to the one you are getting now? If not, I would sell. If you leave the coin to your son, depending on his knowledge and interest, he may not get as much as you can get for it. Do what you think is best for your heirs. Don't do anything that you may regret down the road. Tough decision on your part! Take your time, and take all things into consideration. JMHO.
In my experience the best time to sell something is when someone else wants to buy it.
Latin American Collection
I sold about a dozen 'forever' coins last year that I have zero chance of ever getting similar again. I enjoyed the time I owned them, but the money was put to good use - no regrets and learned that forever coins does not mean I have to own them forever.
Best, SH
there really shouldn't be any drama associated with this and I am forever amazed at how many collectors seek counsel from this forum on personal decisions like this, but some seem to like that aspect of collecting. the concept of a "forever" anything doesn't really exist to me so I would just sell.
We should strive for higher meaning in life. Materialism just gets in the way, when it is allowed to.
EVERYTHING has it's price...what is yours?
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A few thoughts on the topics mentioned in this thread.
With regards to the OP and the “forever coin”. I think the correct and most straight forward answer is to sell the coin. Now my supporting logic would be that my experience is once you consider selling a treasured item, your mind is already made up that it is time to part with the item. Now, you are going through the process of truly convincing yourself that it is the right thing to do. You will go back and forth on this, but unless a close friend or family member or trusted advisor says it’s the wrong thing to do...it is only a matter of time until you follow through with the decision to part ways with the item.
Secondary, as you seem to truly appreciate coins and this item, I think that you would appreciate this item going somewhere where it is greatly appreciated . For many of us, the thought of some unique items being sold at an LCS , pawn shop, or as part of an estate sale, and being lost forever or “not valued” as you have valued it, it emotionally concerning. So in this case, I think you would feel,better knowing this is going to a collector/collection that will value it as you do.
Lastly, as for the comments that i see here frequently as “why people seek counsel here on a forum”; my response would be that many successful people like to take well thought out actions. Perhaps some people bought and sold houses without seeking council of others; start businesses or make large investments without seeking council of others; but I think most people usually talk among family; friends or trusted advisors...With hobbies and especially coins, many on this forum may not have anyone to talk to about this subject. Very few in the next generation care about these things (so family is out for advice) Many will also not have friends that are interested in coins; and lastly, I don’t believe there are many that face decisions like this, so many today are struggling to make ends meet, that it’s hard to talk to even friends about some of these issues as they are focused on trying to pay mortgages/tuition/
Health insurance etc.
So for the OP, my advice would be to make peace with the decision to sell the coin, and do it at the time when you feel comfortable.
Great post!
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Ive been doing just that , was down to a box of like 16. after getting rid of extra's, this and that., I decided to part with a majority of my personal holdings, been selling a few at a time on GC, and for the most part, they been doing well. I don't want to worry about them not being disposed of properly if I go. Down to the few that mean a lot, so its hard to put them in the box and say goodbye, but I haven't missed what I have sold so far. My biggest problem is seeing something new pop up and think" I wouldn't mind owning that, but have to remember I'm liquidating, not adding" Now, I am still a dealer so if something same along where I knew I could make a profit, thats different. Im talking about paying retail and stretching for personal coins.
what ever you decide, you'll be fine. "Remember one thing, no better time to sell than when you have an eager buyer!!"
And I know you have some nice stuff!!
I do not sell coins generally. I did sell some gold Britannia sets I had years ago. Likely will sell some gold coins in the future. For the most part, I keep the coins I have acquired because I like them and enjoy having those sets/examples. That being said, they are material possessions and not family. Ergo, I could sell given the right time, the right offer. Cheers, RickO
Sell. No commissions to pay. No badmouthing to listen to. No auction payment delays ... and apparently a great price realized.
I just sold one from my box of 20 earlier this year. Reached out from a posting here with a strong offer. Can’t say I needed the money but felt if I sat on it and buyer moved on would likely end up wanting to sell someday and no one around that cared. If someone is interested and and serious with their cash, then the coin doesn’t have to be a lifetime appointment in my basement.
That hits the nail on the head. It’ll make me look at things a little different now.
I have a buddy with a classic car collection. Some of them are enormously cool - not exactly unique, but pretty hard to replace. His attitude has always been “It’s mine until someone comes along who likes it more than I do.” Money is the yardstick.
There’s always something else to chase, and for me the anticipation & pursuit are more fun than the “having”. This especially true when there’s nobody around to share it with. If you have an eager buyer, maybe go for it. It’s just stuff.
Apply the Marie Kondo test - if it still brings you joy, keep it, if not, sell.
I find that I don’t so much get attached to my coins as that they get attached to each other. By which I mean that if a coin is not important as part of a set, but is only important as a stand-alone item, I’m almost always OK with letting it go to a better home. On the other hand, the sets stay together “forever”.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Sounds as if the buyer was to tack on another 20% to the offer you wouldn't be thinking this hard. It may be a great coin but not the forever coin you had thought it was. Some great posts above and I echo that Everything has it's price.
While not forever coins like what you've described, I can think of a few great coins I sold in the past because I had the chance to make a profit. Granted, we're talking much less money than I'm guessing you are, but years (more than a decade) later, I still regret it. If you need the money (or just have a good place to use it), then you're trading the coin for something else. If it's just a question of the price being so good that you can capitalize on the coin, then I'm not sure it's worth selling. In 5 or 10 years, will you have something to show for the money when you don't have the coin, other than some fatter bank statements?
The subject of the thread is very relevant to many here I believe. The responses you've received so far have caused me to ponder greatly about some of my belongings as well, and for that I am grateful. I have nothing more to add as far as advice or commentary other that to reiterate that much good wisdom has came to light in the preceding responses.
Speaking for your son, "Sell the coin, send the money!"
We have to face the fact that our heirs will want the money and sell the coin for far less than you can get now,
O f course I have been on SS for 8 years, so there's that for me...
I had a "forever" guitar. Spent years working to earn it, literally and figuratively. It elevated my work, my self-esteem, and became the center of my world. Some years later I got an endorsement deal which included the making of three custom signature guitars [for me]. My "forever" guitar became less and less desirable next to these hand-crafted instruments of which I had selected every component and detail. My wife needed a new camera for her photography business. The choice was simple. I sold my "forever" guitar—at a profit, to boot—and bought her the camera. No remorse.
The fact that you're even considering the sale means you probably want to sell on some level and are simply coming to terms with this realization. We've all been there. Times change, circumstances change, and we ourselves evolve @Bochiman . It's natural.
Amat Colligendo Focum
Top 10 • FOR SALE
Will your collection be meaningful to you in retirement? If so and you don’t need the money, then I’d keep the coin. Wait to sell until you don’t enjoy your collection much anymore. If that’s the state you’re in now, then I’d sell.
"Got a flaming heart, can't get my fill"
I am putting a couple of “forever” coins in the Stacks auction at the New York International show in January. I decided to pay down my mortgage and use some towards another coin.
If you do decide to part with it, don’t look back.
I sold my centerpiece a few years ago after thinking it would be with me forever as I received an offer I couldn't refuse. I was able to immediately turn the funds into four spectacular coins which greatly improved the breadth of my collection.
In the last few years, I've felt that my collection wouldn't be complete without another example of the type. Fast forward to two weeks ago and I purchased a far nicer example.
So, long story short, selling it now might just open a space for you to find an even better example when one comes around in the future. I wouldn't have been able to float owning both simultaneously... a buyer in the hand is worth two in the bush.
He also said he's not selling his saints.
My fingers are neither cold or dead enough yet.
My Saint Set
I’ve sold a fair number of coins including a set which I had been working on for 20 years. I stopped feeling bad about selling about 30 seconds after I got paid and have never looked back. We can’t take coins with us when we die and most of us have family members who couldn’t care less about coins. Every coin has a price.
I'm glad you asked for a little counseling here because I don't recall reading so many well thought out responses and
relevant stories.
I'm not a seasoned seller and have never sold a forever coin.
When I do sell, I know that I find it a more enjoyable memory when I had a specific plan for the money received from a sale.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Hold.
Without knowing any previous info, it’s the family element that gives me pause here. You mention waiting to talk to him because he’s at college and that it’s a piece you’ve clearly imagined passing down. Sounds like an age where his thoughts and priorities may look quite different ten or twenty years from now. Doesn’t mean you shouldn’t sell it.
I thought to myself, is there a coin that is already more a forever coin to your son? Or, an upgrade you could get to an existing piece that might better represent something in your relationship or past experiences together? Or, if not, a way that sentiment can be fulfilled through the use of some part of the potential proceeds here.
Consign it t to M Glicker.
Nice thought but it's not applicable. Marie Kondo lives in a world where things are either kept or sent to the city dump. I mean, how many Stellas are sitting in the city dump?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Paging Fred!
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Without knowing it, YOU kind of hit on one of the reasons I am actually entertaining the idea now.
While MY health is fine, my brother recently had an issue where he was feeling sluggish. Went in to the hospital and was MRI'ed/scanned. They kept him and transferred him to so a specialist could operate. Seems he had a brain tumor. They couldn't get it all. They told him he has ~5 months to live.
The reason I say you "hit on it" is that he is a musician and has 40+ guitars and other equipment and some of those, such as one signed by Merle Haggard, and a few others he has, are things HE considered "forever", but now, his forever will end before he hits 60 years of age....and he doesn't want to leave them for his, non-musician, wife to have to deal with.
Coins are smaller, possibly more liquid, but when you deal with things that can be 'real money', it doesn't seem the right thing to do to saddle collectibles with non-collecting heirs.....
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
You knucklehead! You were one who immediately told me to SELL when I told you about it last week!
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
.> @MrEureka said:
Where are you getting the idea that anything (besides a coin) one no longer wants is worthless? I think the "Kondo criterion" is a good one regardless of the value of the object. Where I would agree with you on applicability is that coins are small and often stored outside of one's living space and, when so, don't contribute to daily clutter.
Good thoughts and I do appreciate them.
There are a few coins, that aren't "forever" but have a little meaning, that will go to him and aren't for sale at the moment.
A 1-ounce "Chinese Year of the Horse" gold coin, from the first series.
And, a couple classic gold US coins from his birthyear -100years.
I figure that, even if he doesn't get back into collecting like he was when he was younger, as, like you mentioned, his age has his priorities on other things right now and most of us have gone through that, then those gold coins are a much easier thing to sell for around the best price without having to find just the 'right' collector.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I have a tendency to save the best for last. If I am tempted to sell one of my nicest coins, then I should surely feel comfortable selling some of my "average" coins. This logic has driven me to purge some coins this year, and I'd say it has served me well overall. I do miss a few coins, but not as much as I would have missed out if I didn't get some of my nice newps.
In this moment, selling could be a good decision. I think that a fellow collector would appreciate the coin more than your son. That's an assumption because I know nothing about your son. However, that tends to be the case with others.
IG: DeCourcyCoinsEbay: neilrobertson
"Numismatic categorizations, if left unconstrained, will increase spontaneously over time." -me
In my book if it’s a forever coin, you keep it. Of course this is completely your decision and no one else’s, except for maybe your son. If my son wants a coin I own it’s his when the day comes. So I completely understand your line of thinking. Like someone else has already mentioned the sellers remorse IS a real thing. I’ve sold a coin in the past that I loved but the price was better than right so I sold it. After the deal was done I remember the feeling of rather having that particular coin back rather than the money I didn’t really need, and it hurt to the point to where I am now a hoarder, not sure his much better that is. My coin collection is growing quite large now because I’m a hoarder. The only advice I can offer you is to really think it over before you do anything . Also what are you going to do with that money.
I wish you all the best with your decision making, Joe