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How will you dispose of your collection?
Eldorado9
Posts: 2,178 ✭✭✭✭✭
How will you dispose of your collection?
This is a private poll: no-one will see what you voted for.
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Eldorado9
Posts: 2,178 ✭✭✭✭✭
Eldorado9
Posts: 2,178 ✭✭✭✭✭
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Arrangements have already been made - hopefully, it's many, many years from now but if I get hit by the proverbial bus tomorrow, everything goes to Heritage to be auctioned.
Member ANA, SPMC, SCNA, FUN, CONECA
Depends ...
On my time, I will moderately disperse to friends and other collectors directly, and/or through auctions.
On unexpected time, my kids have all the names and numbers, and knowledge to at least have a fighting chance to pass them on successfully.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
If I control the timing, I would prefer to pass my primary collection as an inheritance. The rest, get rid of it myself. I have an inventory spreadsheet though I don't provide updated versions to my executor brother regularly.
You mean I can't have them buried with me??? I thought they were joking when they said you can't take it with you.
Seriously I don't collect anything that's super expensive so it's not really something I've given much thought to. The bigger issue will be what to do with all of my guns, ammo and drones.
My plan is to get a table at a major show and just let 'em go to new homes. Given I specialize in older holders and toners in affordable price ranges, which seem to be a consistently strong market (at least in my time), I think they will do well. It'll be one of the last things I do in my working career before retirement. Imagine walking by a table with multiple cases of rattlers/OGH/fattys mostly CAC in a spread of US Type today, you'd stop and look, right? Now imagine that after 20 more years of plastic attrition.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
My kids will probably set land speed records on the way to the nearest pawn shop but by then I'll be beyond caring.
Important topic here that deserves some thought. Kudos to the guys that have carefully planned this out!
There are 2 plans. If I go unexpectedly, there are detailed instructions and an inventory sheet.
If not, they’ll be dispersed when someone wants them more than I do. It happens already from time to time. I previously sold the biggest set I ever completed and it was enormously healthy to do so.
Perhaps, someday I’ll sell them all at once to fund some other crazy venture. Vacation house, airplane, living abroad….. who knows!
I don't collect coins, as a rule, but have a similar situation. I research American silversmiths and have a mark collection of around 1200+ 18th & 19th c spoons, ladles, etc. I have offered to leave them to three major institutional collections. Without a substantial additional cash donation, they all said no thanks. If my wife survives me, she plans on opening a soup kitchen -- each bowl comes with a free silver spoon. Who knows, you might end up sipping chicken noodle with a Myers or Hurd or Brasher or Revere.
I will dispose it to my heirs. They can then dispose it to the various institutions that I list in my detailed instructions for their disposal. My sons have a moderate knowledge of collectable coins-the oldest still collects on a modest scale.
I'm taking them with me. Unless I have kids, then it's gonna be a whole National Treasure thing. They are gonna have to earn inheritance.
I’m looking forward to pretending I’m a part time coin dealer when I retire. It’s going to be a hobby/dealer thing where I consolidate by selling off duplicates and lower value stuff while still finishing and/or upgrading just a few main sets.
I had lots of practice for about 5 years where I was buying coins to sell to pay for coins in my long term collection. I sold on eBay and Overstock and sold more coins than I bought.
But if I dropped dead tomorrow, Mrs_Spud still has enough knowledge and connections to know how to sell off my collection. She was the secretary of The Charlotte Coin Club during the years when I was selling the coins on eBay and Overstock. She also was the accountant of my coin selling. She’s 10 years younger than me so I think it should work out fine.
Mr_Spud
Wizard supply or similar $5 or so
🎶 shout shout, let it all out 🎶
My daddy and I collected coins. It was our thing... then he died in a horrible house fire and his prized collection survived in his safe. My horrid evil spawn of satan sister claimed to insurance that the collection post fire was worth 250k which is reasonable. Then she claimed to have sold the entire collection in one foul swoop to a coin dealer for 70k whilst keeping over half of the collection for herself and stealing it from me basically. Let's just say the day after she aquired the collection from the sheriffs office she went and bought a safe. Then she tells me she made one trip to the dealer when in fact there 5 trips to the dealer and 10k worth of reslabbing of coins. That's a lot of coins to reslab but claiming she sold em all in one swoop then for me to find out she went 5 times. I call bull shit. So now I'm fighting the courts cause she had no right to sell them and she needs to drop dead. I'm so frustrated cause the courts do NOTHING. This happening in douglas county and denver Colorado. I got the denver da economic crime unit involved and everything I hope she rots in prison.
Interesting subject. I've already started. I've given each of my children the best parts of my collection and let them know the value and how to dispose of if need be.
I've sent the next portion to a dealer I trust, and I'm happy with the results.
I sold some on the bay and anything that didn't sell I gave away.
But as a collector I finished a circulated 7070 set, working on a 2021 Old & New silver ASE, keep some that I really enjoy.
Those I'll give to my grand children, maybe this Christmas.
INYNWHWeTrust-TexasNationals,ajaan,blu62vette
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No plans at the present time. I know if the unexpected happens, my wife will dispose of the gold and silver after proper research. If I have an indication of my demise, I will provide information to help the disposition. Cheers, RickO
I will sell my coins when I am no longer interested in collecting them. Should something happen suddenly, my wife and daughter know what I have, what I paid and what it is worth currently. I update it every few months. Coins are easier to move than the baseball cards. I've been selling my Nolan Ryan collection over the last year and even I was surprised with the proceeds. Much more than I expected. I did not keep my lists updated with current prices, just too many to track (about $7,500 items, many PSA graded and some raw) and many items I've had for decades.
Keep things updated and immediate family members informed and they will do fine. Of course that assumes your family knows what you spent on these things. Some families are not privy to that info. My wife and daughter know exactly what I spend on my hobby.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Purpose of My coin business mainly finance my other hobbies. If I pass before selling it out my family knows where to liquidate it.
All will go to my heirs.
Wayne
Kennedys are my quest...
Pawn Stars
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
Once I retire, I'll slowly sell off along with my antiques.
You forgot an important category. Donate them to charity.
My core collection is going with me, in a custom coffin equipped with a safety deposit box. I'll be able to spend more time with my coins than now.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
It’s already etched in stone what happens with my collection of coins and the rest of my possessions.
Kids, Nickolas & Alina
But (pipe-dream) if I could, I'd like to have a small coin shop at the end of Fishermen wharf in Monterey Bay...
My plan that I’ve discussed with my wife is to sell all my slabs at auction minus a couple for my son. My raw albums will probably pass to my son or I may break apart a few items for grading and sell them accordingly.
TurtleCat Gold Dollars
Wife gets the ones she wants if she survives me. She can give whichever ones she feels like giving to other heirs that want them. The rest are going to my favorite person in the business to be sold.
"Seu cabra da peste,
"Sou Mangueira......."
Don't rush me!
My kids will get them. What they do with them is their business. I would hope that they would keep them and continue collecting, but I have zero expectations regarding this. If my wife needs the funds, she has instructions to take the collection to a friend whom I trust to assist her in liquidating everything.
Don't be vague, tell us how you really feel.
That is indeed a category that should have been an option. I missed it.
Bury them in a treasure chest of course!
Just a reminder, we can write big checks. :-)
I want one of those jumbo ones they give lotto winners.
Professional Numismatist. "It's like God, Family, Country, except Sticker, Plastic, Coin."
I introduced my nephew to coin collecting early on.
He's now an obsessed little 10 year old collector. (all small cents)
I'm sure he will keep them safe after I'm gone.
I only have 31coins in my entire collection so they would easily all fit in a shoebox.
My Saint Set
This topic comes up every couple of years.
I still have the map which keys to the location of 9 maps which keys to the location of where the coins are buried.
Just because I'm paranoid doesn't mean they're not out to get me.
Gonna sell mine before I pass on.
One of the big 4 auction houses (SB, HA, GC or Legend).
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
I dont want to think about dying. I almost died in December. 3 months in hospital, 8 surgeries, 9 blood transfusions. Lucky to be alive. If I do go thou I have nobody that knows anything about coins that could disperse them. Just glad that I am still here and can see family and friends and of course can still enjoy looking at my coins. Wishing everyone a long prosperous life.
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If all goes well, I will have sold it all for lottery tickets and a nights with a one armed bandit.
Like this post and I’ll leave a coin for you in my will 😘🙄
I was going to sell my collection when I retired. I have been retired for 5 1/2 years, and still haven’t started selling them, I’m such a procrastinate!
Doesn't matter.
I currently collect Two Cent Pieces and nobody other than myself wants them.
I would think that retirement would be the time to REALLY enjoy them.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
My children have there coins set aside.
My wife has special instructions not to sell anything right away.
If for some reason we both go at the same time my father has access to the SDB and has instructions.
Also gave her a list of snakes that would be willing to help her out 😂. You know there’s always someone willing to help out to get the goods.
Some good responses guys....I appreciate the honesty. It certainly makes me think about the topic, and having some kind of plan in place.
Set up a revocable trust. Tax advantage.
The coins would go to the trust if you don't sell them ahead of time. Leave the trustee(s) instructions on how you think they should be sold.
My 1866 Philly Mint Set
I am not sure, my coin collection is kinda a rainy day find for me. For example when I graduate college and don’t find a job instantly but still need to pay loans, I may have to sell a few coins to keep up with my bills
Option #3 if lucky
Option #2 is the backup plan
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