Do your coins, bullion, etc... have plans upon your demise?

bennybravo

Do you have a spouse, son or daughter who you've educated about numismatics that knows what to do, and where to sell these items that they might not necessarily want to hold on to after you're gone?

1630Boston

I have ideas, but no written plans..been thinking about it for a few years.

MarkKelley

Yes. The wife is almost as much of a numismatist as I. She knows what to do.

bennybravo

@1630Boston said:> @MarkKelley said:
Yes. The wife is almost as much of a numismatist as I. She knows what to do.

Outstanding!

vplite99

No one in my family has a clue, so being on the dark side of 70, I'm slowly thinning the herd.

ifthevamzarockin

Hopefully I can sell everything before that time.

If not it will be like watching seagulls fighting over a french fry.

bennybravo

@vplite99 said:
No one in my family has a clue, so being on the dark side of 70, I'm slowly thinning the herd.

I think you're in a position that many folks are. Kudos to you for liquidating, and understanding that younger folks in your family probably don't have the knowledge of what to do with that type of asset. Getting ten cents on the dollar from a local pawn/coin shop/stores is probably where many folks end up after their loved ones pass.

SanctionII

My collection (unless sold prior to my demise) will, on my death, be liberated from the prison I have kept it in. At that point the coins in the collection will be free to continue their journey into the future (be it dark/dystopian, or be it bright/glorious).

What I think would be uber cool would be to get connected with a YN that also is an explorer of such talent, desire, drive and ability that he/she becomes one who takes up residence on a Lunar Colony or a Mars Colony. Have that YN take ownership of my collection and take it with him/her into the solar system.

PapiNE

I have a fourth generation collection and my wife knows it's not to be sold. My 22 yr old son passes my desk each day and noses around showing a genuine interest. He'll probably end up with it.

Smudge

I am taking mine with me. Seriously my daughter wants to keep them as family heirlooms except the bullion which she may sell or keep as insurance.

Broadstruck

I've just decided not to demise

bennybravo

@Broadstruck said:
I've just decided not to demise

Best answer yet! LOL

MilesWaits

bennybravo

@MilesWaits said:

Seems there's a bunch to unpack there. Good luck my friend!

pursuitofliberty

Reading your title, I decided to ask them before I read all the responses here ...

The bulk of the collection includes Bust Half Dollars and Large Size Currency, so I asked them, although I didn't poll the other groups due to time and travel constraints.

The CBH's said they wanted some fresh meat (i.e. a younger man) after I left, so they are going to take up with one of the boys, or maybe split up and some will go to each. A couple of them fancied that wonderful nephew of mine, and another lamented over the new baby.

On the other hand, the Currency was pretty adamant they want some girl love. So I guess they are all headed towards my daughters place, unless a few take fancy with the boys wives.

Mr_Spud

Mrs_Spud was secretary of the Charlotte Coin Club when we used to live in Charlotte. She still maintains contact with a few friends/coin dealers and would have them help her liquidate my collection without getting ripped off.

JBK

First. I don't plan on demising if at all possible.

Second, although I've started thinking about organizing and documenting some other things I collect to make it easier on any heirs or trustees, I have not yet done the same with my coins.

I figure that my modern proof and mint sets will go to my least-favoirite heir at the time.

bennybravo

@JBK said:
First. I don't plan on demising if at all possible.

Second, although I've started thinking about organizing and documenting some other things I collect to make it easier on any heirs or trustees, I have not yet done the same with my coins.

I figure that my modern proof and mint sets will go to my least-favoirite heir at the time.

Please PM me on the whole not demising thing. I think I'd really be interested in that!

alaura22

@Mr_Spud said:
Mrs_Spud was secretary of the Charlotte Coin Club when we used to live in Charlotte. She still maintains contact with a few friends/coin dealers and would have them help her liquidate my collection without getting ripped off.

I knew it!! I'm compeating with a team!!!!!
Ha Ha Ha, you're a lucky guy to have that kind of support
Yes, I'm jealous..................

Catbert

@pursuitofliberty said:
Reading your title, I decided to ask them before I read all the responses here ...

The bulk of the collection includes Bust Half Dollars and Large Size Currency, so I asked them, although I didn't poll the other groups due to time and travel constraints.

The CBH's said they wanted some fresh meat (i.e. a younger man) after I left, so they are going to take up with one of the boys, or maybe split up and some will go to each. A couple of them fancied that wonderful nephew of mine, and another lamented over the new baby.

On the other hand, the Currency was pretty adamant they want some girl love. So I guess they are all headed towards my daughters place, unless a few take fancy with the boys wives.

My coins aren't talking (yet). I don't think they reciprocate my love.

I do need to document what to do. On my to-do list.

AMRC

Geeez, if you don't leave a little mess for them to clean up did you really try hard enough? ;-)

humanssuck

Ive left mine to be placed into bezels and used to make decorative collars for my friends teacup Chihuahua.

CaptHenway

And remember to update your plans as necessary. Many years ago a good friend asked me to supervise the disposition of his collection should something happen to him. It is a large collection and not in the state where I live. Of course I said yes, but with the passage of time I am now no longer in a physical condition to do so. He is liquidating.

Jzyskowski1

Mine are discussing dinner and a movie. 😂
No actually, my son and grandson are both aware of value and what is the generational part and what can be sold or upgraded. Hand written inventory has been under way for the last year and will require a couple more.
When I’m gone I really won’t worry much 😉🙀🦫

Aspie_Rocco

I plan to liquidate every thing before the end. If I go unexpectedly, my kids have zero interest so the local coin shop will probably get a serious come up.

LanceNewmanOCC

@ifthevamzarockin said:
Hopefully I can sell everything before that time.

If not it will be like watching seagulls fighting over a french fry.

NAILED IT.

many years ago i sat down with a bank president and we'd discuss financial matters, chat things up and grab lunch. as the conversation one day turned to wills/estates and such, a book was recommended and i ended up reading it and there was enough in there to make you want to never trust another human again, ever, especially your mother. lol

this part is to everyone reading.

if at the VERY least you have a dated napkin that states you want xxxx person to liquidate all your assets and disburse the proceeds after fees to xxxxxx and take a selfie with you and the napkin! it would be one of the most valuable things you've done in your life for others, especially "loved" ones! (if the potential complexities stay your hand to get a formal will and testament made out as sometimes you have to at least try and save people from themselves)

1630Boston

@bennybravo said:
Do you have a spouse, son or daughter who you've educated about numismatics that knows what to do, and where to sell these items that they might not necessarily want to hold on to after you're gone?

On second thought,
I may have to liquidate when son goes off to expensive college soon...........might pay for half of one year

ifthevamzarockin

@LanceNewmanOCC "especially your mother."

Did you know my mom?
She would stick a knife in your back just to steal a dateless Buffalo nickel.
She always said "get it in writing even from me"

OKbustchaser

Yes, the coins have a plan. They will set new land speed records as my heirs rush to the nearest pawn shops.

10 cents on the dollar? That's considerably more than they are worth to them.

LanceNewmanOCC

@ifthevamzarockin said:
@LanceNewmanOCC "especially your mother."

1.Did you know my mom?
2.She would stick a knife in your back just to steal a dateless Buffalo nickel.
3.She always said "get it in writing even from me"

1.no (unless once you know any woman...)
2.so long as the feathers were doubled, it just may be worth it!
3.i can think of more than once having something in writing helped me against woman that can't properly handle their emotions.

any man that gets through this life w/o experiencing one or more of the above has led a rare and lovely life!

illini420

At a minimum, tell your close family members who to call to help sell the coins after your gone. Leave them a business card would be even better. Better for you to pick which shop or dealer gets the deal than to have them randomly pick where to sell your babies...

stawick

Barring my 401K liquidating itself BEFORE I retire , I plan to give my collection to my nieces (next of kin). Nothing too great, but nothing to sneeze at.
I recall a discussion (think it was elsewhere, not this board) about WHEN would be a good time to make the turn over. I'd like to hand it all over when it will still be a nice benefit to them, after I'm "done" collecting (whenever that'll be), but before I croak. If they're older and established, it'd still be a nice windfall, sure, but nothing that "great" or as helpful.

Compared to most of you, I just "dabble" in this hobby - just been at it for decades. Mostly (yeah) modern precious metal proofs from the US Mint. Even that can build up over time. Spent a bunch o'bux (and time) getting most of my stuff graded (and cataloged) over the last 3 years-ish, so I, they, we know what I have and can have a price guide of a ballpark of value.
I have not been serious enough to get into the nitty gritty of grading, certainly not like you guys. Dont really have the time. When I was a yung'un, I remember the descriptions of the grades - by words. I dont think the Sheldon scale to 70 came out for some time. I was not aware of it until recently, honestly.
They certainly are not that interested in this hobby, and I live too far away to really sit down with them about this. I have sent them my Gallery of TVs of most of the stuff I have, so they can be generally aware.

WAYNEAS

They will all be passed down to the next generation of family.
In age, the number 1 is currently 10,
next in line is 8 and the last in line is 3.5.
They will not be allowed to sell them until they reach the age of 25.
Wayne

lkenefic

Yeah, this just reminds me that I really should get a will drawn up. I think my two kids are old enough to know that there's some value in my coins, but they're clueless as to "what's what".

AdamL

I don't have any heirs. I'm not quite 40 yet, so my plan is to sell it all myself in about 20 years. However, I should have a conversation with someone in the family about what to do if I happen to die "young"

alaura22

@AdamL said:
I don't have any heirs. I'm not quite 40 yet, so my plan is to sell it all myself in about 20 years. However, I should have a conversation with someone in the family about what to do if I happen to die "young"

Just read this:

An heir is a person who inherits or will potentially inherit property from another. Technically, heirs are not determined until the decedent dies; thus a living person has no heirs.

AdamL

@alaura22 said:

@AdamL said:
I don't have any heirs. I'm not quite 40 yet, so my plan is to sell it all myself in about 20 years. However, I should have a conversation with someone in the family about what to do if I happen to die "young"

Just read this:

An heir is a person who inherits or will potentially inherit property from another. Technically, heirs are not determined until the decedent dies; thus a living person has no heirs.

I guess I'm in good company then

jmlanzaf

Who cares? I'm dead. It's someone else's problem.

Treashunt

Do your coins, bullion, etc... have plans upon your demise?

yes, I have spoken to them, and they all plan to escape to Florida.

2ndCharter

Hopefully, it's decades away but, if I get hit by the proverbial bus tomorrow, arrangements have already been made. My wife makes one call to Heritage and they come and pick it all up.

ricko

Well... This thread is a bit sobering - not that I needed to get sober this morning. Certainly at my age, I should be thinking along these lines. I have not been. My wife is not a coin collector, my daughters have no interest. I really should do some liquidating. Oh the pain... Cheers, RickO

1630Boston

@Treashunt said:
Do your coins, bullion, etc... have plans upon your demise?

yes, I have spoken to them, and they all plan to escape to Florida.

Where they will sit on the beach

oih82w8

Treashunt

@1630Boston said:

@Treashunt said:
Do your coins, bullion, etc... have plans upon your demise?

yes, I have spoken to them, and they all plan to escape to Florida.

Where they will sit on the beach

exactly, I also left them some sun tan lotion.

Broadstruck

Thinking about this a bit more my numismatic library has me more concerned than my collection as I've only briefly mentioned the rarity and value of some books. I really need to make sure my family knows to contact Kolbe & Fanning and/or Charles Davis instead of easily six figures ending up on the sidewalk on recycling day.

WildIdea

I keep thinking I’ll have some fun selling as a senior, but when I look at my collection I know it’s gonna be hard and an honest look at my feelings I wonder if I could do it.

stawick

@Treashunt said:

@1630Boston said:

@Treashunt said:
Do your coins, bullion, etc... have plans upon your demise?

yes, I have spoken to them, and they all plan to escape to Florida.

Where they will sit on the beach

exactly, I also left them some sun tan lotion.

What if they prefer that "spray-on" tone???

Dave99B

I don’t plan on expiring.

Dave

mavs2583

Part of my collecting patterns is based on this inevitability (even though I'm in my 30s, I've thought about this). The slabbed coins will go to an auction house (some of the lower priced ones will certainly take a loss), and bulk precious metals can be sold to whoever gives my wife the most value. Buying random lower grade coins that don't have intrinsic metal value are cool as a collectible item while I'm alive to enjoy it, but would be a hassle to sell and a definite loss in the future.

lkenefic

@1630Boston said:

@Treashunt said:
Do your coins, bullion, etc... have plans upon your demise?

yes, I have spoken to them, and they all plan to escape to Florida.

Where they will sit on the beach

This is exactly what I was thinking when I read the title of the thread...

Drazzil

My coins are going to throw a party, then head to the CAT Adoption team out of Portland OR.