Is this good advice to leave a spouse that knows nothing about coins after I'm gone ?

1630Boston

Is this good advice to leave a spouse that knows nothing about coins on my demise?
.
.

Here is what to do with my ‘coins and firearms’.
Certified Coins in Safe Deposit box [if any] sell to--------------------, call and talk to -----------------------------------.
These are valuable "PCGS Certified" coins in sealed plastic holders and will look something like this

---

American Silver Eagle coins look like this

These are about the size of a Half Dollar. Each coin contains 1 Troy oz of .999 pure silver and should be worth at least the spot price of silver for each coin. You can find the spot price per ounce of silver here: https://www.jmbullion.com/charts/silver-prices/

American Gold Eagle 1/10th ounce coins look like this

These are about the size of a dime. Each coin contains 1/10th Troy oz of .999 pure gold and should be worth at least 1/10th the spot price per ounce of gold for each coin. They say “5 Dollars” on the back of the coin. You can find the spot price per ounce of gold here: https://www.jmbullion.com/charts/gold-prices/

American Gold Eagle 1 ounce coins look like this

They are much bigger than the 1/10th ounce gold coins above.
Each coin contains 1 Troy oz of .999 pure gold and should be worth at least the spot price per ounce of gold for each coin. They say “50 Dollars” on the back of the coin. You can find the spot price per ounce of gold here: https://www.jmbullion.com/charts/gold-prices/

Miscellaneous 90% silver coins, sometimes called “junk Silver” , but it is not Junk. These coins are worth 0.715 x the face value x the spot price per ounce of silver. https://www.jmbullion.com/charts/silver-prices/
“Junk Silver” looks like this and can be Half Dollars, Quarters or dimes made before 1965.

For example, add up how many ‘dollars’ of these coins there are and multiply that by 0.715 and then multiply that by the spot price of silver.
So, if you had 40 quarters and 50 dimes and 10 half dollars that would be $20.00 face value.
And the spot price of silver is $25.14
$20.00 x 0.715 = 14.3 troy ounces of silver
14.3 troy ounces times $25.14 = $359.50 value.

ctf_error_coins

I show my wife every coin I buy and ask her if I should buy coins that I am borderline on, she says to buy the coin about 95% of the time.

She never had an interest in coins but I can tell when she really likes one of the coins I get in. She will be fine as she knows the value and what options she has upon my demise.

1630Boston

@rec78 had a thread that got me to thinking more about this topic.

Jzyskowski1

If this is your current squeeze I would suggest you have a talk. If not able to communicate I’m wondering if perhaps liquidating wouldn’t be your best bet. 😉🦫🙀

BryceM

Yeah, but I'd give her a few options. You might very well outlive a number of the dealers and auction houses that you recommend. In my "letter" I left general information about retail prices, price guides, buyer fees, seller fees, negotiation strategies, etc to hopefully maximize returns in the case of auction.

hfjacinto

I showed my wife and daughter all my coins and spent time with them to explain the value of each. Since my daughter will most likely outlive my wife and I, she should know what’s it worth also.

I explained the difference in prices based on the mint mark. I also explained that the higher grade generally means more money. And I’ll leave a print out of my records so she knows the value at a point in time.

The above is fine for US coins, but I have an extensive collection of coins and currency from Portugal, those are tough even now to sell as the audience is limited, so my recommendation is to sell the American coins take a trip to Portugal and sell the coins/currency there.

My oldest wants the meteorites and telescopes. He has a spreadsheet as there are fewer. In the end the “collectibles” are worth nothing compared to investments/house(s)/savings so they should use them to enjoy themselves.

And finally who is to say you will die first? I know a few man that outlived there wife’s.

MFeld

@1630Boston said:
Is this good advice to leave a spouse that knows nothing about coins on my demise?
.
.

Here is what to do with my ‘coins and firearms’.
Certified Coins in Safe Deposit box [if any] sell to--------------------, call and talk to -----------------------------------.
These are valuable "PCGS Certified" coins in sealed plastic holders and will look something like this

---

American Silver Eagle coins look like this

These are about the size of a Half Dollar. Each coin contains 1 Troy oz of .999 pure silver and should be worth at least the spot price of silver for each coin. You can find the spot price per ounce of silver here: https://www.jmbullion.com/charts/silver-prices/

American Gold Eagle 1/10th ounce coins look like this

These are about the size of a dime. Each coin contains 1/10th Troy oz of .999 pure gold and should be worth at least 1/10th the spot price per ounce of gold for each coin. They say “5 Dollars” on the back of the coin. You can find the spot price per ounce of gold here: https://www.jmbullion.com/charts/gold-prices/

American Gold Eagle 1 ounce coins look like this

They are much bigger than the 1/10th ounce gold coins above.
Each coin contains 1 Troy oz of .999 pure gold and should be worth at least the spot price per ounce of gold for each coin. They say “50 Dollars” on the back of the coin. You can find the spot price per ounce of gold here: https://www.jmbullion.com/charts/gold-prices/

Miscellaneous 90% silver coins, sometimes called “junk Silver” , but it is not Junk. These coins are worth 0.715 x the face value x the spot price per ounce of silver. https://www.jmbullion.com/charts/silver-prices/
“Junk Silver” looks like this and can be Half Dollars, Quarters or dimes made before 1965.

For example, add up how many ‘dollars’ of these coins there are and multiply that by 0.715 and then multiply that by the spot price of silver.
So, if you had 40 quarters and 50 dimes and 10 half dollars that would be $20.00 face value.
And the spot price of silver is $25.14
$20.00 x 0.715 = 14.3 troy ounces of silver
14.3 troy ounces times $25.14 = $359.50 value.

The pictures and information about the coin types can’t hurt, but it’s probably not nearly as important as the names that get filled into the “sell to” and “call and talk to” blanks.

It’s good to provide names of individuals, as well as companies, since you can’t be certain who will be where and when in the future. For the same reason, it’s preferable to list as many names/options as you’d be comfortable with. If you have trust and confidence in those names, it makes the rest of the information and instructions largely superfluous and can make things far easier, less complicated and less stressful for a spouse or other family members.

Smudge

I would recommend more than 1 name and maybe a yearly update.

hfjacinto

@MFeld said:
....but it’s probably not nearly as important as the names that get filled into the “sell to” and “call and talk to” blanks.

It’s good to provide names of individuals, as well as companies, since you can’t be certain who will be where and when in the future. For the same reason, it’s preferable to list as many names/options as you’d be comfortable with. If you have trust and confidence in those names, it makes the rest of the information and instructions largely superfluous and can make things far easier, less complicated and less stressful for a spouse or other family members.

I don't know if I agree with this. It could be years after a spouse dies that the other spouse tries to sell. What you list as names maybe dead or the company may no longer be the same. The best person to list a name would be a fellow collector that is younger/healthy and trust worthy,

I recently helped my brother's neighbor sell off her fathers collection. She held it for 20 years after he passed away before selling, I doubt if her father listed any names the people would still be around in 20 years.

MFeld

@hfjacinto said:

@MFeld said:
....but it’s probably not nearly as important as the names that get filled into the “sell to” and “call and talk to” blanks.

It’s good to provide names of individuals, as well as companies, since you can’t be certain who will be where and when in the future. For the same reason, it’s preferable to list as many names/options as you’d be comfortable with. If you have trust and confidence in those names, it makes the rest of the information and instructions largely superfluous and can make things far easier, less complicated and less stressful for a spouse or other family members.

I don't know if I agree with this. It could be years after a spouse dies that the other spouse tries to sell. What you list as names maybe dead or the company may no longer be the same. The best person to list a name would be a fellow collector that is younger/healthy and trust worthy,

I recently helped my brother's neighbor sell off her fathers collection. She held it for 20 years after he passed away before selling, I doubt if her father listed any names the people would still be around in 20 years.

I don’t understand your potential disagreement with what I suggested. I made a point of suggesting multiple names/options. And nothing I wrote would exclude young and healthy, trustworthy collectors from being among the listed contacts.

rooksmith

What do you mean LEAVE A SPOUSE? -- Coins are not part of that discussion, unless .... (self censored) ....!

rooksmith

I think you could always set up a will to direct your executor to follow specific directions - even down to the registry set and coin level.

I always imagined there would be a charitable trust option where your coin collection could live for eternity, and be sold off only if your benefactors met certain conditions. Otherwise sell to Great Collections and hope there are no murderers in your family tree!

rte592

Start by saying PLEASE do some search if you have questions.
I spent OUR money on these premium coins as an investment in OUR future.
I would hate to see you loose out on all OUR hard work.

Crusty

The note I have in my safe deposit box has not only the names and cell numbers of trusted individuals. But also the mailing addresses and email addresses. They are listed in order of who to call first. I also added in the contact information for the auction houses I would trust with all the particulars. The in bold writing I wrote…. IF YOU DO ANYTHING OTHER THEN WHAT I HAVE INSTRUCTED IN THIS NOTE YOU WILL LIKELY LOOSE OUT TONS OF MONEY AND I WILL HAUNT YOU FROM MY GRAVE!!!

Topdollarpaid

I have been told a coin collectors biggest fear is that his wife will sell the coins for what he told her he paid.

hfjacinto

What don’t you understand? Chances are any names/companies won’t be around.

BryceM

Also, some of this depends on the percentage of your net worth tied up in coins. If you have a net worth of $5 million and you have a $300,000 collection that's one thing. Maximizing your return in that case is nice, but far from critical. If your entire retirement plan revolves around the liquidation of the coins (not a great idea), I'd be all for selling and investing in more traditional, liquid asset classes.

MFeld

@hfjacinto said:
What don’t you understand? Chances are any names/companies won’t be around.

The same could apply to your recommendation of “The best person to list a name would be a fellow collector that is younger/healthy and trust worthy,”. And as I posted, there was nothing in my suggestion that would exclude the very same type of contact.

Additionally, in the very large majority of cases, sales will be made much sooner than the 20 years you used in your example.

If you don’t know that you’d agree with my advice, that’s absolutely fine. But I don’t see where you posted what you’d do differently.

1630Boston

@BryceM said:
Also, some of this depends on the percentage of your net worth tied up in coins. If you have a net worth of $5 million and you have a $300,000 collection that's one thing. Maximizing your return in that case is nice, but far from critical. If your entire retirement plan revolves around the liquidation of the coins (not a great idea), I'd be all for selling and investing in more traditional, liquid asset classes.

good point

1630Boston

@BryceM said:
Also, some of this depends on the percentage of your net worth tied up in coins. If you have a net worth of $5 million and you have a $300,000 collection that's one thing. Maximizing your return in that case is nice, but far from critical. If your entire retirement plan revolves around the liquidation of the coins (not a great idea), I'd be all for selling and investing in more traditional, liquid asset classes.

good point> @MFeld said:

@hfjacinto said:
What don’t you understand? Chances are any names/companies won’t be around.

The same could apply to your recommendation of “The best person to list a name would be a fellow collector that is younger/healthy and trust worthy,”. And as I posted, there was nothing in my suggestion that would exclude the very same type of contact.

Additionally, in the very large majority of cases, sales will be made much sooner than the 20 years you used in your example.

If you don’t know that you’d agree with my advice, that’s absolutely fine. But I don’t see where you posted what you’d do differently.

great point.................and the instructions could be updated as needed.

1630Boston

I guess I'm thinking more of 'sudden' death.............that happens in my profession.

crazyhounddog

It’s a great topic for old dogs like me. I have to do something. Every time I bring the subject up what to do with my coins when I pass she starts crying. For this reason I don’t talk to her about it anymore. I have taken the time to do spread sheets. That way she’s know what I paid and what they are worth when I pass. This is all written down very clearly.
Again a great topic👍

1630Boston

@crazyhounddog said:
It’s a great topic for old dogs like me. I have to do something. Every time I bring the subject up what to do with my coins when I pass she starts crying. For this reason I don’t talk to her about it anymore. I have taken the time to do spread sheets. That way she’s know what I paid and what they are worth when I pass. This is all written down very clearly.
Again a great topic👍

It is a great topic.
.
Although well educated my siblings have no 'clue' about numismatics, or a knowledge of History I could tell stories about things that were thrown into dumpsters...........things that had been in the family in Massachusetts for 13 generations, since 1630, very sad.

Elcontador

I put instructions in my trust. The wife gets to keep what she likes. Then my brother and sister. Everything else goes to a dealer I trust; he's 20 years younger than I am. If he goes first, I'll have to find someone else. Proceeds distributed per my trust.

savitale

If it were me I would keep it very simple. "Dear Wife, It's time to tell you that coin collection in the SDB I told you I spent $X,XXX on is actually worth about $XXX,XXX. Merry Christmas. Send to either [Stack's, Heritage, GC, etc.] and when the check arrives buy yourself something nice."

charlesf20

Maybe not but good idea to leave a spouse that knows nothing.

JohnThePainter

@Topdollarpaid said:
I have been told a coin collectors biggest fear is that his wife will sell the coins for what he told her he paid

Us Hot Wheels collectors say the same thing LOL.

davewesen

Do you have an inventory and current value updated every few years of what is in your box?

1630Boston

@davewesen said:
Do you have an inventory and current value updated every few years of what is in your box?

yes I do

tcollects

I save these conversations for when I want to make my wife cry over something totally unrelated to coins

ricko

@1630Boston ... Your OP is certainly a solid foundation of information for handling your collection in case of demise. Further suggestions that may be made here can be assessed and utilized as needed. Prior planning is important. That being said, I hope you have many years ahead. Cheers, RickO

Namvet69

This topic makes me think about George Bailey. Peace Roy

291fifth

Don't die with your collectibles. They will be nothing but a problem for your heirs.

silverpop

ask a lawyer for advice on this they understand the laws better then most people and can help you figure out what is the best route to take

SPalladino

Great topic and great replies. Thank you.
I have nothing to add other than on my passing, I suggest that some of you might want to head to the coinstar nearest me. You're welcome.

3stars

Nice to leave your wife with a ton of work at an emotional time. Why not liquidate before you go and save her the trouble and possible expense?

1630Boston

@3stars said:
Nice to leave your wife with a ton of work at an emotional time. Why not liquidate before you go and save her the trouble and possible expense?

Tell me the date that I will go and I will liquidate prior to that date

3stars

@1630Boston said:

@3stars said:
Nice to leave your wife with a ton of work at an emotional time. Why not liquidate before you go and save her the trouble and possible expense?

Tell me the date that I will go and I will liquidate prior to that date

You know its coming sometime, why not start the process while you still have the capability and can do it right? My plan is starting at 65, if I go another 20 years without coins I'd be OK with it (and so would my wife)

BryceM

Some of you guys obviously don't have the collector gene...... at least not two full copies.

Catbert

@3stars said:

@1630Boston said:

@3stars said:
Nice to leave your wife with a ton of work at an emotional time. Why not liquidate before you go and save her the trouble and possible expense?

Tell me the date that I will go and I will liquidate prior to that date

You know its coming sometime, why not start the process while you still have the capability and can do it right? My plan is starting at 65, if I go another 20 years without coins I'd be OK with it (and so would my wife)

To each his own, but with soon to be 63 in a week, I've not lost the passion and don't expect to for many years!

1630Boston

3stars

@Catbert said:

@3stars said:

@1630Boston said:

@3stars said:
Nice to leave your wife with a ton of work at an emotional time. Why not liquidate before you go and save her the trouble and possible expense?

Tell me the date that I will go and I will liquidate prior to that date

You know its coming sometime, why not start the process while you still have the capability and can do it right? My plan is starting at 65, if I go another 20 years without coins I'd be OK with it (and so would my wife)

To each his own, but with soon to be 63 in a week, I've not lost the passion and don't expect to for many years!

But does your spouse have the passion, or are you dumping a load of work on them when you pass?

BucketHead

Great thread. There are two things I do which I am hoping will make it easier for whomever winds up having to sweep up after me:

1. I keep a full list of all the items in my collection which I update along with my notes annually. This is what I wrote this year.

Coin/Token Collection & PM Values as of 7/11/22
Values below are based on EBay “sold” listings with the exception of the Daniel Carr Gold St. Gauden’s and Norse American tokens both of which I was unable to find completed transactions for and am listing the price I paid as value. For all other coins/tokens I examined comparable completed items from recent auctions and took the lower end of the average sold prices. As of the date of this assessment, Silver Spot is $19.45 and Gold Spot is $1,744.20. As a number of coins in the collection are lower cost items they are more likely to be affected by spot prices. In the event the price of silver or gold has undergone a significant fluctuation it should be taken into account and the prices below adjusted. Please note that these prices to not include the associated EBay sellers fees and for accurate comparison with comparable items shipping costs need to be taken into account. List follows.

2. I keep receipts for every coin/token I purchase which I keep in a binder with the list above so that in the event I pass while I am married my wife will be able to demonstrate a cost basis for tax purposes. It's also helpful if I ever decide to sell.

If anyone has any more suggestions I would appreciate it.

Cheers.

ctf_error_coins

If the coins stay in the family, then the children will get a stepped up valuation when both spouses are gone.

This may be the best option if your children know about this and the value of the collection and know the options on how to liquidate if they so please.

1630Boston

@ErrorsOnCoins said:
If the coins stay in the family, then the children will get a stepped up valuation when both spouses are gone.

This may be the best option if your children know about this and the value of the collection and know the options on how to liquidate if they so please.

my thoughts also

3stars

Are the kids even interested in the coins, or are they going to flip them immediately for cash?

ctf_error_coins

@3stars said:
Are the kids even interested in the coins, or are they going to flip them immediately for cash?

Whatever they want to do, no matter to me. Keep dads coins or cash out is cool with me.

1Bufffan

Ledger Book with when and how much and who I bought from is in a drawer, what they decide to do is up to them, they should have an idea of what they are worth. If not, I haven't taught them well enough!

DisneyFan

@1630Boston said:
Is this good advice to leave a spouse that knows nothing about coins on my demise?
.

American Silver Eagle coins look like this

American Gold Eagle 1/10th ounce coins look like this

American Gold Eagle 1 ounce coins look like this

Miscellaneous 90% silver coins, sometimes called “junk Silver”

I think listing all the above is information overload. If you are into bullion, it would be much easier on everyone if you sold them all now and replaced them with ETFs. The slabs should be easy enough to eventually liquidate with the majors. The PCGS Inventory website should provide sufficient information as to values

I don't agree with the person who said "if I go another 20 years without coins I'd be OK with it." Maybe not coins; but, I've always enjoyed collecting something. At the worse I could start filling up a stamp album and stamp stock book with inexpensive cancelled stamps.

1630Boston

@DisneyFan said:

@1630Boston said:
Is this good advice to leave a spouse that knows nothing about coins on my demise?
.

American Silver Eagle coins look like this

American Gold Eagle 1/10th ounce coins look like this

American Gold Eagle 1 ounce coins look like this

Miscellaneous 90% silver coins, sometimes called “junk Silver”

I think listing all the above is information overload. If you are into bullion, it would be much easier on everyone if you sold them all now and replaced them with ETFs. The slabs should be easy enough to eventually liquidate with the majors. The PCGS Inventory website should provide sufficient information as to values

I don't agree with the person who said "if I go another 20 years without coins I'd be OK with it." Maybe not coins; but, I've always enjoyed collecting something. At the worse I could start filling up a stamp album and stamp stock book with inexpensive cancelled stamps.

I agree with half of what you said

DisneyFan

@1630Boston said:

I agree with half of what you said

This should be fun. Which half?