How to talk to family about coins?
stevepk
Posts: 238 ✭✭✭
It is important to talk to family about coins before leaving a collection to them after you die. They need to know how to and how not to liquidate should they inherit the collection. It seems everyone now has the attention span of a goldfish. I have roughly 8 seconds to talk before they are mentally disconnected or interrupted and lose interest. It seems like everyone now has attention deficit disorder and I blame smart phones. Is this normal? If you had only 8 seconds to explain to family how to liquidate a collection, what would you say?
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I used to try and they couldn’t wrap their heads around spending a lot of money this way. Now it is in writing with directions as to which dealer to contact.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 37 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Only 8 seconds. I would think of the one or two dealers or auction house contacts I trusted most and tell them to contact A and/or B to sell. Should be able to get that in within 8 seconds.
https://youtube.com/watch?v=_KWVk0XeB9o - Ruby Starr (from 'Go Jim Dandy') Piece Of My Heart
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https://youtube.com/watch?v=D0FPxuQv2ns - Ruby Starr (from 'Go Jim Dandy') Maybe I'm Amazed
RLJ 1958 - 2023
"When I die, make sure you contact X about my collection, its worth more than you think."
About 6-7 seconds.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Send it all to Greatcollections.com. The info is on their website!
1. Sell it off before you die and /or reduce the size to a box of 20
2. Leave detailed instructions
🎶 shout shout, let it all out 🎶
Yeah, they love partially full Whitman folders
don't just come in and start throwing stuff out.
Do some research.
Just write out instructions and leave it with the collection or the executor.
Below is a link to a recent thread that contains some helpful information.
https://forums.collectors.com/discussion/1081187/is-this-good-advice-to-leave-a-spouse-that-knows-nothing-about-coins-after-im-gone/p1
Have written instructions prepared and in your 8 seconds, tell your family members:
“My coins are worth a lot more money than you could imagine. So if something happens to me, before you do anything with the coins, PLEASE read and follow these instructions”.
You will need to talk fast, but I read my above suggested quote four times, and was able to complete it within 8 seconds, each time.😄
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Save your heirs work and sell before you go. Chances are they don’t care about your collections as much as you do, and will do the basics to liquidate.
Put it in writing and place it within the physical copy of the will, and let your heirs know where this copy is kept. Preferably, state it in the will or trust.
give them a test of say 20-30 questions about coins and finances and tell them if they cannot eventually pass the test, from memory, the inheritance is going to someone else.
<--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -
I don’t think a 20-30 question test would cut it.
From the OP:
“I have roughly 8 seconds to talk before they are mentally disconnected or interrupted and lose interest.”
“If you had only 8 seconds to explain to family how to liquidate a collection, what would you say?”
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
i thought about just advising to sell them beforehand and then just gift the cash but that is too impersonal from what seems to be trying to be accomplished from a loved one whom collected something personal to him and could be sentimental and/or valuable to the heirs but if they are that disconnected, the cash would probably cause more harm than good.
<--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -
The more I think about it, and the more I read here.... The more I think I will sell ahead of time. I have time, I plan to live to 100.... So far, so good. Cheers, RickO
they give you 8? give them 5.
state it very clearly; sit down, shut up and pay attention or your inheritance will go to someone else, so YOUR future is in YOUR hands.
love and kindness should be paramount but tough love should never be foregone when needed, especially when you need to help someone get out of their own way.
<--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -
Every coin I own has a sticker with the date I purchased it, and the price I paid. This gives my family at least clue to the value. I also have a note with the names and numbers of a few dealers I trust would pay a fair price for my collection. That's about the best I can do!
Dave
not all will care about this hobby as to them it's boring and nothing can be done about that, don't blame tech for something that has gone on long before tech was around when people get bored they look for something interesting nothing can be done about that
List of Coins for sale at link (no photos)
https://photos.app.goo.gl/RvQQV4TSsEi3U4WW8
Leave them a link to this thread! 😂 👍🏻
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Most of us think of this issue as trying to protect our heirs from throwing away money. We should also think into terms of helping them avoid wasting time. So don't just leave your accumulated junk and leftovers lying around because it's not worth your time to sell them. It will take your heirs far longer, and you don't want to put them through that.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Tell them there are instructions and contact. Then say, it’s worth about X. The dollar side will get their attention.
We can't force others to enjoy what we enjoy like the saying goes ''one mans dreams are another mans dust''. Personally I am happy to see people with hobbies usually makes them happier people in general. Even if I could careless about most of their hobbies they bring me no joy but they do to them and that is what matters. I am a coin guy simple as that. Just be happy you had fun and know they will as well with the money they get for them. That is all we can do.
My family knows what to do if I pass. If I only had 8 seconds to tell them, though, I would tell them to consign everything to GreatCollections, DLRC, or Heritage and have fun and live life with the proceeds.
TurtleCat Gold Dollars
If you have a nice collection, start by telling them how much money they are worth. That should get their attention.
Long live Ricko! Count me in on this idea.
I do have an extensive spreadsheet , price paid and fairly conservative sales price listed.
Mark
Since no one in my family has any interest in coin collecting, I'm in the process of liquidating everything except gold bullion coins. This is a great market to do that. Some of the sales have broken my heart, but I know it is the right thing to do.
I am doing much the same. Sold off almost 400 coins last week and have another 400 or so ready for another sale. Premiums are too high on 90%, Slabbed common Morgans and even Slabbed ASE's. No more sitting on the sidelines. I have made things much easier to keep track of now.
It is time to focus on gold coins.
Successful BST with BustDMs , Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino (CBH's - 37 Die Marriage's)
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
Not always in the cards, but I think this is a good idea.
My family is aware of my collection. But given the parameters of the OP, “Sell what you want, keep what you want. That’s what I did.” Was that under 8 seconds?
8 seconds? I'd say, "you could sell the coins and retire".
After hearing the above, they would give me their undivided attention for as long as I needed.
However, They would be ticked off when they discover the real value and realize working is in their future.
Do the ends justify the means?
"My coin collection is worth about $X, if I die send it to Y to sell for you." I would include a written copy of the same instructions with the coins.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Would be nice if I had a date and time for my departure.
In the meantime, I’m still enjoying my coins, so hopefully those notes accompanying my Will might direct my heirs towards a reasonably efficient course for sale, in the event of an unplanned exit.
I’d better get working on that inventory and letter!
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
This must be the place. Family & Coins.
Thursday the 22nd I picked up my son from school (9th grader) as normal.
He knows I collect coins. He's very soft spoken (shy) and a good kid all around.
The first thing he says to me is " I have a coin that looks different from other pennys"
Hmm, this ought to be good, I thought. Last time I heard that my daughter gave me a 1893 cent from her tips that day.
He pulls out the 1958 (MS 68-70, ?) coin and drops in my hand. I freaked ! Quick, pull a tissue out I said.
I explained why after he stopped laughing. Orignal luster, perfect strike, not a blemish in sight. Quality was named after this coin.
He explained how his teacher had a jar of pennys . Each student was given a coin and was told to draw the coin given.
To be continued:
Slabbed coins are relatively easy for a family member to sell, ie. consign with an auction house, and they should do reasonably well maximizing value without knowing much about coins. At least for me I feel like I have an obligation to get rid of all the junk I have laying around. What do I expect a family member to do with half completed albums of 20th century coins, proof and mint sets, raw coins, and rolls of worn Indian cents and Buffalo nickels?
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No, you’d be miserable with this knowledge because you’d think about nothing else while alive.
Follow the KISS formula with a document to describe auction contacts. Enjoy one’s collection in the meantime!
"Got a flaming heart, can't get my fill"
I really don't care. They will figure it out.
I was half-expecting a thread about having an Intervention... ;-)
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
My Coin Blog
My Toned Lincoln Registry Set
Trying to instill a value system into what some refuse to see or believe , or take any interest in, isn't easy to talk to family about.
Enjoy them ( family) . Sell some ( coins) ... have fun. If family doesn't care, you can't make them. So live like you're the king.
Is this normal? If you had only 8 seconds to explain to family how to liquidate a collection, what would you say?
Wait, what....what was the question again?
Right now about eight threads down is “Best cherry pick of the year” thread.
No irony lost.
Place a copy of this book in every bank box, home safe, and other places you've squirreled coins away:
THIS^^^^^
And it's probably aimed at you!!
If you ask B&M owners, I think you'll find most of the collections they see are worth less than you think.
But might not apply to the active collector posters here.
"Got a flaming heart, can't get my fill"
I have a friend who died last year, has a collection worth less than 2-3K. He was living with a friend as his cancer progressed and which finally claimed his life. No will. I had assumed his cousin got his collectibles which turns out to not be the case, the friend still has it all. He also had a significant art collection that's hard to price. The friend still has it all though probate was never done, he had no real debts though, but the state still mandates procedures. I offered the friend I would sell the coins and give 100% after expenses to a charity for the needy, but legally I doubt we have that right.
Large estates have an advantage that coin collections are usually a fraction of the total and everything is done according to the law and through lawyers. Most lawyers would advise using quality coin dealers they have experience with.
@logger7. I would not trust lawyers to know quality coin dealers.
"Got a flaming heart, can't get my fill"
Wasn't there an excessively famous lawyer who used to post on this board, back in the day? A well-heeled bon vivant . . . wore a smoking jacket even when he wasn't smoking . . . occasionally had to reprimand the help for cleaning his Proof Liberty Seated half dollars with a feather-duster?
Oh yes, we know him and his relationship with Consuela!
"Got a flaming heart, can't get my fill"
"You're too stupid to inherit my coins, so I'm giving them all away on my coin forum."