Are you bequeathing your collection to a museum...

MrEureka

Are you bequeathing your collection to a museum or will you let them sell at auction to coin doctors?

SethChandler

I"d bury it, so Dwight Manley's great great great great great grandson can dig it up, clean(opps curate) them, create a Madison Ave. marketing job, sell it to a bunch of newbies, and split the proceeds with MY heirs.

EVillageProwler

My current consideration is, upon my passing, to donate the proceeds from the sale of my collection to the ASPCA.

EVP

mrdq

I'm thinking YN Giveaway at some huge show in about 2025.

Should I give them away single? in sets? the whole tamale to some bright YN?

MrEureka

If my heirs don't need the money, my coins will go to a museum.

The subject brings two stories to mind.

First story:

Five years ago, I was talking to one of the great all time collectors about his plans. He said he couldn't take his coins with him, but nobody else appreciated his coins as much as he did and nobody else deserved to own them. So, before he died, he planned to row out to the middle of a lake one night and dump his collection. I think he was half serious. He's still with us, so I can't tell you how the story ends. The point is only that he has a point. His coins should not be sold to coin doctors.

Second story:

In 1923, the largest auction ever of Scandinavian coins was sold at auction. It consisted of 20,000 coins, the property of the late L.E. Bruun. Actually, the sale contained only his duplicates! The core collection was required to be kept by his family until 2023. I don't know what his rationale was, but I'd love to know the rest of the story. If I'm lucky, I'll attend the sale in 2023.

kieferscoins

I would give my best pieces to my family to decide what they want to do with them. The collectible slabs and other coins will go to the ANA. By then (hopefully 65 years from now), they will appreciate the old slabs as they are.

Cameron Kiefer

BillJones

The short answer is "NO."

I don't have any coins that would be impressive enough for a decent museum. I’m just a high level middle class collector. I’ve got a lot of early type, but very little of it is in the condition census. And a couple of the condition census pieces that I do have got body bags. I guess the coin doctors got there first.

In general museums can be the best and worst places for coins. If a museum allows collectors and numismatists to see the coins, that’s great. Locking them in a safe where no one can see them stinks. It’s better to sell the coins to interested collectors at that point.

BTW some museum curators have been known to clean coins far worse that any half way decent coin doctor.

satootoko

To paraphrase Groucho - I wouldn't want my collection in any museum that would accept it.

Bear

Museums have a nasty habit of selling collections to raise money to buy something else,

like a 20 million dollar painting. I believe I will leave my collection to my two sons to dispose of as they

will. Since one of the boys is knowledgable about coins, they should be able to maximize the value.

airplanenut

Do slabs do well if cryogenically frozen?

nwcs

If I die before I can dispose of the coins, then I don't care what happens. Otherwise, my plan is to have a big auction when I turn somewhere near 55 to 60 and retire early. Who knows what all the stuff I get today will be worth in 25-30 years?

Striker

I keep teasing my wife that I want to be buried with my collection.

paigowjohnny

<< <i>I believe I will leave my collection to my two sons >>



It's a little known fact that Bear plans to adopt me and make me the third and evil son...

Coinosaurus

There are a lot of horror stories about coins and museums. Even the ANA retains the right to dispose of your stuff if they don't need it (though they might waive this for very high profile material). I'd vote for selling it off at at a favorable price to a younger collector.

JOHNandBEA

Evillageprowler:

That's something to think about..........

Bea

JML

I am in favor of museums de-accessioning duplicate coins. It is a win-win situation. They get to keep the best coins for their collection, and get new money to buy coins that they do not possess.

Do not be offended if museums sell duplicates.

banknote1

I keep rotating my coins in and out. I get tired of a series and sell out and start over. Nothing that a museum would want. But I do, however, have a super Mississippi National collection. CAA called just today wondering if I was ready to sell? I get a call from them every once in a while. I would love to leave the notes to my sons, but I am not sure that they have the same feelings for them as I do. Might be better if I would let them go in an auction. This would give new collectors a chance to get a, one of a kind, note for their collections. It would also let me realize the most for the collection. I know of a fantastic collection of nationals that a collector left to a University. The notes aren't on display and they haven't been sold, they may never be sold, just locked up somewhere not doing anyone any good. Just depriving collectors a chance of adding a one of a kind note to their collections!
EVP, had a good idea but my pom chewed up a Unc. note of mine!

morganbarber

Unfortunately, my collection, while vast, is almost lame enough to be rolled and traded in for face value.

DCAMFranklin

Bear- With a fabulous collection such as yours, consider placing the coins in a Charitable Remainder Trust. A large tax deduction up front, that can be carried forward, a nice income for you and your spouse and then the remainder goes to your charity of choice. No capital gains tax on the coins that have appreciated. The value of the collection is removed from your estate for estate tax purposes. Fabulous for appreciated assets and a way of providing long-lasting benefits for the charity of your choice.

EVillageProwler

Monty,

Don't penalize all the other needy animals just because your Pomeranian chewed a note of yours!

EVP

banknote1

There is one thing about a Pom, you just can't stay mad at them very long.

tradedollarnut

Originally, I wrote it into my will that if I (and my entire family) died that the trade dollar set was to go to the Smithsonian. Then I learned a little bit more about how they display their coins. The vast majority of their coins are stored away and only a small minority are ever displayed. The displays are, quite frankly, inadequate for even coins of significant stature, such as the 1933 $20, 1804 $, 1913 Lib nickel, etc. I was very disappointed, so I changed my will to remove the donation.

MrEureka

TDN, did you consider trying to negotiate the terms of display? I believe that type of arrangement worked very well for Harry Bass and the ANA. BTW, have you seen the Bass exhibit at ANA? If not, maybe you should check it out.

Barry

<< <i>If my heirs don't need the money, my coins will go to a museum.

The subject brings two stories to mind.

First story:

Five years ago, I was talking to one of the great all time collectors about his plans. He said he couldn't take his coins with him, but nobody else appreciated his coins as much as he did and nobody else deserved to own them. So, before he died, he planned to row out to the middle of a lake one night and dump his collection. I think he was half serious. He's still with us, so I can't tell you how the story ends. The point is only that he has a point. His coins should not be sold to coin doctors.
>>


Andy,
Would you mind telling me in which lake he keeps his boat?

MrEureka

Would you mind telling me in which lake he keeps his boat?

I wish I knew!

DCAMFranklin

TDN- Please see my prior post. You should discuss the use of the Charitable Remainder Trust with your attorney, for your coins and any other highly appreciated assets. In addition to the benefits I listed in my post, you avoid all capital gains when the collection is sold.

ARCO

Five years ago, I was talking to one of the great all time collectors about his plans. He said he couldn't take his coins with him, but nobody else appreciated his coins as much as he did and nobody else deserved to own them. So, before he died, he planned to row out to the middle of a lake one night and dump his collection. I think he was half serious. He's still with us, so I can't tell you how the story ends. The point is only that he has a point. His coins should not be sold to coin doctors

Now what a pompous ass! I can most certainly, absolutely guarentee you that there are hundreds if not thousands of other collectors (myself included) that would appreciate his coins much more than he could!!

Tyler