To tell or not to tell?

09sVDB

I would like to get opinions from fellow collectors on a touchy subject. When it come to my collection, of which the major pieces are stored at a bank, I am very cautious of who I tell that I collect. Other than a close friend, who also collects, not even my wife knows how much my coins are worth. So I guess I'm asking, where does everyone draw the line? Who do you tell and who do you not tell. My wife thinks I'm crazy for being so cautious.

ColonialCoinUnion

<< <i>I would like to get opinions from fellow collectors on a touchy subject. When it come to my collection, of which the major pieces are stored at a bank, I am very cautious of who I tell that I collect. Other than a close friend, who also collects, not even my wife knows how much my coins are worth. So I guess I'm asking, where does everyone draw the line? Who do you tell and who do you not tell. My wife thinks I'm crazy for being so cautious. >>



Frankly, and with all due respect, I think your wife is crazy for thinking that you're crazy for being cautious.

The fewer people who know, the better.

PerryHall

People talk! The fewer people that know the less likely that you will be robbed.

goose3

I think you are crazy for not telling your wife what they are worth......or at the very least I would hope you have some sort of list with them at the bank in case something should happen to you.

VAMs4U2BuyHere

In my opinion, I don't think that there is any risk in telling others that you enjoy collecting coins. There is nothing wrong in sharing with somebody that you are interested in coins and have a couple of cool looking pennies, dimes, etc. There is no harm in sharing your hobbies & interests with family & friends.

The risk only comes in when you discuss the value. Sitting in a bar bragging about the $500,000 in coin you have is where the problem would start. Nobody but you need know the true value of your collection. However, it may be a good idea to keep a list of the current value in the vault with the collection. If something unexpected should happen to your health, I'm sure you wouldn't want your family unwittingly selling off your collection at 10% of it's value to an unscrupulous estate buyer.

09sVDB

As far as records, the whole collection is catalogued on our computer. The info is there for her to see so that is really not the issue here.

jdimmick

As far as my self, I dont keep coins at home. Several of the folks at the various manufacturing plants I visit , know that I deal in coins and I have even brought some of them to show, including some expensive ones. I have introduced several new collectors to the hobby over the past 3 years becuase of this. The important thing is that none of the places that I visit are local, so no one knows exactly where I live. Additionally, in the town that I reside, only fellow Coin Club collectors and shop owners know me as a person who deals with coins on a dialy basis.

My wife knows that I mess with coins, but doesnt really understand or knows the true value of the my holdings or my daily dealings Not that I keep it from here, I just dont volunteer that information. She has no intrest in coins at all anyway. A close a personal freind of mine (who I trust ) has all my information if the need arrived to help disperse the coins and get full value for them for the family. I have his information as well and can assisit his wife in getting what they are worth so she wont get taken by a local sleeze ball dealer.

jim

nwcs

I tell some people I collect but I rarely tell anyone the value of anything. But few have seen any of them and fewer know the value. Only my family has any idea of the value and size of my collection.

7summits

Check out how high the cost of insurance is for coins.
Check the boards and see the frequent posts about coin thefts & robberies.
Check the local newspapers about home invasions & crime in your neighborhood.
Check how rampant identity theft is today.

Then, decide for yourself, "do I want the general population to be aware of the fact that I collect something that might be perceived to be 1. valuable 2. easy to fence and 3. easy to steal" and go from there.

I for one keep my coin collecting business secret to the maximum extent possible. Outside my immediate family and the dealers I do business with, that's it. A lot of my purchases are at shows, with cash, on a no-name basis.

coinguy1

Reasonable caution is a great idea, but so is telling your wife - she should know.

pharmer

Just my wife. Always been that way, always will. Don't see any point, or more importantly, any upside in telling people. Nothing good can come of it, but there's plenty of downside.

roadrunner

The less the better, always. People talk. Word eventually makes it to the wrong people!

roadrunner

Heywood

The less people who know the better-

You never know when one of your friends will drop a " I can't belive Joe has $20,000 worth of coins" in a public setting without your knowing about it. Even your children may brag at school- it is very common for reports of older brothers of childrens friends to be the culprits.


The registry and these boards are for bragging/showing/ sharing.

TomB

I don't keep any coins at home, but my friends know I'm a coin geek. As for not having your wife intimately aware of the extent and value of your collection, well, I think that is plain foolishness, regardless of whether you have detailed spreadsheets or not.

rainbowroosie

You can PM me, please note the location of the bank, location of safety box key, and include your Social Security Number so I can safeguard everything for you.....

LucyBop

He may have some very valid reasons for the wifey not to know the exact value....

I understand why most here would think the wifey should be well aware of the value, there are many strong agruements for this point of view however, I know how alot of women can be. Its his personal decision based on what he feels is best and I respect that, as he knows his wifey better then any of us....

pf70collector

A similar thread appeared about a month ago. The less people know the better. Just my immediate family are the only ones that need to know.

CarlWohlforth

There is the security issue. People know I collect coins and often ask me about their hoards of circulated Ikes, Bicentennial quarters and foreign change brought home from vacations. I always make sure to mention I keep my coins in a safe deposit box at the bank. I never say what my collection is worth or how many coins I have. I never tell any casual acquaintance I collect.

The other issue is an insurance issue. What happens to the coins if something unexpected should happen to me? One never knows if some crazy person will crash into us while driving or something like that. In my personal situation I make sure my wife knows what I have and who I would trust to dispose of it should the worst happen. This info could be detailed in a document.

pharmer

The keeping all the valuable stuff in a safety deposit box point is a good one, I'm just worried that the low life on the communication chain, who hears about it by the oddest of circumstances and is the one who will break in whether you are there or not, will not have also gotten the memo about nothing being in the house. And may not care.

Robgetty

I don't go around telling people how much my coins are worth. My wife doesn't care, but
I have an inventory with prices in the safe so she can see if something happens.

It is a hard line to draw; you want to share your hobby, but you don't want to open yourself
up for problems or theft.

PerryHall

<< <i>He may have some very valid reasons for the wifey not to know the exact value....

I understand why most here would think the wifey should be well aware of the value, there are many strong agruements for this point of view however, I know how alot of women can be. Its his personal decision based on what he feels is best and I respect that, as he knows his wifey better then any of us.... >>



I agree with Lucy. A lot depends on how strong your marriage is and how long you've been married.

PerryHall

<< <i>In my opinion, I don't think that there is any risk in telling others that you enjoy collecting coins. There is nothing wrong in sharing with somebody that you are interested in coins and have a couple of cool looking pennies, dimes, etc. There is no harm in sharing your hobbies & interests with family & friends.. >>




VAMs4U2BuyHere----Don't forget to let all the teenagers in your neighborhood know that you're a coin collector!