So my Grandfather is over visiting...

DickyBetz

...and he is telling me all these stories about his old time collecting days back in the 50's, 60's, and 70's. He's telling me how he used to buy seated liberty halves for only like 5 times face from his local dealer. These are AU/BU coins he's talking about too! He told me he has an entire collection of them and next time I'm at his house I can take a look at them.

chabot510

NumisOxide

It sounds like a killer collection. Have fun going through it.

mgoodm3

Sounds like fun.

carl

Yeah, yeah, yeah make a remark of the really old times like in the 50's, 60's etc. I still remember the 40's. Your grandfather is just a kid. I remember a coin shop where he had a tray of 1916D's in the window for $1.50 each. I begged, borrowed and whatever to buy them all. You have to realize that in the 40's a $1.50 coin was a fortune.
Now if he is getting old like me and wondering where those coins will end up, you may want to suggest he just gets rid of all that junk by giving it to you. Just kidding. Acrually though at my age that is what I am wondering. No relatives that want my coins or have an interest in them.

DickyBetz

Carl- He has already told me that I get his entire collection which also includes two $1000 bags of Morgan dollars he got in the early 60's.

partagas

Wow Dicky that is great. Take a camera and share your pics of this collection, please. I just love to look at fresh Seated Material.

a039

If you get those coins when he passes away I would stay away from you and high places at the same time if I was him! Mark

tmot99

<< <i>...and he is telling me all these stories about his old time collecting days back in the 50's, 60's, and 70's. He's telling me how he used to buy seated liberty halves for only like 5 times face from his local dealer. >>



But what he really meant was Walking Liberty halves.

Conder101

This may sound a little harsh but what kind of physical condition is your grandfather in? What I worry about is that if he ever had to go into a nursing home you would surprised how quickly the monthly fees will wipe out savings, and before you can qualify for medicaid funding they require the sale of almost all of your assets. One way to get around that problem is to gift or assign your assets over to someone else. But if the assigning was made less than three years previously the government will consider it to be a fraudulent attempt to hide assets and will still require the assets be sold and the proceeds used to pay for the patient care. If, haven forbid, he is not well and had to be put into a nursing home, you could see all though wonderful coins that are intended to come to you being sold off to pay for what is often minimal care.

And don't get your hopes up to much about those seated halves. remember grading was a little lss formal in the 50's and those AU-BU coins may turn out to be XF-AU and polished. Remember during that time period White and shiny was good and cleaning, even harsh cleaning was commonplace.

BlindedByEgo

<< <i>This may sound a little harsh but what kind of physical condition is your grandfather in? What I worry about is that if he ever had to go into a nursing home you would surprised how quickly the monthly fees will wipe out savings, and before you can qualify for medicaid funding they require the sale of almost all of your assets. One way to get around that problem is to gift or assign your assets over to someone else. But if the assigning was made less than three years previously the government will consider it to be a fraudulent attempt to hide assets and will still require the assets be sold and the proceeds used to pay for the patient care. If, haven forbid, he is not well and had to be put into a nursing home, you could see all though wonderful coins that are intended to come to you being sold off to pay for what is often minimal care.

And don't get your hopes up to much about those seated halves. remember grading was a little lss formal in the 50's and those AU-BU coins may turn out to be XF-AU and polished. Remember during that time period White and shiny was good and cleaning, even harsh cleaning was commonplace. >>




Sad but true. Tough words to hear, Dicky, but heed them well. Also, never underestime the greed of other heirs - smoetimes it's like a feeding frenzy when an estate is liquidated. Better you should have a serious talk with him about an early distribution...

JJM

sweet

ColonialCoinUnion

I'll go harsh in a different direction -

I can't tell you how many times I've heard someone say they have a lot of wonderful old coins in high grade which turn out to be fewer in number, not quite as old and not quite as high grade as one remembers.

I hope I'm wrong, but maybe best for you not to get your hopes up too high and start imagining enormous frosty bags of rare date Morgans.

DickyBetz

Thanks for the concern guys. He is 76 years old on Friday and in perfect health. He plays golf every day and exercises a lot. I dont plan on seeing this coins in my posession for another 20 years at least.

I have already seen some of his collection and if the quality of his seated halfs is anything like his 3CN's and Barber quarters then I dont think I have anything to worry about. None of them are cleaned or polished. In fact, the first thing he said to me when I was showing him my Lincolns this afternoon is to not ever clean them.

HTubbs

Wow Greg! Looks like you'll be having fun! Be sure to post another thread after you see him next.

Hayden

shirohniichan

And don't get your hopes up to much about those seated halves. remember grading was a little lss formal in the 50's and those AU-BU coins may turn out to be XF-AU and polished. Remember during that time period White and shiny was good and cleaning, even harsh cleaning was commonplace.

That's what I was thinking, but Dicky's last post makes me worry less. Let us know what you find.

DickyBetz

I'll let you guys know. I wont be there until the Summer though. Early July I think.

carl

Also hate to bring up morbid topics but just because someone appears in great health don't mean nothing. I know. I was working, running around, going out a lot, trips to other states, visiting and really in great shape. Then one day I started to bleed internally. After 4 operations and 2 bouts of chemo I'm just happy to be able to use this computer. The moral is to be ready for anything. I just visited my attorney to have a new will made and learned what has been kind of hinted at here already. Relatives come out of the woodwork like insects to claim whatever they can and so whatever they want with it also. That coin collection may well be part of his estated and even if so declared as yours in a will it must go through probate courts where it could be contested and then there will be court cost, taxes, attorney fees, etc and you'll see that coin collection drindel into nothingness. Then there is this thing called a living trust that avoids all that. However, here in Illinois the fee for that is about $2,500 and up depending on how much is to be tabulated. Another thing is don't forget therer is also a thing called first come, first served. If something should happen to your grandfather, who would confiscate the estate until it could be settled. That's another situation where things vanish.
More morbid stuff is when my Dad passed away he was alone. I didn't find out about it for several days. By then his place was pretty much wiped out of anything. Coulda, woulda, shoulda are all to late terms.

tupa1234

Have a good time souds like alot of fun!

DickyBetz

Carl- I see what your saying. But, my Grandma lives with him and she also knows that it will be mine and she wants me to have it. She likes my collecting coins and wants to support it. I dont think anyone else will come and claim it. All my relatives know I collect coins and none of themare greedy enough to sell his great collection.

TorinoCobra71

<< <i>Carl- He has already told me that I get his entire collection which also includes two $1000 bags of Morgan dollars he got in the early 60's. >>



You luck Dog, Dicky!

***************DROOL********************

TorinoCobra71