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Pass your collection on to the kids or sell?

morning all, newbie & early morning chatter. My Dad has spent his lifetime collecting precious metals & coins which started when HE inherited a substantial collection in the 80's. He's truly enjoyed the hobby altho now that he's older- more interested in spending time with his kids & grandkids & the coins have taken back-burner.

Pops indicated at our last family meeting that he'd like to sell some of his silver- so we're working on that...either w/my ebay connection, an assayer, or perhaps thru pcgs (which was mentioned by a fellow ebayer). Because he's talking about selling, it has brought to mind many thoughts and emotions.

Should one pass on a substantial $ collection as an inheritance to adult kids that know nothing about the hobby...OR should one enjoy the selling process using all the knowledge of coins obtained thru the years?

I LOVE my Dad and don't expect or want a dime. I'm that adult kid (along w/my sibling) that knows nothing of coins. The responsibility of the collection scares me & I just wanted to know other's thoughts given similiar scenarios.

off to bible study this a.m. but will check back in a few. enjoy the morning all,

angie




Comments

  • BarndogBarndog Posts: 20,515 ✭✭✭✭✭
    First off, welcome! I hope you enjoy the time you spend here.

    I can answer your question from my perspective, that of a father with a very young daughter. I will be able to judge (assuming I live a "full life") whether or not my daughter has an interest in maintaining my collection. If she does, then it will be hers, no doubt. If she does not, then I will consign it to an auction house and it will be parsed out to the highest bidders. I see it as that simple. By no means do I wish for my collection to be in the hands of someone with no interest in coins. That would only invite shysters and others with less than honorable intent to conveniently and cheaply relieve my family of the collection.
  • RYKRYK Posts: 35,799 ✭✭✭✭✭
    Should one pass on a substantial $ collection as an inheritance to adult kids that know nothing about the hobby...OR should one enjoy the selling process using all the knowledge of coins obtained thru the years?

    If one or more of the adult children had an interest or potential interest in coins, one could make the argument to pass the collection to the child(ren), especially if the estate is otherwise quite large. In this case, it sounds like the adult children are not interested in coins, and "Pops" is no longer especially interested, and it would make more sense to sell the collection (IMO). Perhaps, one special or interesting coin can be passed down to each heir to remind the heirs of "Pops" and to seed a future interest.

    In my case, at this point (age 40), I do not intend to saddle the family with the burden of selling a coin collection and would likely sell the coins down the road. I hope to have forty or so years before I need to concern myself with this problem.
  • greghansengreghansen Posts: 4,301 ✭✭✭
    Although every family situation is unique, I think the general preference should be towards selling the majority of a substantial collection. Even children with little interest in coins, often appreciate the notion of receiving a limited number of 'keepsake' coins. I have a handful from my fathers collection...and he knew very little about coin collecting...he just tossed back a few well worn peace dollars as a kid...which I enjoy owning very much. I will also probably leave a few items for my only daughter, who has no interest in coins. The items I leave probably won't have a huge amount of intrinsic value...for fear that it will give her the constant urge to sell and cash in. The rest of my collection will get turned to cash so she can spend it on the things that interest her.

    Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum

  • Thank-you for the kind welcome. It's great to read other's insights. Would appreciate hearing from someone my Dad's age (60's) and their thoughts on the matter. It's hard to imagine spending 30+ years collecting and then selling...how does one decide on the "right" time?

    Personally, I'd like to see him sell the coins & actually get to see the fruit of his labor. Wouldn't care if he took Mom to the casino and spent it all on blackjack. I'd drive 'em and wait in the car image hee,hee

    out the door in a few. thx! A

    ps while we're chatting selling, best thoughts on how to sell 100oz englehard bars? I'm going to snap digital pics of the bars after bible study today...make sure serial number is visible, anything else needed?
  • MrEurekaMrEureka Posts: 24,415 ✭✭✭✭✭
    I wouldn't leave a collection to an heir unless I thought he would value the collection more highly than the cash.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • slipgateslipgate Posts: 2,301 ✭✭
    I hope your father is not like my in-laws. They think the only reason they were put on this planet was to "leave" something for their children (read "cash") when they pass. I have been trying to get them to enjoy their golden years and not worry about any of their kids. My wife and I certainly do not need anything but my wife's two loser brothers do and could use some extra cash. I think it is something about that generation (older, 1st generation boomers). The only asset they have is their house and I want them to get a reverse mortgage and use the money for their enjoyment (no savings - just the house and SS).

    I told them if I die with $20 in my pocket that I'm going to die pissed off, and I do NOT want to die pissed off!

    Try to convince him to sell the coins and spend the money on something he's always wanted to have or do (or give it to charity).
    My Registry Sets! PCGS Registry
  • ColonialCoinUnionColonialCoinUnion Posts: 10,087 ✭✭✭
    Passing a collection on to kids who are interested in it and value it is wonderful. Passing it on to kids who don't have any interest or worse, who view the collection as a burden, seems like a bad idea on several levels.



  • BAJJERFANBAJJERFAN Posts: 31,294 ✭✭✭✭✭
    I guess it would depend on if the heirs had an interest in them to perpetuate or upgrade the collection. Unless the money is needed it would be nice to be able to pass them on or at least a few of the nicer ones; maybe a box of 20. If you do leave them to a family member make sure that person is at least schooled enough so that they don't take it in the shorts if they sell. If you die when the market is at bottom they better have the patience to wait. Course if the market goes bats ass nuts in the next year I mite sell some of them.
    theknowitalltroll;
  • 291fifth291fifth Posts: 24,681 ✭✭✭✭✭
    Sell.
    All glory is fleeting.
  • First of all image

    Now to the point. The collection I have recently taken over was passed from my great grandfather to my father, then will go to my brother and myself. I have always shown a great interest in the collection since I was a small boy and my father has recognized that. My grandfather never showed an interest in it, so the collection was actually passed by him unto his son (my father)

    Unrelated to coins, my father is a musician and has quite a few horns worth thousands of dollars. Not having ANY knowledge of the horns, other than the realization they are worth some serious change, I have actually talked to him and asked that he sell them before anything happens to him or write out specific details of who I should contact and how to go about not grabbing my ankles if it is left to me to handle. I wanted him to know that I appreciated what he had, but that I also had no expectation that he would keep them simply to pass them on. I only want the best for him and what he has done, so if he would be better at making those decisions, I would rather he make them himself.

    I dont expect my parents to leave anything for my brother or myself, I would rather they enjoyed the things they obtained, especially if I didn't have any knowledge of how to deal with what was left to me. Since I know some things that will be left I've taken advantage of that knowledge and addressed it, along with my concerns, directly to them so that they can make a better decision for themselves.

    Hope my rambling made some sense, and again, welcome to the madhouse image
  • agentjim007agentjim007 Posts: 6,256
    speaking as someone who has worked in a shop, some of the biggest rips are from those who had coins passed down to them. They don't know what they're worth and don't care. My boss use to say (15 years ago) " If you can offer somebody $3000 for their collection they will most likely sell no matter what it's true value"
  • image

    I would think he should sell and enjoy the proceeds. He would get more value back by selling it himself as he knows more about it.

    My dad got me interested in collecting about 11 years ago. After a while I truely enjoyed it and we spent alot of time going to shows and discussing coins and such. He died suddenly last summer and I have been selling off much of his stuff. I have kept some sentimental things and my mom is doing things she wouldn't have otherwise done with the proceeds. I realize now 11 years ago he wanted someone in the family to understand. Joe
  • I very much agree with ColonialCoinUnion. If my children or grandchildren start to show an interest in my collection I would want to groom them until I could leave it to them. But if I thought that one minute after I died the collection would be sold I would rather dismantle it myself.....
    Denis
  • OKbustchaserOKbustchaser Posts: 5,546 ✭✭✭✭✭
    Afinch,

    From a financial standpoint the advice you have received is probably right. However, as far as my collection goes, I feel just the opposite. I fully plan on enjoying my collection to the day I die. What any of my heirs do with it then is their business. Keep it, sell it, spend it at face value, melt it down into paperweights, by then I REALLY WON'T CARE!

    If your dad still enjoys his collection then he should keep and enjoy it the rest of his life. If he has grown tired of it, (or would rather have the cash) then he should sell out. Either way, prospective heirs should not be the deciding factor.
    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • Conder101Conder101 Posts: 10,536


    << <i>I told them if I die with $20 in my pocket that I'm going to die pissed off, and I do NOT want to die pissed off! >>


    But this statement does not make your desires clear. Do you want to die with more or less than $20 in your pocket? They might think that you want to die with a LOT of money in your pocket so they are hoarding everything to make sure you have plently of money when you die. Make your meaning clear. If you want to die broke then tell them that if you have MORE than $20 in your pocket you'll die pissed off.
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    "Should one pass on a substantial $ collection as an inheritance to adult kids that know nothing about the hobby"

    I've been considering this question as I have a grand daughter that has stolen my heart, completely. She will get the good stuff (coins) when the time comes for it to be passed on. So, this is a good and timely question.

    You know, if you were to tell someone you know that you have a box of hundred year old US gold coins, the first thing EVERY TIME that they will ask is "How much are they worth?" It seems logical that children that do not have the coin bug will be in the same group as "How much are they worth?" So they go to sell them, get beat up at 15% back of grey sheet (if they are very lucky), and some nice stuff (your stuff!!!) goes out into the great continuium.

    Considering that the children, or most people for that matter, would have no idea how to sell nice coins, it seems that you would be doing them a favor by selling them for the right money and giving them a trust fund or a CD, or even some prepaid college tuition from one of those tuition programs. Thinking back, if I would have had a box of gold coins when I was 21 or 22, I would sell those puppies in a heart beat and probably to who ever offered the cash money first. Hey...new car? yeah!!!

    But, when you think of it in the big picture, they are your coins, your ambitions, your knowledge/expertise/interest that those coins represent...they are personal to you and it may be quite an assumption that others may even have the slightest interest in your collection other than "How much are they worth?...SELL 'EM!"

    Saul Goode
  • PerryHallPerryHall Posts: 46,824 ✭✭✭✭✭
    If your kids aren't interested, may I suggest the mother of all give aways?image



    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire



  • << <i>image

    I would think he should sell and enjoy the proceeds. He would get more value back by selling it himself as he knows more about it.

    My dad got me interested in collecting about 11 years ago. After a while I truely enjoyed it and we spent alot of time going to shows and discussing coins and such. He died suddenly last summer and I have been selling off much of his stuff. I have kept some sentimental things and my mom is doing things she wouldn't have otherwise done with the proceeds. I realize now 11 years ago he wanted someone in the family to understand. Joe >>



    well said

    When I die, I really wont care, because, I will be dead. However, I keep some items in my collection for sentimental reasons. I hope to see the same in my kids when I pass on. If they sell it, melt it down etc etc. Its their call, I again, would not care after my death.
  • If you can offer somebody $3000 for their collection they will most likely sell no matter what it's true value"


    as a non collector stuck with an inherted collection, I would say start selling while your dad's still alive. Work with your dad on it and stick with this forum. There's so much to learn, just knowing how to list a coin makes a big difference. Some of the grandchildren may decide to collect coins. My 8 yo daughter decided she'd like to start collecting. I asked her to select one or 2 types of coins to collect. She chose all things Canadian, and US Silver Dollars. She's now earning her coins by helping me sort and catalog the others.
  • afinch99(Angie),

    I noticed your response that you would like to hear from someone your Dad's age. Here goes;

    I am 64 yrs. young and an avid collector. I have 6 children, four are my daughters and 2 are my wife's son and daughter. We have 13 grand and great grand children. Of all of them, I have one granddaughter who shares my interest in coins and collecting them for their interest and historical value. I have and will continue to share parts of my collection with her.

    My wife and I lead a very good life and do not worry about "leaving something" behind for our children. I will most likely liquidate all of my collection that is not given to my one granddaughter before my passing. I have found that you do not have to leave instructions with cash gifts!image

    I have witnessed a novel way of settling your kind of problem(dividing the collection or selling). I went to a auction of a fairly large collection a few years ago and several of the man's family were there bidding on some of the items. I later learned from the auctioneer that the family members were given a special price below what they won items for. Something to think about, if your family is divided on the issue.
    Gary
    image
  • I think your dad should enjoy the fruits of his labor. Selling the pieces and seeing realized appreciation will make him feel pretty good as a collector. Since grown kids seem to have no interest and don't know anything about the value of the coins, it would be better to let HIM sell the coins. He's more likely to know approximate worth and less likely to get ripped off like those inheriting a collection that a clueless.

    Just my 2c (but you can't have my 2c coin).
    image Scottish Fold Gold
  • I gave my 1889 Morgan Dollar pocket piece to my 3 year old granddaughter last night for her piggy bank. I had been carrying it for about 10 years.

    Her eyes got just about as big as the coin when i handed it to her. Priceless.

    Anything left when i pass will go to my kids to do with as they please.


  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    Swap into bullion. Any dope can understand that. I had many Chinese bullion buyers and that was their "estate planning." Make money, buy gold, give kids when die.....repeat.
    Not a bad plan.
  • slipgateslipgate Posts: 2,301 ✭✭
    tounge in cheek - but I meant that I want to die broke, that is not reallty practical however since my wife will most likey outlive me by 30+ years.
    My Registry Sets! PCGS Registry
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭


    << <i>my wife will most likey outlive me by 30+ years. >>



    Shoot. Yer problem's solved. Her an the truck driver can have a ball wit da coins.

    image
  • slipgateslipgate Posts: 2,301 ✭✭
    truck driver - nah, the mailman
    My Registry Sets! PCGS Registry
  • CoinHuskerCoinHusker Posts: 5,033 ✭✭✭
    The way his collection is going, I hope my son passes his collection on to me when he "out grows" it. image






    image
    Collecting coins, medals and currency featuring "The Sower"
  • BaleyBaley Posts: 22,663 ✭✭✭✭✭
    The test will be, whether or not the heirs have formed a collection of their own...

    If they have a growing collection, it's going to grow by a lot image

    if they don't care for coins, and have already sold my coin gifts to buy "better stuff",

    then they'll get cash, stocks, and property, but probably not rare coins.

    Liberty: Parent of Science & Industry

  • anablepanablep Posts: 5,160 ✭✭✭✭✭
    Since I'm 33 years old, I have no idea what will happen 50 years from now.

    I really don't care. I'll be dead. Whoever gets the coins can do with them as they please.

    I'm leaving my collection to my wife first. She can sell, keep or do with the collection what she wants. She knows who to contact and what to do when I go. I've got no children yet, so that's moot for me.

    If I have kids, I doubt they'll care about coins but if they do, they can have 'em if I don't sell them off first.
    Always looking for attractive rim toned Morgan and Peace dollars in PCGS or (older) ANA/ANACS holders!

    "Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."


    ~Wayne
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭


    << <i>I wouldn't leave a collection to an heir unless I thought he would value the collection more highly than the cash. >>




    Agree
  • INXSINXS Posts: 1,202
    My younger son is already a partner in my collection. He will inherit the whole thing when I am to old to see.
    "Well here's another nice mess you have gotten me into" Oliver Hardy 1930
    image

    BST successful dealings with:MsMorrisine, goldman86
  • TorinoCobra71TorinoCobra71 Posts: 8,061 ✭✭✭


    << <i>Sell. >>



    Word.......

    When the time is right, of course!

    TC71

    image
  • Hi and image

    As my collection is mainly BU modern coins, I have every intention of passing it on. I don't have any children of my own, but my brother does. If any of the 4 kids shows any particular intrest in coins they will get it lock stock and barrel, to do with as they please.

    Hopefuly they will keep it intact. Expand, and or improve it as much as possible. and pass it to there kids. By then my coins should be worth much more than face value, at least some of them I would think. Even if they are not worth that much over face NOW.

    If not if will just be part of the estate, and the remaining family will decide what to do with them as a group. If they get screwed, thats to bad, but there choice, there problem.

    As with any collectable, not counting the enjoyment for the collector. (and who can put a value on that) The items collected really have no value, untill they are sold. I mean once collected they are out of the system, so to say. and therefore have no value (besides enjoyment or historical) untill brought back into it, or sold. They are just part of a hoard (collection)

    Wouldn't it have been nice if great grand dad had passed down a roll of VDB cents, and you had them now. Would you open it to look for 09 S coins? Or pass it on another generation or two?image

    I haven't put away all the state quarters. But I do have a few nickels, of each new type. And a complete set of state quarters.
    In the year 2100 who can say what they might be worth, hopfully to a family member. Born well after I'm gone.
    pz
    (Old man) Look I had a lovely supper, and all I said to my wife was, “That piece of halibut was good enough for Jehovah”.

    (Priest) BLASPHEMY he said it again, did you hear him?
  • This has actually happened to my wife. Her grandfather collected coins all his life and was a president of various numismatic societies in the Boston area. Of all his grandkids, my wife was the only one to show any interest at all in collecting coins and she even 'helped' him and there are circulated coins wrapped in plastic wrap my wife "collected" among his nicer set. She inherited everything left from his collection (a lot was sold off to help finance his battle with cancer) because of her interest. I feel the same way - if one or both of my kids are interested to continue my collection, they will have it or share it. If they don't but my eventual (?) grandkids do, then I will pass the coins on to my grandkids. If no one shows a desire to collect, I would sell them to someone who would appreciate them as I do.
    TheZooKrew
    Morgan, modern sets, circulated Kennedys, and Wisconsin error leaf quarter Collector
    First (and only - so far) Official "You Suck" Award from Russ 2/9/07
  • SDCollectorSDCollector Posts: 886 ✭✭
    Assuming my family has no interest in coins and assuming I have time to handle something like this before I die, it's my responsibility to liquidate my collection before I die.

    It's way too risky and even irresponsible to leave a valuable coin collection to your heirs, who have no knowledge of coins or how to properly sell/auction them.

    Bill
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    I knew a dealer who got to buy a collection left to a kid. (40 yr old kid) Kid had secretly HATED dad's collection obsession and sold the entire lot at .......... 90% silver rate. I am NOT kidding.

    ROLLS of BU Walkers and Mercs. Pop was a banker. I am talking GROCERY BOXES of coins. Some Morgan rolls the guy got for just circ dollar prices.

    BUT...... It gets even better.

    After the kid collected his $43,000 he left it with the dealer to "build" him a collection .... ALL HIS OWN!!!

    Now ain't dat heartwarmin'?

    image

    Kid ended up with a great collection of AU and whizzed stuff. Real purdy.
  • Wow, just home...interesting read. Very kind bunch on this board, civil & not the least bit caustic like ebay boards. To those who have lost their fathers, I'm truly sorry. The natural progression of life- yet doesn't make it any easier if we're30,40,50,or 60yrs and they pass- still our Pops.

    Think I'll wait until mine calls the next family meeting and MAYBE if I can muscle up the courage, I'll mention his collection. Hate to even think of my Dad dying- & talking about inheritance is so presumptious...besides, a collection of gold/silver trinkets pales in comparison to what my Dad has passed on to my brother & I. He's a man of his word, honor, and integrity. he rocks image

    angie

  • RYKRYK Posts: 35,799 ✭✭✭✭✭
    Very kind bunch on this board, civil & not the least bit caustic like ebay boards.

    I guess we hoodwinked another one. image
  • This is a no brainer. Unless your potential heirs love the collection and know the collection as well as you do as the collector, its sell....
    Toreador
  • I guess I have the romantic notion that I will be building a coin collection that will continue after I am gone.

    I would rather sell the whole thing to a diehard collector for pennies on the dollar than give it to my ungrateful relatives who will just see $ signs when I croak.

    Maybe my tune will change when I grow older.

    But, I want my collection to go on in my family for many generations.

    Not unlike real estate, companies and family heirlooms.

    Joe
  • that's funny- wait until you have kids. most of the time they're ungrateful little salt-suckers (old star trek) but you'd do anything for them. As for leaving any type of collection, depends on their interests. i know my daughter would probably sell all my 1800's ruby souvenir glass in a garage sale. Plan to enjoy for a few more years and then sell, sell, sell! image
  • unless some family member is actually interested in collecting coins then i would sell.

    to quote another formum member, "It's way too risky and even irresponsible to leave a valuable coin collection to your heirs, who have no knowledge of coins or how to properly sell/auction them."

    if this is the case and you have a pile of money, have your father purchase a whole life(not universal or variable) insurance policy on his life with the money. put extra in paid up additions and prepay the annual premium so that it is fully funded with the pile of the coins. if he needs it while living, he can acces the cash. when he dies (may it be much later) the money is multiplied to the remaining family members as he wishes, according to beneficiary. that is the best way to pass on an asset upon death.

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