Pass your collection on to the kids or sell?
afinch99
Posts: 8
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
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
0
Comments
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.
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.
Greg Hansen, Melbourne, FL Click here for any current EBAY auctions Multiple "Circle of Trust" transactions over 14 years on forum
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
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?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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).
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
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
Denis
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.
<< <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.
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
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>
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.
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.
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!
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.
Just my 2c (but you can't have my 2c coin).
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.
Not a bad plan.
<< <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.
If they have a growing collection, it's going to grow by a lot
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
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.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
<< <i>I wouldn't leave a collection to an heir unless I thought he would value the collection more highly than the cash. >>
Agree
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
BST successful dealings with:MsMorrisine, goldman86
<< <i>Sell. >>
Word.......
When the time is right, of course!
TC71
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?
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
(Priest) BLASPHEMY he said it again, did you hear him?
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
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.
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'?
Kid ended up with a great collection of AU and whizzed stuff. Real purdy.
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
angie
I guess we hoodwinked another one.
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
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.