Helping your decendents get fair market value.

relicsncoins

Once your collection gets to the point where it's worth a substantial amount of money, do any of you have written advice to your aires on how to get a fair price for the coins if and when they choose to sell them?

We've all heard horror stories of people being taken to the cleaners when selling coins they absolutely no nothing about, whether it be because they chose to polish them up before selling them, or they took them to a less than honest dealer.

I keep a simple letter with my coins that has a list of all of the coins in my collection as well as the grades. The letter also states not to clean/shine/polish or change the appearence of the coins in any way. It goes on to tell them to get a current copy of the Redbook and to use the grades I have included to find the value of the coins. I then tell them to subtract about 25% of this total value and this will get them in the ballpark of what they can expect to get upon selling the coins. It's probably not perfect, but at least they will have an idea of what the coins are worth and not make the t all too often mistake of shining up that old grungy looking coin.

JJ

Longacre

I have specific written instructions with my collection as to who to call when the time comes to sell (if I am not around).

57loaded

another thought is to have it included in your will or estate.

also good to have your attorney knowledgeable of your desires as well.

if you decide to sell it before you pass on to "the big mint in the sky", you will be able to get maximum dollar and satisfaction.

just my two cents

ricko

My heirs have all the instruction necessary, and indexed information to know everything they need to know when disposing of my collection - should I not elect to dispose of it prior to my demise. Cheers, RickO

RYK

All I know is that if something suddenly happenned to me, Mrs. RYK would get the shock of her life while selling my collection. She would be torn between the glee of the windfall and wishing should could kill me.

Barndog

my wife knows to contact mrhalfdime and take his advice

relicsncoins

<< <i>my wife knows to contact mrhalfdime and take his advice >>



What if your wife or Mr. Halfdime is not around anymore? That is why I included this general instructions letter.

JJ

AlteredTone

My grandfather left instructions for my mother to call Stack's. She did when he died back in 1983. Dude flew down, made the deal. I was 18, clueless and not involved in the transaction at all. My parents knew nothing about coins. I have been selling off the "leftovers" from that transaction since I found them in a stogage locker about 16 months ago...

I have not found any paperwork from that sale, but I would LOVE to know what he had and what my mother got for them. I seem to recall they sold the collection for $70-$80K, wonder what it was really worth (retail) then, and what it would be worth now.... Maybe I don't want to know... I called Stack's, and they don't keep records like that...

fc

ask me, this all should be in your will.
you should discuss it with the 3 likely people who may inherit it.
while you are alive of course :-P

RichieURich

<< <i>I have specific written instructions with my collection as to who to call when the time comes to sell (if I am not around). >>



Likewise. Plus a copy of my annual inventory listing with current market values. Plus a list of what coins should be sold as separate lots if the collection is auctioned. Plus a list of trusted dealers in each specialty area. Plus instructions to not clean any coin nor remove it from its holder (and reasons why). Did I miss anything?