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What would you do? 10/22/07 WHAT THE ITEM WAS.
SkyMan
Posts: 9,598 ✭✭✭✭✭
What would you do if you inherited a nice chunk of change and then see a coin come out in auction that would suck up 60 - 70% of the inheritance, but there is NO question that the coin is historically significant, is in a series you like, and is pretty much a no brainer as to it's long term (10 - 15 years) increase in value? Assume that your cash flow is already more or less covering your current expenses. Assume you'd HAVE to hold the coin for 12 years, and pass up on whatever 3-4 major opportunities might come up in that time that you could have purchased with that money. Assume that instead of buying that 1 historically significant coin you could over the years use the income from the inheritance to go on fancier vacations with your children and buy a couple of quite nice coins a year. So, what would you do?
10/22/07 EDITED TO ADD: See my new post (at the current end of this thread) discussing what the item was.
10/22/07 EDITED TO ADD: See my new post (at the current end of this thread) discussing what the item was.
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Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
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
If it were money that you were going to invest
anyway, what better way to invest it, than to
have something you would enjoy looking at
over the years, but...
If, like you say, the money could be used for
the family, then I would opt for that option,
without a second thought, and no regrets.
~
"America suffers today from too much pluribus and not enough unum.".....Arthur Schlesinger Jr.
<< <i>There is alot of "what ifs and should ofs" but overall it is what makes you and your family happy. Probally another question would be , what would the person that you inherited the money from say?
Well, I'm divorced so I don't have to put up with what my ex says. My kids, who's education expenses through college are already (the good Lord willing) covered, would probably be interested in, but not totally thrilled by, the "coin". The person whom I inherited the money from would have been TRULY interested in the "coin" and would have had no problem with spending up to 25% of the inheritance on it, but beyond that might be wondering about spending that much (as a percentage) on one "coin".
U.S. Type Set
<< <i>So, what would you do? >>
............Buy Land..........
I think I would lean towards: you could over the years use the income from the inheritance to go on fancier vacations with your children and buy a couple of quite nice coins a year
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
<< <i>What would you do if you inherited a nice chunk of change and then see a coin come out in auction that would suck up 60 - 70% of the inheritance >>
60% to 70% of how much?
Russ, NCNE
PS. I`m dying to know what coin it is...
A Morgan perhaps?
If so buy the coin.
If not invest the money and buy the coin with the profits of the investments.
Al
<< <i>do you think the coin will increase in value faster than other investments ?
If so buy the coin.
If not invest the money and buy the coin with the profits of the investments.
Al >>
I suspect that while it will increase in value it will not increase faster than other investments. The problem is, it is unique, so once sold, God alone knows how long it will be off the market. Also, it is NOT the sort of coin that investors will want to buy and then flip in 5ish years. It is MUCH more likely to go to a deep pocketed collector that will buy and hold.
Obviously I don't want to tip my hand as there could be other bidders out there, but I will tell these boards by the end of the year all about it.
U.S. Type Set
I cannot think of a coin that fits this description. Regardless, if I were to receive a large inheritance, even in the days of my collecting fervor, I might blow as much as 10% on a coin, but I would "blow" the rest securing college funding for the kiddos, paying off the house, and padding the nest egg.
Lunar Module Timeline
It covers everything that Armstrong and Aldrin did within the Lunar Module from when they got in it till when they redocked with the Command Module (not including their Walk(s) on the moon). In essence it is comparable to owning the (signed) portions (if they still existed) of Columbus' log during the day that he saw "the new world" and first landed on it.
I was totally torn on whether to bid on this object, but eventually (well before the auction) decided that it was just too much of a chunk of change. While it went for well below estimate, it still went for (with the juice) over $250,000. I was able to go to Goldberg's on thursday and see ALL the items from the sale that interested me:
Sale items
Note in particular the items 116-127. The LM timeline was a heck of a lot of fun to look at. The one problem with it, and all the other comparable flightsheet info, was the sheer number of acronyms. I'm pretty good at NASA-speak, but even I couldn't make out more than maybe 1/4-1/3 of the acronyms. What really caught my eye was the incredible attention to detail in these things. I mean, we're talking SERIOUS scheduling here.
As to the investment aspects of lot 116, it is unique, historically valuable, and has a certain cachet associated with it. What more could you want? I assume most of you in the last month or so have seen at least one and maybe several articles on the 50th anniversary of Sputnik 1. It is my firm belief that in roughly 12 years we will see a comparable series of articles on Apollo 11, so in 12 years would be the optimal time to sell the LM timeline if someone were interested in it mainly as a financial vehicle.
Finally, yes I did bid on and win a variety of items in the Aerospace section (lots 99-137) of the auction... including at least one Apollo 11 (flown) object. Now, so we're not TOTALLY off topic here's the reverse of an Ike which shows a (modified) Apollo 11 flight patch representation.
U.S. Type Set
I think you would have won either way.
<< <i> is pretty much a no brainer as to it's long term (10 - 15 years) increase in value
I cannot think of a coin that fits this description. Regardless, if I were to receive a large inheritance, even in the days of my collecting fervor, I might blow as much as 10% on a coin, but I would "blow" the rest securing college funding for the kiddos, paying off the house, and padding the nest egg. >>
what, no kitchen?
Without knowing how much dough you're talking about, I'd say spend it on the family.
Whoah...obviously we're talking about a large amount.
and they're cold.
I don't want nobody to shoot me in the foxhole."
Mary
Best Franklin Website
<< <i>WAA? (What's An Acronym?) >>
Initials that are used as a word (e.g. SCUBA = Self Contained Underwater Breathing Apparatus). Another example would be SNAFU.
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
Russ, NCNE
See, my Mother and Dad had 17 kids. 14 lived to adulthood, and 10 of us are still alive now. My oldest sister is 82.
My Dad died after my Mother, and when the loot got divvied up, we each got a check for $660.
I signed my big inheiritance check over to a disabled brother.
No rare coin for me.
Ray
Robert
that means no assets
buy the coin
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
thanks for posting.
Me? $250,000 is winning the lottery and I would have spent maybe $20,000 on stuff, the rest would go into my piggy bank.
Not my choice, my wife is the smart one.