How many have planned for the Final Sale??

2manycoins2fewfunds

Made a long overdue trip to bank today and SDB.

As I surveyed my stash I wondered how many of us have prepared for the "Final sale"??

Forgetting for a moment access to SDB and tax/estate questions how many are confident their family will know how to extract the maximum value from their collections and not just drag your treasures down to the the closest B&M or heaven forbid the Holiday Inn??

Don't joke..........it happens all the time.

PawPaul

your post really strikes a note ..........

after I'm gone , ( unless I do a lot of paperwork )

my coins would probably get sold for 10 cents on the dollar ; but I won't be around to feel bad about it

Bear

I just completed that difficult task and distributed the money to the kids
where it will do the most good.My stuffed bears I intend to take to the
after life.......Should such life exist.

AUandAG

Spent the last 6 months selling mine. Kept $5,000 of favorites and don't care if they don't get two bits for them. I want them,
for now at least.
Spent the proceeds on paying off the mortgage. I think the kids are smart enough not to give the house away! Perhaps that
is better than keeping the coins. Gov't get's their share, too.
Less monthly cost or outgo for me and now may just start over again!

bob

Coinosaurus

I told my wife to call up my coin buddy. He said I could trust him, honest

Rampage

Well, hopefully, I still have another good 80 to 90 years before I am ready to "move on to greener pastures". Yes, I have hopes of living well into my 100s.

In all seriousness, as of now, if I passed on tomorrow, there would be no one to leave my collection to. I suppose the State would get it.

TWQG

<< <i>Forgetting for a moment access to SDB and tax/estate questions >>

- I feel this is possibly the most important part.

With that aside, I just put Mark Feld's business card in there. My heirs will be fine.

HalfDimer

I'm a spry, young fellow but I intend to add to my inventory a list of a few trustworthy dealers and auction companies whom I would feel comfortable selling particular coins. Obviously, some dealers are more adept at selling certain types of coins so the list will need to vary accordingly. I've told my family enough about precious metals that, depending on the market, they should be able to liquidate those without much trouble... hopefully I pick a good market to keel over during.

Good record keeping and providing heirs with useful information for selling are the only real defenses we can give them to insure they do not become victims of dealers and individuals who are of poor ethics.

magikbilly

Totally unprepared. Thousands of unlabeled collectibles. Where to start? I have hundreds of Cunard postcards alone - each with a rare image often a unique AZO card, each with an important postdate and a message relevant...where to start? Hundreds of unlabeled Kodachromes from 1939-40. That bit of rust in a box? Lusitania. That glass block? Section of a 1939 New York World's Fair pavilion. The only thing easily recognizable are the autographs.

Eric

Mowgli

I told my wife to take them down to the weekly flea market. She told me she has her own plan involving an affair with a coin dealer.

ecichlid

I told my wife to call my a dealer I trust and follow his instructions on how to sell it all. The idea of passing down my collection to my heirs is romantic, but I have read enough stories to know it's not realistic.

waterzooey

I keep a constant inventory with instructions on who to contact- I constantly update who is the person to go through the sets.... My wife is very aware of the worth because my inventory has re-sale prices on it...

TheRock

Interesting comments.

I actually just went through this with my wife and a trusted representative. Updated the will including (Heritage & Representative) in the discussions. They provided documents for me and my wife as what will happen (if) I pass and what to do with everything I own. Amazing the documents that are already in place if you ask for them.

I must give Heritage credit, I felt comfortable when it was all said and done.

yellowkid

Are you implying that this just doesn't go on and on?

droopyd

<< <i>The only thing easily recognizable are the autographs. >>



And I bet most of them are obscure by modern standards.

BBQnBLUES

With no heirs to leave my "stuff" to, I guess I'll just have to keep replacing the parts that wear out Let's see... I traded in a well-used Liver in '96... so far, so good..

or....

I may just hang around (after death) & Haunt whomever swipes my "stuff"...

BOO !

magikbilly

"And I bet most of them are obscure by modern standards"

I dunno - Garland, Gish, Davis, Crawford, Huston, Bankhead, Swanson, Olivier, Leigh, Burton....what is really gonna throw people off is that they are all authentic! I see more forgeries of forgeries now - especially in "slabs" from this or that company.

Best,
Eric

melvin289

Coin collecting, like most things you buy, is a one way street. As long as you are buying and spending your money the coins are valuable. When you are no longer buying and trying to sell, the coins are junk and not worth anything. If per chance you happen to own one of the worlds finest collections in whatever area you are in they are sellable and not just junk. I really don't want to try my hand at the dealer end and dispose of them myself.

I have no one to leave my collection to and no plans on what to do with it once I have gone to the "Great Bourse in the Sky." My family neither knows or has any idea that I collect coins or to what extent. I am sure when I go they will be there in droves to see what they can get their hands on. Speaking of family, there has not been one of them in my house in over a year. I never hear from them. It leaves me with a question of what plans to make but maybe I will have time to make that decision before the time comes.

This is one of the main reasons I have slowed down on my spending on coins. This is depressing but I always collected for my enjoyment and not for what I might leave behind.

Ron

TexasNationals

Getting ready to go back to Afghanastan so I finally set this up. 5 dealers will get certain coins and I set up my gun collection to 2 dealers, one title 1 one class 3. Also found a cuurency dealer. I hope I am okay. Honestly I don't think my wife wants any of this except her .22 pistol for home defense and maybe my 9mm. Up to her though

JBN

Living trust has full coin listings, sources, prices paid.

I also divided up the collection into pieces of comparable worth so that the split will be as easy as possible - and sub-collections will hopefully stay together.

Has instructions as to what dealers to contact for a sale, if desired.

Also included are short discussions on toning, provenance, what a CAC sticker means, PCGS price guides, etc.

Always have to abide the P-7 rule: 'Prior Proper Planning Prevents Psst Poor Performance'

ricko

Not really concerned. My wife knows what to do with gold and silver and the rest she can bundle and get whatever she can. Dead is dead. People that try to live beyond the grave are fooling only themselves. Cheers, RickO

Rollerman

There will be a little confusion I'm sure, but I have my stuff all listed and priced as of a certain date. I update it every other year or so. I basically told them to apply retail prices to all of the material, and then reduce it by 30% and that's about what a dealer should give you for it. If some of the stuff is tied primarily to silver value, I noted that also. I told them to shop it around and not take the first offer. I also noted coins of special significance (birth years, gifts from deceased relatives etc.) and suggested they hang on to those for future generations.

A dealer friend asked me what I thought my total collection was worth. I told him I hadn't kept track but thought around a certain figure. He laughed and said, you're right, you haven't kept track. The figure I gave him accounted for about a fourth of the total! LOL

All but a few pieces live at the bank in a safety Deposit box.

Boy Scout Motto? Be Prepared!
Pete

coinbuf

<< <i>

<< <i>Forgetting for a moment access to SDB and tax/estate questions >>

- I feel this is possibly the most important part.

With that aside, I just put Mark Feld's business card in there. My heirs will be fine. >>



And thats good advice

pmac

<< <i>I just completed that difficult task and distributed the money to the kids
where it will do the most good.My stuffed bears I intend to take to the
after life.......Should such life exist. >>


Bear, your wisdom should be shared with us who have experienced life almost as long as you. Could you recap how you accomplished this task and share it with us?

chumley

Rampage....you could adopt me as your sole heir...I'm cute in the right light and relatively housebroken

doh

Mine will all be sold long before I'm gone. God willing anyway.

JJM

my wife and kids know where they are, I have 3 seperate lists in different places with individual and "as a lot" prices
they know the retail number / they know the sell number...............
and they know who to call to sell em.......

so i guess im good.......

this is kind of a bummed out thread in lieu of the post at the top of the page today

wayneherndon

Unfortunately, I often see situations where the heirs were left with a lot of "stuff" and no guidance. One interesting thing I frequently notice is that the beginner coins are often still there even when it is evident from the collection that the collector has moved well beyond that.

I recently appraised a collection and assisted in dividing it equally among three heirs. It was evident that later in his life the collector formed a passion for $3 gold pieces and had amassed a very nice collection with most dates represented in relatively high grade. Also in the collection were an assortment of proof and mint sets, whitman folders with low grade coins (missing keys and semi-keys), etc. This latter group of material was clearly collected years before the $3 gold pieces based on the types of holders, notes, etc. that I saw.

The heirs had no idea what was valuable and were left with numerous boxes of "stuff" most of which was just "stuff". But hidden in the midst of it were a few treasures.

I see this over and over with many estates I deal with. I would recommend taking the time to dispose of the "stuff" as ones interest wanes. Either gift that "stuff" to younger relatives to get them started in the hobby or simply sell it and put the proceeds back into the new specialty. This leaves the heirs with much less bulk to deal with and makes it easier to give simple instructions about how to deal with what is left.

CaptHenway

A depressingly timely thread, in view of IGWT's passing.
None of us are promised tomorrow.
Remember this, and appreciate today.
TD

joebb21

always repent one day before you are to die