Home U.S. Coin Forum

impatient liquidation of collection by heirs

How would you feel if your heirs sold your entire coin collection for 50% of melt regardless of numismatic demand, scarcity, condition, or certification? Sadly, there is a lot of greed in human nature. People often get into a rush to sell, don't do their homework, and are taken advantage of by greedy buyers. Some of these sellers are glad to get anything at all as they have absolutely no interest in coins and are eager to get rid of them.

Suppose, theoretically, that you spent 40+ years and hundreds of thousands of dollars on your coin collection in search for only the best of the best, only to have that collection passed onto someone after your death who takes it to the nearest coin shop or pawn shop for 50% of melt.

Would this bother you? If so, what are you doing to prevent it?

Comments

  • Mission16Mission16 Posts: 1,413 ✭✭✭
    If I'm dead, guess I wouldn't care too much. image


    After all, they would be screwing themselves, wouldn't they?
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Once dead... cares no longer exist. Let it be....Cheers, RickO
  • YorkshiremanYorkshireman Posts: 4,585 ✭✭✭✭✭
    Leave a written appraisal
    Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
  • MarkMark Posts: 3,583 ✭✭✭✭✭
    The thought before my death would bother me. The thought after my death ... well, as Mission16 and ricko conclude, not so much.

    But I think it's easy to avoid having your collection liquidated for a fraction of melt simply by telling an heir or two how much you spent on the collection. Knowing that number ought to limit the possibility of them receiving a very few pennies on the dollar. Of course, knowing that number, the heir may well deem you crazy, a thought that would bother me before my death but afterwards ... well, again, not so much.
    Mark


  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    I tell my children and wife constantly that if THEY want the most for my collection and inventory then they need to sell each piece individually with great photography. My coins would do fantastic on eBay with 99 cent auctions.

    All they have to do is sell each coin separately.

  • silverpopsilverpop Posts: 6,748 ✭✭✭✭✭
    I'm dead why would I care?

    Coins for Sale: Both Graded and Ungraded
    https://photos.app.goo.gl/oqym2YtcS7ZAZ73D6

  • RedTigerRedTiger Posts: 5,608
    It happens fairly often. Many collectors don't plan. A list is not a plan. Many collectors have no idea of the stress, the thousand other things that have to be taken care of when someone passes.

    Yes, it bothers me. For small time collectors, better to downsize and sell or consign while still healthy. Maybe pass on a small handful of sentimental (not high value) coins for keep sakes. For big time collectors, the stepped up basis for taxes may be enough to make it worth holding and planning with an auction house or big time dealer to sell afterwards.
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭
    The worst case of this that ever occurred in my area was a raw $500K+ collection that sold for $50K in the late 1980's. The widow didn't know exactly what she had other than it was "valuable." She took the collection to a podunk coin counter in a G. Fox department store where she probably shopped. The offer was $5K. She walked out. And then at the next shop she visited she must have blurted out what the first offer was. This offer was $50K. She took it. The dealer is PNG today, probably were at that time too. I'm sure they sleep well at night. The collection was amazing stuff too. I've posted about this before. Just search for "G Fox."

    One of the problems with heirs is being low-balled from the getgo. And even if the next guy blows away those low ball offers. You may still be getting screwed to the walls. She might have needed to visit a dozen B&M shops before getting a clue as to what she really had.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    When my uncle died my aunt and grandma quickly sold his stamp collection without consulting me. They took the first offer just over face value and as I seen it especially the condition of the early issues knew it was worth 6 figures.
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • DoubleEagle59DoubleEagle59 Posts: 8,379 ✭✭✭✭✭
    When you're pushing up daisies does it really matter?
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • nwcoastnwcoast Posts: 2,884 ✭✭✭✭✭
    My ghost is going to be floating overhead, watching and listening to each and every detail.
    If they get screwed, I'll be paying frequent nighttime visits to the dealers that had a part in it!
    They'll be stark raving MAD by the time I'm done woth them!

    image

    Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014

  • telephoto1telephoto1 Posts: 4,964 ✭✭✭✭✭


    << <i>When my uncle died my aunt and grandma quickly sold his stamp collection without consulting me. They took the first offer just over face value and as I seen it especially the condition of the early issues knew it was worth 6 figures. >>



    Not doubting your word but we did stamps for about 10 years... and given the state of the stamp market, in my experience at least-for it to have been worth 6 digits it would have to catalog for 7 digits... image

    RIP Mom- 1932-2012
  • johnny9434johnny9434 Posts: 29,276 ✭✭✭✭✭
    take the coins, take the gredade, pull pin, count to ten. all yours. im dead let it be.
  • 2ndCharter2ndCharter Posts: 1,704 ✭✭✭✭✭
    Along with all the goodies in the SDB, there is a note with all the contact info for Heritage. My wife also has this info at home but, just in case, one of the kids has to handle everything, the instructions to get the maximum realization are all written down.


    Member ANA, SPMC, SCNA, FUN, CONECA

  • TopographicOceansTopographicOceans Posts: 6,535 ✭✭✭✭
    I'd feel pretty stupid for not leaving instructions
  • bidaskbidask Posts: 14,029 ✭✭✭✭✭
    If my dummy heirs sold my collection at 50% of melt ...

    Then I'm a dummy for not educating them.
    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • ZoinsZoins Posts: 34,401 ✭✭✭✭✭
    Find out if your heirs will sell it or not.

    If yes, sell them yourself beforehand.
  • PQueuePQueue Posts: 901 ✭✭✭
    RE:
    Suppose, theoretically, that you spent 40+ years and hundreds of thousands of dollars on your coin collection in search for only the best of the best, only to have that collection passed onto someone after your death who takes it to the nearest coin shop or pawn shop for 50% of melt.

    Poorly worded question, extremely unlikely someone's estate would sell hundreds of thousands of dollars of "the best of the best" for 50% of melt. You mean like an:
    1889-CC MS-63 Morgan (PCGS Guide = $49,500) for $5.72 ?
    1916 PR-65 RB Lincoln Matte (PCGS Guide = $5,500) for less than one cent ?
    1806 Half Eagle Round 6, 7X6 Stars in MS-63+ like I recently sold (PCGS Guide $41,500) for $138.60 ?

    Please...
  • CuKevinCuKevin Posts: 1,741 ✭✭✭✭
    My heirs would be really disappointed if they sold my collection for a fraction of melt. I collect copper mainly image
    Zircon Cases - Protect Your Vintage Slabs www.ZirconCases.com
    Choice Numismatics www.ChoiceCoin.com

    CN eBay

    All of my collection is in a safe deposit box!
  • AnkurJAnkurJ Posts: 11,370 ✭✭✭✭
    When I was not well at one point, I gave my wife simple instructions. Call Heritage. If you need the money faster for any reason, call CAC.
    All coins kept in bank vaults.
    PCGS Registries
    Box of 20
    SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
  • KudbegudKudbegud Posts: 4,735 ✭✭✭✭✭
    All the "I'm dead what do I care" posts seem disingenuous. You mean you don't care that your heirs don't get fair value for your collection? Really?

  • ZoinsZoins Posts: 34,401 ✭✭✭✭✭


    << <i>When I was not well at one point, I gave my wife simple instructions. Call Heritage. If you need the money faster for any reason, call CAC. >>



    Those are good, easy to follow, instructions.

    Glad you're better too!
  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    Ive never had any serious health issues, however cancer does run in the family. Ive already instructed my wife to do as AnkurJ has said, contact Heritage.
  • RYKRYK Posts: 35,800 ✭✭✭✭✭
    My wife has instructions, but the plan is not to leave it for the wife and kids to worry about.

    Realistically, if I vanished tomorrow, it would be a while before they would be forced to deal with it, if ever.
  • stmanstman Posts: 11,352 ✭✭✭✭✭
    I've had a list with instructions in my bank box for years of certain dealers to help handle things. Unfortunately, I've crossed off most of them through the years .

    When my health started failing about a year ago, I sold off many coins. I still have some and still buy once in a while. I plan to sell them and have a few of them drinks with umbrella's in them before everybody else does. image
    Please... Save The Stories, Just Answer My Questions, And Tell Me How Much!!!!!
  • yosclimberyosclimber Posts: 5,061 ✭✭✭✭✭
    Another point of view might be:
    If the heirs don't care enough about the value to make sure they understand how to sell the stuff, maybe they don't really need the money.
    At least the coin dealer will get something out of the liquidation.
  • Coins101Coins101 Posts: 2,603 ✭✭✭


    << <i>How would you feel if your heirs sold your entire coin collection for 50% of melt regardless of numismatic demand, scarcity, condition, or certification? Sadly, there is a lot of greed in human nature. People often get into a rush to sell, don't do their homework, and are taken advantage of by greedy buyers. Some of these sellers are glad to get anything at all as they have absolutely no interest in coins and are eager to get rid of them. >>



    But isn't that how one gets a "you suck" award?
  • ZoinsZoins Posts: 34,401 ✭✭✭✭✭


    << <i>

    << <i>How would you feel if your heirs sold your entire coin collection for 50% of melt regardless of numismatic demand, scarcity, condition, or certification? Sadly, there is a lot of greed in human nature. People often get into a rush to sell, don't do their homework, and are taken advantage of by greedy buyers. Some of these sellers are glad to get anything at all as they have absolutely no interest in coins and are eager to get rid of them. >>



    But isn't that how one gets a "you suck" award? >>



    Interesting thought.
  • winkywinky Posts: 1,671
    Mine is set up for Gerry Fortin to distribute, he is very fair on consignments.
  • dpooledpoole Posts: 5,940 ✭✭✭✭✭
    I've left detail liquidation instructions (who to call to consign/sell for what) in the file with my will.
  • cladkingcladking Posts: 28,747 ✭✭✭✭✭


    << <i>My heirs would be really disappointed if they sold my collection for a fraction of melt. I collect copper mainly image >>



    A lot of dealers would tell my heirs to spend my collection. If you ever
    see Gem clad in pocket change, you'll know.
    tempus fugit extra philosophiam.
  • ElKevvoElKevvo Posts: 4,139 ✭✭✭✭✭
    There are some things you can do to assist your heirs that would be to communicate to them either verbally or written somewhere:

    1) Where your collection is housed....some of us I am sure have items in various places and the collection should be consolidated prior to appraisal. This might be best to be communicated verbally to someone you trust.
    2) The approximate worth of the collection. This obviously will fluctuate so a rough figure is best. But unless the coin market really collapses a ~200K collection will be worth ~200K in 5 years (unless you are a major collector of colorized state quarters...which would be fun to collect but probably worth a lot less than you paid for them). This should be updated every once in a while especially if you have a lot of bullion type coins. The main reason for this is to try and circumvent the 500K collection becoming 50K. If offered 50K the heir(s) might look closer at item 5.
    3) A short list of the more valuable items in the collection such as keys, etc..
    4) A brief history of the collection such as 'I have been putting this together for 50 years etc.'. Why? Some of the coins might be undergraded etc. and it could be helpful to someone appraising the collection when you are over the bridge plus ya never know...you could end up with a neato slab label that generates a lot of comments on various boards regarding the origins of the collection.
    5) What your recommendations are to do with it. Include a note to get a 3 independent appraisals or at least the contact info of a couple of dealers you trust and will assist the heirs. If your health is heading south or you just are worried you might want to consider contacting the trustworthy dealer ahead of time and letting him know he is on the list.

    There will be nothing any of us can do afterwards to prevent a 'Heck I am selling pappy's coins to that nice guy set up over at the Sleepy Rest motel and get me one of them Corvettes' but hopefully there will be someone to say 'Slow down Sparky, dad left instructions for us and I think we should at least take a look at them.'.

    Doing a quick note won't take a lot of time and could save some major headaches / family fights. But...enjoy collecting while you are alive and try to put some items in place so your heirs can enjoy the fullest value possible...if it is a big worry for you about what is going to happen to the collection and if someone is just going to do a fast liquidation maybe you should consider downsizing somewhat and taking another path. Better to find the hobby relaxing than a source of worry IMO. Just a couple of random thoughts...

    K

    edited content and spelling

    ANA LM
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,621 ✭✭✭✭✭


    << <i>How would you feel if your heirs sold your entire coin collection for 50% of melt regardless of numismatic demand, scarcity, condition, or certification? Sadly, there is a lot of greed in human nature. People often get into a rush to sell, don't do their homework, and are taken advantage of by greedy buyers. Some of these sellers are glad to get anything at all as they have absolutely no interest in coins and are eager to get rid of them.

    Suppose, theoretically, that you spent 40+ years and hundreds of thousands of dollars on your coin collection in search for only the best of the best, only to have that collection passed onto someone after your death who takes it to the nearest coin shop or pawn shop for 50% of melt.

    Would this bother you? If so, what are you doing to prevent it? >>



    I tell my children if they follow in my footsteps they might end up poorer than me. Thankfully they're not into coins. Biggest waste of time I ever spent is on coins. But… they're fun, anyway. To prevent what ? Their ignorance , stupidity or leisure ?
  • OKbustchaserOKbustchaser Posts: 5,546 ✭✭✭✭✭
    Honestly, I couldn't care less. They can melt it all down and make ashtrays as far as I am concerned. I don't collect for their benefit--I collect for mine.
    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • 291fifth291fifth Posts: 24,707 ✭✭✭✭✭
    Even though I am in good health I have reached the age where I have to think about such things. My decision was to sell virtually all of my collection. I am the only coin collector in the family and I am well aware of what happens when the heirs walk into the coin shop with the "we just want cash for this stuff" look on their faces.

    As I have said before, don't die with your collection.
    All glory is fleeting.

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Emoji
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file