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?
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?
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Comments
After all, they would be screwing themselves, wouldn't they?
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.
All they have to do is sell each coin separately.
Coins for Sale: Both Graded and Ungraded
https://photos.app.goo.gl/oqym2YtcS7ZAZ73D6
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.
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.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
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!
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
<< <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...
RIP Mom- 1932-2012
Member ANA, SPMC, SCNA, FUN, CONECA
Then I'm a dummy for not educating them.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
If yes, sell them yourself beforehand.
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...
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
PCGS Registries
Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <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!
Realistically, if I vanished tomorrow, it would be a while before they would be forced to deal with it, if ever.
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.
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.
<< <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?
<< <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.
Here's a warning parable for coin collectors...
<< <i>My heirs would be really disappointed if they sold my collection for a fraction of melt. I collect copper mainly
A lot of dealers would tell my heirs to spend my collection. If you ever
see Gem clad in pocket change, you'll know.
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
<< <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 ?
``https://ebay.us/m/KxolR5
As I have said before, don't die with your collection.