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When to sell?
Pickwickjr
Posts: 556 ✭✭✭✭✭
Here’s a picture of a lonely old man. As we all get older when do you sell your collection? Especially when you have no family. I will leave each of my children a few pieces. They each have there own collection. Is see this all to much the lonely old man at the coin show. 
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There is no rule for when to sell.... It is a personal decision. Some sell early, some sell when interest wanes, some sell when physical or mental issues impact activity, some never sell. Cheers, RickO
You certainly can't take it with you Plan accordingly.
I may not be the oldest one here, yet with my health there is no guarantee. I will say that I learned a valuable lesson last year after a stint on home hospice. Having been in a battle with cancer last year appeared to be my last, I could no longer be cared for at my home and with my kids several states away that left me being moved to a nursing home. I was told in front of my brother and sister that I only had days to go. I still had a good portion of my collection, I had still been buying some items as they were available and I had intended to give much of it to my grandchildren and a grand nephew.
It was just days after going into the home things started getting ugly. My brother and sister started arguing in front of me about my possessions, each had felt that they were entitled to different items, my sister told him that if he was going to take my guns then she was going to take my car, and as far as I was concerned they could have the stuff, but when they found out what my collection was worth that became the main topic, they knew what I wanted done with it but they both balked, there was no way they were going to let young kids take the prize.
Well the more they argued the madder I got, I was determined that I was not going to let them sell what I had taken so long to save. I was determined that as long as I lived neither of them would cash in. Four weeks later I went home, the Doctors could not believe it, I told them I was too mad to die, as far as I know it was as good a reason as any. (And yes, nursing homes are as bad as you have heard, now go visit your grandparents)
As for my collection, I'm going to keep it, I will add to it as I want and sell anything I want, and when I die everything I own will go to the Church. I learned why people leave everything to charity, first they're happy to get whatever I want to give them, second, they are not in a hurry to get it. Besides, I know the Church is going to make sure they get the best value when they sell it and put the money to good use.
So to answer your question, when to sell? Never
As for me, I may die tommorow, but I know from my tracking number my package of coins will be here by 4PM.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
the average Life expectancy for a male is 82.5 years, the man on the bench appears to be about 80. he should have everything sold by now, don't put the hassle of selling on your family
This is the post of the year. May you fight for another 10 years.
That's me after agreeing to go shopping with my girlfriend!
But seriously, if you have no family or close friends, find an auction company to sell and have them donate the proceeds to a charitable cause of your choice.
The best advice I've ever heard is that if you have multiple heirs, order everything sold and the cash split evenly. Families can be torn apart fighting over how to split up material as they try to position themselves to get the best of the split.
In the meantime, enjoy what you have. When you want to sell, sell. If you don't, don't.
I'm hoping I can get myself to sell while still above ground since I can't take it with me.
My heirs have instructions they can ignore during the fight.
I sold when I relized I had become a buyer instead of a collector/student.
What coins you have at the bank in no way defines your status as a numismatist
11.5$ Southern Dollars, The little “Big Easy” set
It does when you're done culling the stuff that no longer holds interest.
I like the charity route - animal welfare. But I am tempted to leave it to PCGS so that they can fix their software issues (not really, but they do have issues).
A fool and his naturally toned money will soon be parted
I sold nearly all of my collection when I turned 65. None of my relations have any interest in coins and I dreaded the idea of them walking into a coin shop with "I just want to dump this stuff for cash" written all over their faces. I have no regrets at having sold.
I still like coins (in spite of what some posters seem to think) but only collect knowledge now.
The time to sell is when you need a new tractor.
If you plan to sell eventually, why not sell when you can still enjoy spending or giving the money the way you want?
"A dog breaks your heart only one time and that is when they pass on". Unknown
About 17 years ago I had to choose betwixt selling a tractor or selling coins to buy a damned house. I still regret selling the tractor. The tractor was a useful and productive toy for the man child in me.
I am selling my tractor tomorrow and will use some of the proceeds to add to my coin collection.
End Systemic Elitism - It Takes All of Us
ANA LM, LSCC, EAC, FUN
As an aside, the old man pictured looks like a former body builder or a Dick Butkus like linebacker!
"Got a flaming heart, can't get my fill"
Excellent post
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Why sell?
Can't I use $20 gold pieces to pay for dinner?
Although, these days I might need to use 5-7 to buy a decent meal for 2.
At 69 I've pretty much decided to start selling. I may have just as much fun selling as I have collecting. Well, maybe not. But I have no heirs interested in coin collecting.
Like many of us, my kids and grandchildren have absolutely no interest in my collection. As such:
1) I have sold off the peripheries, single non-related, lost interest items.
2) I have left VERY DETAILED instructions for if I pass prematurely, of whom my children should contact to dispose of my collection.
3) Like @291fifth, if I make it to my “magic number”, I plan to make it easier for my kids, by me selling my collection as per #2 above. However, I am currently in my late 60’s, and I’ve gotten so much pleasure from our wonderful hobby over the past five years, so my magic number for me to sell my collection is age 80. If I’m fortunate enough to make it to 80, then I’ll sell the collection at that time to make it easier on my kids.
Many years ago, when my grandson (my son’s son) was five years old and he was visiting, he asked “PaPa, can you talk like a frog, please? “. I said no, and asked why he wanted me to talk like a frog? He then said “Mommy said that when PaPa croaks, we’ll go to DisneyWorld!”
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Texast, thanks for your comments and insights. I'm in the process of making some of these decisions. I have a friend who is going through the same type of family arguments and disputes over an estate.
You've helped push me a little further towards getting my act together. Stay mad.
I knew it would happen.
I am glad to here that it helped you. I hope that things work out.
I have seen the advice here, I have not forgotten the young ones, I have provided starter folders that's have the common pieces and a few semi key pieces. It's the expensive stuff that will be donated, I want that the kids would build on what has been started for them.
I can say that what I imagined it would have been like was so different than the reality. I remember how my brother went into my gun safe one day and pulled out my prize possession, also the most valuable of all the rifles and showed it to a friend of mine who was over and stating that was one he was going to take, he didn't ask me for it, I did not owe him anything and never even mentioned any intent to give it to him. My friend was flabbergasted at what had happened.
I am going to enjoy my coins, I have several boxes of coins around my bed that I look at everyday. You see after my stroke three years ago there hasn't been much to do.
I'm going to say thanks to everyone, I've said enough.
TexasT
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
Strange as it sounds you are an inspiration to many of us.
Best.
Everything is spelled out in my living trust. The wife can pick what she wants to keep. Then my brother, then my sister. Everything else is going to my coin guy to sell.
"Seu cabra da peste,
"Sou Mangueira......."
I sold a big chunk of my collection to help pay for a house this year. I had some uncommon and one of a kind branch mint gold coins, condition census for some of them. The dealer I worked with sold everything in a week, most did not even make it to his website. Did I not like selling them? Of course, but when I see images of them or others like them I can remember the enjoyment of being their steward for a while and the fact that I chose well, job well done. It was the time to sell even if I would be losing something special. And the view from the new house? Our dream view we worked 30 years for........ So I don't regret it at all.
Best, SH
I'm not in the greatest health and am losing enough family and friends that it's gotten me to start selling. Leaving my coins to family to sell would be a disaster since most are very esoteric and would bring mere peanuts at the local coin shop.
I've been retired for many years and selling them won't be too hard.
@Texast
Unfortunate to hear about your situation. I am glad to hear you are leaving something for the grandkids to put a spark in them.
When my grandma past last year, she left me a modest valued collection that resparked my collecting interest. And by modest its like $100 worth
Something you may find of value for the grandkids is to have everything liquidated and put into a trust fund for when they turn 25 or only to pay for college expenses. Many of my classmates were lucky to do so and it set them up for success. Personally I worked several jobs while through college and it extended my time in college and didn't set me up for success post college. Just something to keep in mind.
However I wish you the best of health and may you continue to have a successful recovery!
First congrats on your recovery. Well done. Secondly if I was laying on my death bed and heard my family arguing and then recovered from my illness you can bet your ass they would get zilch and I would tell them myself. I know its a common occurrence but should not be. People are greedy and selfish. That's why I like my dog so much. My will is set so that every bit of my money is going to charity.
You graduated hospice! I know one other gentleman that did that and he is awesome. I'm sure you are as well!
Successful transactions here and ATS with: jwitten, Rob41281, bajjerfan, cucamongacoin, Jim F., physics-fan3.14, x2rider, Wahoo554, Weather11am, Relaxn, jimineez1, Ronyahski, Bliggity, SurfinxHI, McGrump (thru BAJJERFAN), ms71, Downtown1974, ad4400
Thanks for this!
Funny you posted this. I sold a large amount of bullion and coins this year to buy a brand new tractor. Best thing I ever did. Should have done it years ago.
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I have……(i'm tring to count on my fingers) 23 2 cent pieces.
After I crack them out I'm pretty sure that I can swallow them no problem.
The old saying that "you can't take it with you " just went out the window if you collect a short series or a few high dollar coins.
My coin business supplements my income. No plans on selling anytime soon. My profit margin on show I just attended 27 pct.
I was visiting w dealer at least 80 known since 1990 he said he sold 300 of his 6 world coins for a dollar at recent shows (some kind of estate deal he bought). Once your in the coin business it’s pretty much for life. I love the thrill of buy low sell high or just good ol smash mouth flip at minimal markup to move it quickly.
A sharp young vest pocket in 6th grade was going around bourse room all weekend making deals. He bought a slabbed 64 Lib 5c and 1953 $2 PMG 66 both totaling $200 from me. He was doing $5000 coin deals w wholesaler setup next to me.
Unless you simply can’t get around or diagnosed w terminal Illness see no reason sell. Just plan a steady blowout spending on food, drink, fun.
Many forced to sell due to economic conditions / disasters
At some point I will blow it all out put in special fund spend on any emergency repairs, fun. I work hard for what I make in coin biz it wb tragedy to kick and leave big piece of it.
As of about 4 hours ago I will be selling a chunk of gold to buy a new(er) car for my wife. We were on the way downtown with my 15 year old daughter, taking her to get her homecoming pictures. On the way a lady ran a stop sign and plowed into us. The lady that hit us had a new car, fitting for a 90 year old lady that walks with a cane. The lady was at fault, but I asked the police officer not to cite her because she was in shock. I only hope her family figures out that it is probably time to take her driving privileges away. My daughter could have been driving but didn't want to because she had high heels on, grateful that she couldn't drive then because I wouldn't want her driving and get in an accident. We have insurance of course but we drove that car to just under 200k miles so not much of a payout.
That’s to bad but most important your family is ok.
No one can time the market in conjunction with the nearing of ones passing. But if you are close to the decision to sell, might be wise to sell sooner(into a strong market) than wait and miss the opportunity. Also one could liquidate a few items to get the feeling of how it is to let go of your "children" (coins). BTW the gentleman in the photo has a strong resemblance to the actor Edward G. Robinson.
Numismatic items with thin markets should be the first things sold. If left to heirs they will bring even less than peanuts at the local coin store.
Great post by @Texast, may you live long. My wife was a bone marrow transplant RN for 30 years, and this sibling fighting was all too familiar to her, she read this post and cheered at the outcome.
Have a will, and if you don't sell make some provision to sell after you die (auction firms, trusted dealers) as your heirs will almost certainly liquidate. We have a will, special needs trust, and plans - although we hope to be around a long time.
Just talked to an old (in his 80's) collector yesterday. His wife died last year. He tinkers in his garage everyday.
I called to see if he is doing okay. He said, "I just spent $54,000.00 on a VAM last week".
I think collectors collect all their life. True collectors, that is.
For some, there is just upgrading and trading on their mind.
``https://ebay.us/m/KxolR5
Welcome to vulture syndrome. I had a friend who went to his grandmother's funeral, then to the reading of the will. When they got to the grandmother's house, all of the items mentioned in the will had been stolen by other family members. That happens more than you think.
Good topic. Maybe timely, too.
My own philosophy considers "when to BUY" more important.
BUYING... thinking you may have to sell is the wrong approach. Common, I know because we all want coins.
And a lot of us lose sight of its being a .... hobby
I doubt old men on bus benches ever have the dilemma of wondering what to do with their stuff they may have used in a different hobby
Overextending on a hobby is plain nuts.
AfterRockefeller ‘s funeral a reporter approached the attorney for the family.
He whispered, “how much did he leave” ?
The attorney whispered back, “all of it”.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
A man on his deathbed is sensing his time in this world is waning so he calls his immediate family to come visit him at once. His two sons, James and Mark, and his wife Lisa. His family is standing over him in his weakened state, and he says to Mark "As my oldest son, I bequeath to you the condos by the beach and the lake houses." He then turns to James and says "And to you James, I bequeath the apartments in the city." Finally he turns to his wife and says "And Lisa, I bequeath to you the houses in the suburbs." Then he asks them to leave and on the way out a nurse grabs Lisa and says "You're lucky to have a husband who was rich enough to leave you all that property." And to that she says "Rich my ass, the idiot had a paper route."