selling forever coins
seatedlib3991
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The following idea has come up. To sell some of what I have always considered forever coins. I currently have about 100 certified coins but only 10 of those are what I have always thought of as KEEP to the bitter end.
This Spring I had to sell a few coins to cover an unexpected cost. I have never sold coins with the idea of making a profit (always hopefull but take what you can get to cover something needed). I was pleasantly surprised to more than double my money. These were NOT my very best coins. Some of which I have owned more than 40 years.
The question is, would you sell your 10 best coins that you paid around $3,000 for but based on current market would get around $8,000 or more? These are the type of coins you find once in a lifetime. Don't want to get bogged down in details but for example an 1846-O PCGS 40 Seated Dollar I paid $310 for.
On the one hand I would have this windfall I could devote completely to building my collection. On the other hand I would lose my top coins. Any thoughts appreciated. James
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This is a really loaded question with many variables and nuances to take into consideration. Im not sure I can gice you a definitive answer of what I would do without seeing the coins, doing the market research, and knowing what your long term goals are with respect to your collection.
Type Collector of U.S. Pre-33 Gold https://instagram.com/deplorable_dan Successful transactions with- @drfish, @Cladiator, @johnny010, @Pedzola, @PerryHall, @2windy2fish, @Ike1964, @JohnThePainter, @rpmsrpms, @REALGATOR
It's not an easy question but what speaks to you? Which ones will you miss?
I recently had the opportunity to buy what would be a top three coin for my collection but it was more than double the price of my most expensive previous purchase. I sold a number of items, some of them that I really liked but at the end of the day didn't have any emotional connection to. Unfortunately, I didn't end up with the new coin but I don't miss any of the departed enough to lose sleep and I now have a ton of fresh powder for coins that will speak to me.
But this is really an introspective question... At the end of the day our advice won't be there when you're lamenting the loss of your old coins or celebrating the acquisition of your new ones.
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Selling your top coins to build your collection doesn’t make sense, or am I missing something?
I'm in the process of selling the entire collection. Among them were about 10 forever coins. I just lost interest with no explainable reason and the "forever" feeling left me. I can use the money elsewhere. I will break out a little below even but I never considered them an investment. It was all about the fun.
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I’ve found if you need money for an unexpected problem or what have you I have always found another way, rather than to sell my coins that I cannot replace. It’s worked for me and I still have my collection.
Sorry you have to sell you coins.
I made pawn loans on several collections. Some I ...hoped... would default.
Some did. Most were redeemed but the owner had cash in the meantime.
It depends on the collection. If you have a box of 20 set, then selling a top coin to get something even better could make sense. If you are collecting a certain series, it would make less sense to create a hole to fill another spot (unless that hole is more easily replaced than the coin you have an opportunity to buy).
As far as the OP question, you have to determine how much you really like those top 10, where is the current market on each, and what can you buy with the money you would make from selling.
One word of caution is that plenty of coins are much higher now than they were. So even if you could get a solid return for your coins, you might have to spend a lot to acquire something that you like more.
I recently did a purge, sold about 1/2 my collection, all the worst stuff and anything that was 'repetition', put it (mostly) in 1 giant lot on eBay and was pleased how high the bidding went. I don't miss them at all, in fact I like my collection better now.
That is part of the rub U1chicago. I have a very specific list of about 30 coins I am pursuing but have found many of them require me to spend any where from $75 to $200 more than I usually spend on a single coin. I have gotten a tremendous amount of joy out of owning the coins I would be selling and I know there is no guarantee I will find coins I like as much but there is the opportunity cost in a nut schell. James
I try to balance purchases with sales of lesser coins or other collectibles.
I have come to regret selling almost all of my big cherrypicks.
A top 10 that I could never replace, and a top 10 that funded a bunch of other, lesser purchases.
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Devote completely to building my collection vs losing my top coins.
So they are not compatible?
Another consideration is the capital gains tax. Include some losers to offset the winners.
I remember facing the same decision a couple of decades ago when I wanted to purchase a property.
Bottom line, I kept most of my forever coins but did put some up for sale. Also cleared out a bunch of others.
What I learned is that I wish I had not sold the forever coins. Why? They are next to impossible to replace. I should have kept all the forever coins instead.
Also do what DisneyFan suggested. Use this as an opportunity to sell some losers to offset other gains. I managed to get rid of my "mistakes" but came out OK on the tax front.
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You mentioned having about 100 certified coins. Are there any among the 90 non-top coins that you think have increased to the point where you would be comfortable selling or are just coins you don't have much attachment to (even if the price has not increased)? I would suggest to try to sell several from that group of 90 first with the goal of turning the cash into one of the 30 coins on your want list. Even if it takes selling 5-10 coins to get one you really like, it could be worth it. Yes you will have to spend more for the one coin than you usually do, but the sales will help ease that burden. Plus you will convert less exciting coins into something you really want without having to sacrifice any of the top 10.
Selling them is worthwhile when you're ready to move on.
Only you can decide if you're ready or not.
In 2007 I sold a chunk of my "core" collection--I went through everything, and the coins I didn't love or have a sentimental tie to were gone. I didn't make a killing, but I did well with those. Apart from a few short-lived bad buys or coins I bought half expecting to flip instead of keep, everything I've bought since is still in my collection, as are all the coins I didn't sell in 2007. The 2007 sale was to free up money to pay for another venture (flying lessons!) and it was a good trade.
That said, the coins that remain are largely coins I know I can't easily replace, either because of their appearance or scarcity (at least at an affordable price level). If you gave me life-changing money for them, we could talk, but a $5000 profit isn't that, especially with the assumption that coins have appreciated in value, so the $8000 I'm going to get is what they're worth, not a buyer being dumb and I can go spend $3000 a second time to buy new versions of what I just sold and actually pocket $5000. I will grant that $5000 can be life-changing for some, but I doubt there's much intersection between those people and the ones who spent $3000 on coins. If you give me enough money to buy an airplane or a second house, we can talk. If you give me a bit of spending money or money I can throw in a retirement fund, the joy my coins bring me is worth more.
Of course, this is all predicated on need. If I desperately needed $8000, I might have to consider selling. I have other assets I'd very likely sell first, but if my choices were coins or a bad situation (lose my home, face a health issue, etc.) then screw material goods.
Some 20 years ago I bought a coin at a good price, and found a way to sell it for a 10-20% profit (I maybe made $30 or $40). Back then, I had stars in my eyes at the thought of making money, and even a small profit was exciting because it meant I did a good job buying. I still regret selling that coin, and boy, there's nothing I did with that little profit that made it worth it. I didn't need the money, I just liked the idea of making a profit. I learned a lot from that sale.
Everything has a price or my favorite quote, thought is stuff is just stuff
"I spent 50% of my money on alcohol, women, and gambling. The other half I wasted.
There are lots of posts on regrets from selling coins here. What are some coins that have been sold? The following coin has been sold by a couple of forum members and it would be interesting to know if there are any regrets?
Always regrets when selling the best stuff if it does hit you now it will at some point. But if you have no other choice then take the money and fix the issue you are dealing with.
Personally I am done ever selling my best stuff I learned the hard way to many times over the decades. Actually I am done selling altogether unless for an upgrade. I lived and I learned should have learned earlier.
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Don't forget about tax consequences when you sell a coin.
Also, don't take tax advice from random strangers in the internet.
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I have had a CPA named Jenny for over 30 years. I let her worry about the tax side of things. lot of good advice here coin wise. This is something I have never even thought about so it is good to hear from people with actual experience. At this time I don't have to sell to meet a financial challenge. I do have to decide whether I have to change my approach to collecting in order to be a competitive collector in todays market. Perhaps I will have to settle for less coins per year. I can only expand my budget by selling some coins. The ones I have held the longest are also the ones with the highest return towards new coins. Will take advice into consideration. thanks James
Here are three of my examples-all sold in 2018.
1) 1904-O Morgan with a cross or plus pattern....the color was nice but the pattern made it even cooler; someone made me a really strong offer, so I let it go. I ended up replacing it with another Morgan that has a similar pattern (video below the 1904-O).
2) This 1887 double crescent Morgan was part of the same deal as the 1904-O above. I ended up buying it back when it showed up for auction (spent more than the first time but got it back for about what I sold it for).
3) I actually sold this Hawaii Quarter twice. It is still among the more attractive toned examples that I have seen that are in a relatively affordable price range. I later bought a blast white semi-pl example (which I like too).
Very cool that you've owned some of these coins twice @U1chicago!
Tough question. I would say NO, keep your Forever Coins....they are too special. And my mother would say sell them, "you can't take 'em with you" Soooo, just keep them and enjoy them for as long as you can!
Nil
If you need money to survive... sometimes you have to make the hard choice. I would certainly entertain anything but selling extremely rare coins if I could at all avoid it.
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Dan, I had what I thought was a forever coin until you opened my eyes. Yup, that 1909-SVDB MS64RB in the OG Rattler is on the way to CG already. Now the hunt can start for a proper coin that doesn't hurt my eyes to look at. I mean if the Dude can abide, so can I. 👍
It would be terrible to hurt your eyes forever!
My thought as well. If you have 90 other coins that could be sold instead, then sell some or all of those! Periodic pruning to reflect changed preferences, to secure better quality, or to fund either, is normal in my opinion. I have done so and have minimal regrets. However, selling your best (as you define it), just doesn't compute unless you must do so for non-hobby reasons IMHO.
Indeed, but fortunately it may not hopeless, there is a potential cure, a toned 65+BN PCGS/CAC next week that my eyes like very much!
I’ve sold some “forever” coins over the years for various reasons which I knew I would probably never be able to replace and I’ve never looked back. At the end of the day a coin is nothing more than a little piece of metal and sometimes life gets in the way.
Assuming we are thinking of forever coins in a similar way, and you don't HAVE to sell them, I would sell off some of your non-forever coins or ones that just don't do much for you anymore, especially if they are doing well now, take half of your profit and buy another 'forever coin' and maybe save up for the next one with the other half of the profits. (or just blow it on something!) JMHO
Do what you're comfortable doing, but know that some coins are very hard to replace.
Most of my forever coins are forever coins because they are sentimental (gifts, inheritance, YN acquisition). These are generally not worth more than $50 each - all of them combined are worth less than one paycheck. I would not consider selling.
I love most of my more expensive coins and many are not easily replaced but they aren’t generally forever coins.
If you are strongly considering selling for any reason other than putting food on the table or keeping a roof over your head, they either aren’t forever coins or you are making a mistake!
@ChangeInHistory. I have had some good advice. After sleeping on it I have come to the conclusion that I might pursue a mixed approach. There are 5 coins that in retrospect I cannot imagine selling unless under duress. I have 2 coins I cherry picked in the 1990's. An 1846-O Tall Date Seated Half I got for $258.00 and is now in a PCGS XF holder. And an 1873-S XF Seated Half I picked for $186.00. I can put some Indian Cents and Morgan dollars with them and get about half the amount I initially was looking at.
I am at a point where I would really like to complete some various coin groups I started two and a half years ago.(For example I need an 1848 XF Seated Quarter to complete my XF set of Philly Quarters but if you look at price guides you can see this can't be had in the 200-400 range I live in. I have several other sets at the same price point and this is the best compromise I can see. James
I sell very little.
If I knew what my top 10 coins were they are not for sale at this time.
If I started selling my best coins, I have nowhere to go but down. Given the way the market is on good material right now, I'd be very lucky to go sideways. It all depends on where you are in life. If you are young, you might hit a low market when You could pick up some good stuff when the market cools off. But if you are old, like me. That train has probably left the station.
Circa 2014 when the market seemed to be down, a dealer who usually sells coins for strong prices showed me one of the best 1793 Cap Cents I had ever seen. The asking price was like $150,000, which seemed low. He said the market had dropped off, and I knew that because I was underwater with a fair amount of the good coins I had bought.
I didn't get aggressive because a 1793 Cap Cent has never been on my short list, but if had been the deal was very tempting.
I was hoping the mint was going to start selling forever items like the post office. Maybe a quarter could always be a quarter?
Forever stamps go up in value. Aren't you thinking more of the Treasury selling U.S. Savings Bonds.
If I were a serious collector, I would never ever sell a vast majority of coins that I have handled. But as a dealer, if I did that, I would never have any sales lol.
since I am pushing 80, "forever" is getting pretty close.
I have sold coins I loved, no regrets. Better than letting my heirs get ripped. No interest in coins in the younger members of my family. Pity.
I had a major sell-off around 2012... it was definitely an eye opening experience. Most of my material was not certified but the certified 1909 S VDB was one of my bigger losses. Fortunately, that was largely offset by the money I made on the ANACS certified 1914 D I also sold. My raw coins from an earlier attempt at a 7070 Type set is where I felt the most "tuition", and had the biggest regrets over selling... the one that still stings was a first year of issue Trade Dollar... 1873 AU50 with mint luster in the devices and quite pleasant toning. At the time, I had purchased the coin for $175 back in the early 2000's and sold it for ~$225 in 2012, so I felt pretty good... but NOW realize just how difficult some of these pieces are to acquire. Fastforward to 2022... I ended up spending around $500 on a more common date AU53 with similar toning...
Hindsight...
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If your group of ten once-in-a-lifetime coins is worth less to you than a $5k profit then go for it. For me; no way, no how.
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Agree 100%.
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Money has different value to different people. There are lots of people here who have single coins worth more than the entire collection of others here.
That's a roundabout way of saying that nobody can give you financial advice in a vacuum of knowledge.
If I were in need of cash, and had no other good way to get it, I'd sell my coin collections for whatever the market would pay. It would be a last resort for me, but I'm fortunate enough to have other resources.
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I have had "forever coins". I swore I would never sell them, including my 1st and 2nd Barber Halves I purchased to restart my collecting fever back in 1999 or so. I had a complete Barber half collection in VF-AU, almost perfectly matched.
Sold them all.
It is therapeutic to start over, to let go and to release your most cherished coins back to the universe. I have started over five or six times now, building collections up to 50-100K, then letting them all go (OK, I have kept a few). What I found is that I love the hunt, photographing the coins and the memories. I still have those coins with me, except now in digital form, which I still immensely enjoy.
Yeah, I still have a lot of regrets for many coins I sold, but I numb it with a lot of alcohol.
