You can't take it with you!!

bsshog40 · May 31, 2025 5:05PM

At least that's what they say. Lol Getting older makes me start thinking about what to do with my collection. I have no family members that are in to coins and the wife doesn't have the interest that I do. Lol I haven't bought anything in the past few years. I still look at coins from change for my danscos but I've been starting to realize that I need to make plans for my collection. I'm sure the day will come that I will probably just have to try to sell it off. Mostly just a low budget collection with no high dollar coins ($500>), which I'm sure will be a challenge. So have any of you thought about what you're going to do? Will it to a family member? Have to sell? Just curious!!

MsMorrisine · May 31, 2025 5:08PM

got grandkids?

ajaan · May 31, 2025 5:08PM

My wife knows to contact our dealer friend when I'm gone. Better to be ripped off by someone she knows.

bsshog40 · May 31, 2025 6:33PM

@MsMorrisine said:
got grandkids?

As much as I love my gkids, the only money they are interested in is spending money. Lol

Early_Milled_Latin_America · May 31, 2025 6:36PM

Donate the funds to a cause you care about for me it will be animal shelters in my area. If no one is left that I am close with this is the path I will be taking. Let the animals get treated well.

If they go to close family I do not care once I am dead if they sell them and buy what they like that is part of life. I enjoyed them while alive and that is all I truly care about in the end (I had my fun).

I have no kids or grandkids and never will (to old for that now) so these are my options. And whatever pet I own then will have a good life I will make sure of that once I am no longer here.

JimTyler · May 31, 2025 7:05PM

My plan for now is give them to my daughter with a GC submission form telling her this is for your old age (mid 40’s now) unless you really need it. I hope she can wait.

Morgan White · May 31, 2025 7:51PM

coinbuf · May 31, 2025 8:06PM

I'll sell sometime in the somewhat near future. Should things happen before I do the wife knows who to contact to liquidate.

yosclimber · May 31, 2025 8:32PM

Yes, the prevailing wisdom in my local coin club is to sell it yourself before getting too senile,
since the heirs are likely to make mistakes and lose a lot of the value.

Swampboy · May 31, 2025 9:27PM

My plan
Credit my friend cartoonist Bob Eckstein...

WCC · June 1, 2025 7:14AM

My collection isn't that valuable measured by contemporary economics, but it still is to the vast majority of non-collectors who presumably actually think that having as much money in it as I do other than for "investment" is a waste.

I don't have anyone to leave it to who actually wants it, but even if I do later, they would have to like what I collect enough and be able to afford to keep it. This means I would probably have to leave them enough of a cash or property inheritance so they wouldn't sell it.

I don't think it's reasonable to leave a valuable collection to anyone approaching the financial profile of most people and expect them to keep it. And if they aren't going to keep it, it's better sell it yourself to maximize the proceeds.

safari_dude · June 1, 2025 7:31AM

My stepdaughter and stepson have already started telling me what they want and like. They know I have some nice coins in my collection and get excited when I show them new acquisitions….. I started teaching them about coins and other collectibles that I have acquired over the years….so they are well aware that I don’t have ‘junk.’ 😉

OAKSTAR · June 1, 2025 7:33AM

@bsshog40 said:
So have any of you thought about what you're going to do? Will it to a family member? Have to sell? Just curious!!

Yes, many times. Mine is a modest collection as well but you're singing our song.

My ideal situation was to create a legacy collection and have it passed down to family members throughout the generations. But we're all smart enough to know that is unrealistic. We all know, our collection well ultimately end up in someone else's collection.

Like you, I have greatly reduced my purchases over the years. Plus, I've been downsizing. My family knows, if I drop dead 10 minutes from now and they don't want the collection, they will be sending it to @ianrussell for auction.

seatedlib3991 · June 1, 2025 7:55AM

I have my standing instructions. I have the G.C. forms filled out and marked in the order that the coins are to be sold. My wife needs an occasional increase in the amount of money she needs; not a large lump sum. Due to health reasons I currently both add a coin to my collection journal and list it on a sale form on the same day. james

bsshog40 · June 1, 2025 7:57AM

@yosclimber said:
Yes, the prevailing wisdom in my local coin club is to sell it yourself before getting too senile,
since the heirs are likely to make mistakes and lose a lot of the value.

These are my thoughts exactly. We really don't have a decent B&M coin shop around here besides pawn shops and a couple combo jewelry and "we buy gold & silver" shops. We all know their basic attitude for buying stuff. Lol I'm pretty sure the wife would be overwhelmed trying to sell on ebay as she don't do ebay. Lol

Lazybones · June 1, 2025 8:12AM

I don't plan on being the richest man in the cemetery.

skier07 · June 1, 2025 8:12AM

At some point, maybe in the next 10-15 years or sooner if my health declines, I will most likely sell most of my collection. I have a few coins that I will give first shot to coin friends then everything else will be consigned to an auction house (GC, HA, or SB). For those without any connections at an auction house at some point I suggest negotiating for more favorable selling terms because you never know when. If I die prematurely I have prepared written instructions for my family.

oih82w8 · June 1, 2025 8:32AM

I am moving towards liquidating most of my collection for a larger down payment on a new(er) truck.

I will will always have the images of what "used to be mine."

Early_Milled_Latin_America · June 1, 2025 8:37AM

@Early_Milled_Latin_America said:
Donate the funds to a cause you care about for me it will be animal shelters in my area. If no one is left that I am close with this is the path I will be taking. Let the animals get treated well.

If they go to close family I do not care once I am dead if they sell them and buy what they like that is part of life. I enjoyed them while alive and that is all I truly care about in the end (I had my fun).

I have no kids or grandkids and never will so these are my options. And whatever pet I own then will have a good life I will make sure of that once I am no longer here.

I am not rich (never will be) and my collection is small time so maybe it makes it easier in the end. Some members here have very expensive collections so they have to act accordingly (have better plans on dealing with this issue).

jesbroken · June 1, 2025 8:46AM

Bobby,
I've had similar thoughts and started seriously selling my singles off a couple of years ago with ebay and several GC sales. I've given my original buff nickel collection(50's/60's mostly from change) to my grandaughter. No one else has any interest at all. I'll probably sell off my complete albums soon, but not quite yet. Still enjoy looking through them. Also, can't help myself when seeing an interesting coin, I buy it. 😔
Jim

MsMorrisine · June 1, 2025 9:31AM

@bsshog40 said:

@MsMorrisine said:
got grandkids?

As much as I love my gkids, the only money they are interested in is spending money. Lol

I'm always hoping it would be kept ass a keepsake remembrance

GuzziSport · June 1, 2025 9:47AM

I’d imagine that for the vast majority (but certainly not all) of estate beneficiaries, they’d far prefer to receive cash as opposed to a coin collection they’ll likely have little knowledge of, and have to in some way disperse. Perhaps for some collectors it makes sense to hold back some of their “favorites” in the collection, and leave those specific coins to family members as a memento?
I’m not quite old enough to worry myself about it at the moment but if I were to contract a fatal disease (god forbid) I’d sell it all and add the proceeds to a cash account, without question.

WCC · June 1, 2025 12:56PM

@bsshog40 said:

overwhelmed trying to sell on ebay as she don't do ebay. Lol

Selling a large number of low value coins on eBay is a tedious chore. I've done it before and still have multiple boxes of 2X2s I'd like to get rid of, but not worth the effort.

I'll probably dump it on eBay in multi-coin to large lots eventually to get something out of it.

WCC · June 1, 2025 1:06PM

@OAKSTAR said:

My ideal situation was to create a legacy collection and have it passed down to family members throughout the generations.

Same preference here.

My step grandmother had an extensive US collection of low to mid circulated US types (no gold, dollars, or early silver but most everything else) which I infer might have mostly been acquired directly from circulation over multiple generations. She was born in 1906 into "old money" and never did without a day in her life to my knowledge. Unfortunately, all I got were three VG Virginia 1/2P and a VG 1803 large cent, but none of the bust halves I wanted.

If you've ever read "The Millionaire Next Door", the author mentions this as a common practice in affluent families, though the book was published almost 30 years ago.

OAKSTAR · June 1, 2025 1:22PM

@WCC said:

@OAKSTAR said:

My ideal situation was to create a legacy collection and have it passed down to family members throughout the generations.

Same preference here.

If you've ever read "The Millionaire Next Door", the author mentions this as a common practice in affluent families, though the book was published almost 30 years ago.

No, I haven't. I probably should. I have read The Wealthy Barber.

You can't take it with you!!

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