Collection management
Abuelo
Posts: 1,981 ✭✭✭✭✭
Hello everyone, I hope you all are having a good Thanksgiving. I wanted to ask you all how you manage the following problem. I have been collecting coins all my life, already several decades. I get the coins I like so while I have some interests, I am not dreaming of completing any specific series. If I like the coin, I get it. That has created a big problem. Space. I have a few safe deposit boxes in the bank, but the collection is outgrowing the real state there (not to mention that I despise going to the bank). While I am sure I could get more space, then the fees will be adding… What would you do? Sell and downsize? Get more specific on what you get? I have to say that while I have many coins that are not expensive (others are), many of these are top pops, so not necessarily everyday specimens. I think the quality of the collection is good. I know I could get rid of some of my coins without affecting the core, but I’m not sure that will solve the problem unless I do a serious purge. Let me know what you think. Thank you.
Comments
If you can afford to collect the coins, you can afford the safe deposit boxes. Don’t let the cost deter you. You may, however, want to try to get some bigger boxes, which are more economical.
That said, it’s always a good idea to regularly purge less important coins from your collection. Mostly because it frees up money to buy more important things, and because you’ll get more satisfaction out of viewing your collection if you’re only looking at coins that survived the cuts. But it will also free up some space.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@MrEureka yes, the bank fees are not quite nominal, but clearly will not bankrupt anyone. It is a bit of the battle between having a large collection vs smaller with more expensive pieces and perhaps more focused.
I sold some coins recently, mostly because of the rise in the metal price, pieces I found out I do not care so much. With that cash I got a very rare set from an auction, stunning coins!
@1984worldcoins that's the point. I need to think if I want to do that.
@Abuelo Not sure if you’ve considered a high quality home safe…? There are some really good ones out there. They get pricey but I’m sure multiple SDBs could as well over time.
@MEJ7070 yes, in the past. I travel a lot due to my job, so the idea of leaving them in the house, even in a safe, was considered but I decided against it.
@Abuelo whatever you do, don’t keep any quantity of coins at home, safe or not. ANY home safe can be compromised, no matter how “secure” or strong.
@pruebas not in the plans. As mentioned, many years ago I decided against it.
I already have the largest size SDB the bank offers. My wife told me that if the collection doesn't fit in the bank, it's too big and I should sell some. I have recently taken most of my coins out of hard plastic holders to help with space limitation, and because I wasn't enamored with the holders. If everything is in 2x2's you can really fit quite a lot in a bank box. At least for the small coins I collect. Your milage may vary, if you collect aes graves or Ptolomeic bronzes or some other big coins.
Like Yap stone money.
Collector since 1976. On the CU forums here since 2001.
@Nap I am afraid my wife will come with a similar suggestion...
But will get another(s) safety deposit box in the bank.
Ditch the wife. Keep the coins!
I think another part of it is what is going to happen with these when you are gone. Not sure if you have kids, but I've helped a number of friends with collections left to them by their parents that were pretty frustrating to sort through. The end results were satisfactory to all concerned, but I wouldn't wish it on my own kids.
I do get it though regarding the safe deposit idea. I've tried working with my homeowners on getting stuff insured and they don't make it easy, or cheap.
@nickelsciolist my kids have NO interest on the coins, sadly, as I got many from my grandfather, and started collecting with him.
I would strongly recommend not to keep them at home and when it comes to insure them, to use specialised insurers. Cheap? Nope.
...my kids are interested in terms of some memorabilia, but not as collectors. I do have one Granddaughter whose interested though and we worked on a nice set of the American Women's quarters together.
Probably most of the silver will get sold for spot value...
@nickelsciolist I have no grandchildren yet. Maybe one day and maybe they will be interested... The way that looks the coins will be gone before the grandchildren come
I know some people hate slabs, but since most of my coins are esoteric, I'm trying to have them all correctly slabbed to make it easier on my executor. Easy to inventory. Easy to catalog and sell.
I also have my spreadsheet with purchase details and notes, but if that isn't available to my executor, the coins should stand on their own.
I have two of the larger SDBs at my local bank. It is a pain, but a necessary one, I think. I keep almost nothing at home, except for a few I am actively working with at any given moment. They generally only stay in the house long enough to get a high-resolution photo, then quickly go back to the bank.
I also thought about a home safe but rejected the idea. It only takes one idiot with a gun to make you open it. Maybe I am a bit paranoid, but it is a very tough world out there. I would be heartbroken if some unique Canada piece I own were stolen.
Like @pruebas, I also keep an inventory spreadsheet in excel with my cost basis info for the taxman when I sell. My spreadsheet is also supported by a handwritten purchase and sale log, along with files of invoices.
http://www.victoriancent.com
I'm lucky. Since I work as a hotel night auditor and we have safe deposit boxes at the front desk (as many hotels do), I have the use of two SDBs, both of which are 2-3 times larger than the one I used to rent at the bank. They cost me nothing and are accessible to me any time I want, at any hour of the day. Furthermore, they are in a location that is monitored by cameras and always attended by someone 24 hours a day, 365 days a year. My cashier bank for work purposes only takes up a small portion of one of the drawers, so I have plenty of space for my collection in the rest. I got permission from management to use the second drawer. Offered to pay rental on it, but they let me use it for free.
Collector since 1976. On the CU forums here since 2001.
My guess from your post is you have a lot of lower value common coins. You may find that you would enjoy the coins more if you had a few really special coins. The idea is basically the "Box of 20" approach.
One thing to think about is if the coins you have are worth the expense of the safe boxes. That may help you with the answer of if you should consolidate.
Enjoy!
I think It’s most people have> @500Bay said:
You would be wrong. Many of the coins Abuelo has are anything but common.
I'm BACK!!! Used to be Billet7 on the old forum.
@500Bay the box of 20 is my nemesis. I do not think I can do that. But I have been struggling with that very issue.
Thank you @SimonW
From what I have seen him post, @Abuelo leftovers are most other collector's "box of 20" candidates, even for those whose collections aren't typical.
I have two 5X10 SDB but one has a good bit of 60's Canadian PL silver. I use two because a 10X10 is quite heavy even with just slabbed coins and the boxes aren't at the same branch.
I've sold off parts of my collection three times, most recently to again get rid of coins I don't want anymore. I don't make impulse purchases outside of my primary and secondary collections but going forward I intend to be even more selective to reduce the consideration covered by this thread.
Thank you @WCC you made me laugh a bit.
I could store them for you, we could even exchange them for money. I’m sure your coins would feel right at home in the box next to mine. 😬😂
I'm BACK!!! Used to be Billet7 on the old forum.
I suspect this is your problem. These are only of interest to a narrow slice of collectors that chase top pop but not very important coins.
I would like to have this problem, too.
I think the only “problem” with Abuelo’s collection is storage. It is not the content of the collection…..or the many top pops included.
You are correct to a point as many of the coins I have have a limited audience. Yet the issue at hand is to decide if I should consolidate, or keep on expanding and deal with space issues and the expense associated with such real state.
It is an interesting problem for sure @MEJ7070
If you find fulfillment and purpose with the course you’re pursuing, then do it. Storage is a small issue (pun partly intended.)
I'm BACK!!! Used to be Billet7 on the old forum.
I dont wish it upon anyone, but if they decide to walk you out the door one day can you prove the contents of the box are yours and will you get access to it before anyone else does?
From what I understand safe deposit boxes aren’t insured on any level. Did you guys get an insurance plan? Curious what other people did, or do most people assume banks will insure the contents of the box?
I'm BACK!!! Used to be Billet7 on the old forum.
Yes.
Collector since 1976. On the CU forums here since 2001.
My previous comment, of course, reflects my own perspective which is currently influenced by the exercise of culling ~140 coins from my collection. The process of selecting, recording, manually handling, transporting them to meet with auctioneers and negotiating the consignments was quite demanding and draining.
If you are at all serious about eventually selling from your collection, I suggest that you don't wait too long as it's not a job you want to wish on yourself in your later golden years.
Your situation makes sense 😂
I'm BACK!!! Used to be Billet7 on the old forum.
@jgenn you are 100% right.
@simonw correct, the bank offers no insurance. You want to insure, I did go through the ANA Hugh Wood. While insuring can be painful depending on the market value, I think is worth it.