Serious Question: If you died suddenly, would your other half know how to properly deal with your c

TheLiberator · January 5, 2007 1:26PM

Would they know where to take them to sell them at a decent price?

Have you left good records?

Have you told him/her where those records are or who to talk to in case of an emergency?

I have all of my coins printed our in a paper report with all the important items such as type, cost, value etc. This is for me to browse AND for him to use in case something happens to me.

What about you guys? Be honest!

ar18 · January 5, 2007 1:26PM

yes

ziggy29 · January 5, 2007 1:28PM

The better half has all the records, passwords and logins and phone numbers for our investments, insurance and savings, and my recommendations for what to do with my coins and our investments should I be hit by a bus tomorrow.

bigbadchad777 · January 5, 2007 1:28PM

Crap no!
She'd cash them in at the bank for face value!

razzle · January 5, 2007 1:36PM

Not a chance she'd know. I've begun leaving post-it notes or other scribbles attached to the holders to give clues to value, but the prospect of her, or any current family member, knowing where to begin to obtain a reasonable estimate of value is extremely remote. I can only hope one of the grandkids will take an interest ( all currently under the age of 6 ). The good news is, my wife is much more of a hoarder than I am!

roadrunner · January 5, 2007 1:38PM

My better half is schooled in upgrades, white vs clear plastic, auctions, gamesmanship, top auction houses, how to grade, eye appeal and other subjects. Plus she knows an honest dealer I've worked with for 23 years to lean on.

Actually she grades tougher than I do! So when she finds an upgrade candidate - it probably is one!

roadrunner

LincolnCentMan · January 5, 2007 1:39PM

My better half knows how much I have in all of my major holdings. She also knows how to liquidate them in a fair manor should she need the funds.

She knows the code that I put on the back of slabs that tells her how much I put into each coin. She also knows which dealers she can consign to and the most appropriate auction venues to use.

-David

TheLiberator · January 5, 2007 1:39PM

<< My better half is schooled in upgrades, white vs clear plastic, auctions, gamesmanship, top auction houses, how to grade, eye appeal and other subjects. Plus she knows an honest dealer I've worked with for 23 years to lean on.

Actually she grades tougher than I do! So when she finds an upgrade candidate - it probably is one!

roadrunner >>

Wow!

Lucky man!

ziggy29 · January 5, 2007 1:41PM

<< Actually she grades tougher than I do! So when she finds an upgrade candidate - it probably is one!

>>

Will she marry me?

LincolnCentMan · January 5, 2007 1:44PM

razzle,

I hate to offer unsolicited advice, but I'm going to do it this time anyway. At the very least, if I were you, I'd develop a code to mark the value of your better coins. It can be something as simple as substituting a letter for a number (what I do.) Then put a key to the code in the safe, or safety deposit box. That way if you kick the bucket, she can at least find out how much the coins were worth when you put the stickers on the back of the slabs.

-David

karpman9 · January 5, 2007 1:45PM

Yes. I made a list for coins, a seperate list for currency and a seperate list for bullion. I listed phone numbers, webite addresses, and detailed comments about each of the dealers or firms. I listed the dealers in rank order of trust.

I made it clear not to worry about sentimental value or the hope that someday my stepson might enjoy the collection. If my trusted dealers say to her, "sell now" then sell now. If the trusted dealers say wait, then wait until the optimal time arises and sell, sell, sell!!!

Therein lies the beauty of collecting tangable assets.

Best regards,

TheLiberator · January 5, 2007 2:02PM

<< 

I made it clear not to worry about sentimental value or the hope that someday my stepson might enjoy the collection.
, >>

That is a very interesting quote and it makes sence: Sometimes a kid inherits a collection after the MOM dies because she had gotten it from her husband when HE died. By the time the kids get it, often there are no KNOWN records or value. (They might be somewhere but the wife had forgotten about them or never told the kids etc.)

By the time the kids gets it the attitude might be "I have no interest in this. Let me take them to a pawn shop or some coin shop." The dealer says: "I'll pay you 1200 for all of it."

The kid freaks because he never thought it would be that much. He walks away happy.

The dealer walks away with 10,000 in coins...

I'm sure it happens often...

500Bay · January 5, 2007 2:21PM

Yep, I have written instructions on how to dispose of the collection; all receipts and a current value guide (Heritage "My Collection" printout).

That said, I am in my early 40's and healthy; but you never know....

xphobe · January 5, 2007 2:36PM

My wife knows if it's in the safe it's valuable. In the safe is also a written inventory of each one - amount paid, date, so she can calculate a cost basis for each. I also wrote down sample descriptions of each one, so if she sells them on ebay she will know what verbage to use. And there is a CD with photos on it.

I'd love to find an honest dealer that she could trust. Is there such a thing?

Hmmm, I'm nearly a demi-centenarian. Better go make sure my list is up to date.

Coinosaurus · January 5, 2007 2:54PM

I heard a great story at the last Baltimore - the widow of a gentleman with a world class specialized collection walked into the offices of a national auction house with an empty box, listened to their spiel, and then started talking.

"You will you use the exact same grades that my husband did."

"You will attribute the coins in your catalog descriptions exactly as my husband did."

"You will put every coin in a single lot."

"If you don't like any of my rules, put the coins back in this box."

The collection was summarily sold per her guidelines, and was a smashing success by all accounts. Score one for the good guys.

Coxe · January 5, 2007 3:04PM

Until the FUN auction, it was pretty clear, but not now. Since they are all well labeled so no varieties would be missed, she wouldn't be cherrypicked. My new ideas on disposition are all good enough that any one of them would work out.

But.....just in case.....if she asks around, I do want someone who actually knows VAMs and prooflike Morgans well to write the catalogue descriptions.

Bear · January 5, 2007 3:14PM

I am liquidating my collection now for the very reason

raised in this thread. However If I intended to keep my

collection to the bitter end, I would do the following:

Keep on top of your insurance documents and financial

papers the following:

1. A list of all coin holdings ..who they were bought from. grades,
the price you paid.....when the coin was bought..and the current value

2. Specifically specify the manner of the collections sale. Which coins go to auction
including the auction house...phone number....and contact person

3. If coins are to be sold to a dealer or are to be sold for your estate by a dealer...
list the dealer(s)....phone number....address......and name of contact . Also specify
the coins to be sold.

4. Important specify where the coins are located. If at a bank vault, the spouse
should be informed what bank the vault is at and where the key is.

Never assume that the spouse knows the details and special associations you
have in your coin collecting endeavers. If a spouse is not an option, then a trusted friend
or designated trustee for the estate, should be informed of the location of key papers
and documents.

jmj3esq · January 5, 2007 3:22PM

No way, and I have been concerned with that. If I start educating her then she finds out what i have been spending and whar I have.

AlixTCat · January 5, 2007 3:24PM

I've talked to my wife about what to do when I die. Mid-December I went in for some major surgery and it was clear she didn't remember much of what I told her previously... the night before the surgery she frantically asked me what, where, when about everything. We didn't think I would die under the knife, but she was not going to take any chances. I've written and printed out instructions on what to do. She can rely on that, if she can find it. I keep a password file that holds all our passwords for banking, credit cards, etc. But it is password protected. She surprised me the day before the surgery by remembering the password. So, all is not lost. I have a spreadsheet on the computer that has all my coins listed. I also printed it out in case she cannot find the file.

I really like the idea of putting stickers with a price code on the backs of all my slabs. Thanks, I'll be going through the spreadsheets and affixing labels.

Jonathan

PerryHall · January 5, 2007 4:53PM

<< The better half has all the records, passwords and logins and phone numbers for our investments, insurance and savings, and my recommendations for what to do with my coins and our investments should I be hit by a bus tomorrow. >>

You must really, really, really trust your wife.

PerryHall · January 5, 2007 4:58PM

<< "You will put every coin in a single lot." >>

Not a good idea. You'll get more money if each coin is a single lot.

BlindedByEgo · January 5, 2007 4:59PM

I have it covered two ways - both my attorney and my best friend are collectors and have agreed to help in the case of my unforseen demise, and there is a detailed inventory. Whether she takes them to a national auction house or sells them on Ebay, that will be up to her. I shall still be dead.

stman · January 5, 2007 5:00PM

I've been thinning out my collection for some time now. Keeping certain special coins that mean a lot to me. Now the cash that I got from selling my coins I"M SPENDING IT and leaving nothing to no one.

Except the young ones in the family.

ccex · January 5, 2007 5:03PM

I trust my wife and have shown her the detailed records of my collection. However, six months ago I got a message from my favorite fellow collector that he had put me in his will as the person he wants to dispose of his collection for his estate. I replied that I wished him to do the same for me. He and I were born within two weeks at the end of1958. This mutual agreement in our wills makes each of us more careful about our health.

Bear · January 5, 2007 5:11PM

There is one option we havn't discussed.

Sewing special pockets in our going away suit

and taking our collections with us, to Valhallah.

COINB0Y · January 5, 2007 5:16PM

DON'T SELL THE PLATS~ OR YOU'LL BE HAUNTED

MrHalfDime · January 5, 2007 9:24PM

"If you died suddenly, would your other half know how to properly deal with your coins?"

My 'other half' informed me twenty-five years ago that I must decide - it was either the coin collection or her. I still miss her at times, but no longer have to worry about how she will handle my collection.

In the event of my untimely demise, I have willed my collection to my five children, and assigned one son as executor. To help them with the disposition of the collection, I have developed a computer database which contains detailed information on the price paid, date purchased, dealer from whom purchased, current value, as well as numismatic information such as die marriage, rarity, etc.. Armed with such information, it is unlikely that they will ever become victim to some overzealous dealer or auction house.

Years ago I entered into an agreement - a tontine of sorts - with a good friend who collected precisely the same series as I do. We were the very same age, and probably believed that we would both live forever, but agreed that if either of us should die, we would offer our services to the family of the deceased to help with the disposition of the collection, obviously at no charge to the family. Regrettably, my friend died very suddenly, forcing me to think of another individual with whom to enter such an agreement.

I made a second agreement with another friend who collected the same series as me, similar to the first. Unbelievably, he also died prematurely, and I am still working with his heirs in the orderly sale of his collection.

Feeling a bit vulnerable, and sensing my own mortality, I once again entered into a mutual agreement with yet another collecting friend, agreeing to assist the family of the deceased in the event of their death. Not two years later, he also passed away suddenly. Now no one will enter into such an agreement with me. A sad but true story.

Despite my unfortunate experience, it would seem to be very good advice to have a trusted friend in the hobby, with the knowledge of how to best sell a collection for maximum profit, and have his or her name, address and phone number in your valuable papers so that your heirs will know who to contact if needed. I always made it known that this was simply an option, and not an obligation, allowing my heirs to exercise their own discretion. It provided 'expert' and trusted advice if they needed it, but did not obligate them to any specific path.

Over the years I have seen too many families of collectors suddenly in the position of dispersing a collection, but having no specific knowledge of how to do so. It would be unfortunate, indeed, to have your lifelong collection, your family's inheritance, squandered to some flea market dealer for pennies on the dollar, merely because your heirs lacked specific information on how to maximize their realization. Do what you can now to prepare for that eventuality. Remember, none of us are getting out of here alive.

MrHalfDime · January 5, 2007 9:28PM

<< "You will put every coin in a single lot." >>

"Not a good idea. You'll get more money if each coin is a single lot."

The story that Coinosaurus related came from me, and that is precisely what he meant - that each coin was to be a single lot. You are correct, that you will obviously receive more from a collection if each coin is an individual lot. Just an unfortunate choice of words.

COINB0Y · January 5, 2007 9:46PM

Moral of the Story?

....Don't be MrHalfDime's friend...especially if you collect coins.

TheLiberator · January 6, 2007 12:20AM

<< Moral of the Story?

....Don't be MrHalfDime's friend...especially if you collect coins. >>

Oh my god! I know!

Sorry Mr. Half Dime.....

fcloud · January 6, 2007 12:29AM

Of course she does!

ldhair · January 6, 2007 1:10AM

The problem I have had over the years is that the collection and the best plan keeps changing.
It's tough to keep her informed. I'm lucky in that she won't need the money and can take her time with it.

The big problem many have is being able to match the coin to the records.
Keeping records up to date can be tough enough but keeping it pointing to the correct location of the coin is even tougher. I can see where having your partner in life, in the hobby, would be cool.

mozeppa · January 6, 2007 1:15AM

nope...please don't kill me.

123cents · January 6, 2007 1:17AM

No, she would not.

ajaan · January 6, 2007 1:18AM

Yes.

razzle · January 6, 2007 1:23AM

lincolncentman,

Your advice is sage and well-taken. Thank you David. As a hoarder/collector-wannabe, most of what I own is a broad accumulation of common date US coins. Though the earliest is an 1804 halfcent, nothing in my holdings broaches $1k individually, a few are close. I am presently attempting to organize and label what I have. Unfortunately, as I assemble them ( working on Lincoln cents now ) I find the "holes" in the series and my focus gets distracted into buying more.

I make a concerted effort, now, to put my best guess at a grade on anything that is holdered ( mostly 2X2 flips, which I see by Russ's post isn't the best option-many have been sitting in the same flips for 40 years with badly rusted staples). I try to add the # minted in cases of key or semi-key dates, and my purchase price, including shipping. Having read the posts in this thread, I like the idea of establing a set of codes of some sort which would make the labeling more efficient/informative.

I have only ever sold two coins, both on ebay, both in the past 12 months. Selling them has never been part of my collecting paradigm. Though I know how to sell on ebay, and my son does, too ( not coins ), I would be reluctant to have my collection sold that way. Regrettably, I do not know a dealer or auction house that I would have confidence in, let alone to give the name to my wife.

I'm at an age, 62, at which the end can't be far off, so, having read this thread, I have a lot of work to do ( ugh ).

raz

Boom · January 6, 2007 1:32AM

No longer an issue. If I suddenly "buy it" take a wild guess where EVERYTHING goes.

Heh-heh!

TwoSides2aCoin · January 6, 2007 1:34AM

<< No longer an issue. If I suddenly "buy it" take a wild guess where EVERYTHING goes.

Heh-heh! >>

Where there's a Will

, there's a WAY.

and it isn't eWay

LOL

Boom · January 6, 2007 1:38AM

<< and it isn't eWay >>

You got that right!

PrivateCoinCollector · January 6, 2007 1:48AM

<< I've been thinning out my collection for some time now. Keeping certain special coins that mean a lot to me. Now the cash that I got from selling my coins I"M SPENDING IT and leaving nothing to no one.

Except the young ones in the family. >>

Well siad and my sentiment exactly. At or around 65, if my daughters do not "have the bug," this thing will be auctioned off on eBay one vacation worth at a time, until I am down to the one coin I want to buried with to pay off the devil!

410a · January 6, 2007 2:00AM

Yes, she would.

Besides she plays nickel slots maybe twice a year and I don't
collect them, so there is nothing to worry about.

I spend my money on Booze, Women, Gambling and Coins........
the rest of it..........I waste.

ElKevvo · January 6, 2007 2:03AM

As a hoarder/collector-wannabe, most of what I own is a broad accumulation of common date US coins. ...I am presently attempting to organize and label what I have. Unfortunately, as I assemble them ( working on Lincoln cents now ) I find the "holes" in the series and my focus gets distracted into buying more.

Yeah! I am not the only one like this!

I have been trying to organize as long as I have been collecting!

K

Edited for formatting..

dizzyfoxx · January 6, 2007 2:03AM

<< Crap no!
She'd cash them in at the bank for face value! >>

That would be one happy bank!

410a · January 6, 2007 2:05AM

Why such and answer, Michael? I don't know. I guess I find this
thread redundant, over simplified and of no value. What will be will
be and if you don't read a thread that starts out like this, you'll read
one that starts out about how great the market is at $320,000/ coin
and threads where someone, somewhere in OZ got treated fairly
when she brought in her husbands old coins. Gee, look how goody
I am. Come on. Let's hear about some good old fashion "RIPS"

Serious Question: If you died suddenly, would your other half know how to properly deal with your c

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