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Helping your decendents get fair market value.
relicsncoins
Posts: 8,286 ✭✭✭✭✭
Once your collection gets to the point where it's worth a substantial amount of money, do any of you have written advice to your aires on how to get a fair price for the coins if and when they choose to sell them?
We've all heard horror stories of people being taken to the cleaners when selling coins they absolutely no nothing about, whether it be because they chose to polish them up before selling them, or they took them to a less than honest dealer.
I keep a simple letter with my coins that has a list of all of the coins in my collection as well as the grades. The letter also states not to clean/shine/polish or change the appearence of the coins in any way. It goes on to tell them to get a current copy of the Redbook and to use the grades I have included to find the value of the coins. I then tell them to subtract about 25% of this total value and this will get them in the ballpark of what they can expect to get upon selling the coins. It's probably not perfect, but at least they will have an idea of what the coins are worth and not make the t all too often mistake of shining up that old grungy looking coin.
JJ
We've all heard horror stories of people being taken to the cleaners when selling coins they absolutely no nothing about, whether it be because they chose to polish them up before selling them, or they took them to a less than honest dealer.
I keep a simple letter with my coins that has a list of all of the coins in my collection as well as the grades. The letter also states not to clean/shine/polish or change the appearence of the coins in any way. It goes on to tell them to get a current copy of the Redbook and to use the grades I have included to find the value of the coins. I then tell them to subtract about 25% of this total value and this will get them in the ballpark of what they can expect to get upon selling the coins. It's probably not perfect, but at least they will have an idea of what the coins are worth and not make the t all too often mistake of shining up that old grungy looking coin.
JJ
Need a Barber Half with ANACS photo certificate. If you have one for sale please PM me. Current Ebay auctions
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Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
also good to have your attorney knowledgeable of your desires as well.
if you decide to sell it before you pass on to "the big mint in the sky", you will be able to get maximum dollar and satisfaction.
just my two cents
<< <i>my wife knows to contact mrhalfdime and take his advice >>
What if your wife or Mr. Halfdime is not around anymore? That is why I included this general instructions letter.
JJ
I have not found any paperwork from that sale, but I would LOVE to know what he had and what my mother got for them. I seem to recall they sold the collection for $70-$80K, wonder what it was really worth (retail) then, and what it would be worth now.... Maybe I don't want to know... I called Stack's, and they don't keep records like that...
you should discuss it with the 3 likely people who may inherit it.
while you are alive of course :-P
<< <i>I have specific written instructions with my collection as to who to call when the time comes to sell (if I am not around). >>
Likewise. Plus a copy of my annual inventory listing with current market values. Plus a list of what coins should be sold as separate lots if the collection is auctioned. Plus a list of trusted dealers in each specialty area. Plus instructions to not clean any coin nor remove it from its holder (and reasons why). Did I miss anything?
An authorized PCGS dealer, and a contributor to the Red Book.