Would you want your family to sell your collection?

Cgb · September 19, 2007 5:38AM

Lets say when you pass on, you leave your coin collection to one of your children and or spouse.

Would you want them to sell the collection? Would you want to help them financially? Or would you rather have them be appreciated, as they took you years to gather.

Just a thought that ran trough my head.

tightbudget · September 19, 2007 5:42AM

No, they'd probably spend it

.

57loaded · September 19, 2007 5:45AM

the ideal situation is to have a buyer in the wings or sell before you croak.

planning never hurt in a situations like these.

wikyva · September 19, 2007 5:45AM

I am taking my collection with me!

Scioto · September 19, 2007 5:54AM

My wife doesn't have a clue what is in the collection.

Attempts to enlighten her are met with "I don't care! If you die I'll probably just throw it away!".

I'm thinking more and more about unloading it now, getting what I can for it and not telling her.

Just leave her a note saying I found a way to take it with me.

ttown · September 19, 2007 5:56AM

I just rent it, I'd hope they would keep some of it but it's up to them.

bstat1020 · September 19, 2007 5:58AM

I would like them to appreciate it, but after all I am dead so I won't care. Sell them!

GoldenEyeNumismatics · September 19, 2007 5:59AM

I'd want to have a buyer lined up before I die.

TwoSides2aCoin · September 19, 2007 6:01AM

No, I'd prefer they take my widgets to McDonald's and get a happy meal .

orie · September 19, 2007 6:03AM

Mine are going to be sent to RCNH. What happens after that, I have no idea.

jimmymac · September 19, 2007 6:05AM

interesting question - not many of my family members know about my coin collection - something that I dont talk about much - but I feel I left enough info behind for my family to figure out that I have some interesting and valuable coins and I hope they wouldnt just give it away - if I croaked tomorrow, I hope they would either continue the collection (unlikely) or sell it at least at market value - the other thought would be to take a young family member under your wing and teach him/her about coin collecting and when you kick it in there's someone that you know will take care of things.

Barry · September 19, 2007 6:12AM

Doesn't apply to me as I recently sold my collection, however, if you don't want your family taken to the cleaners, I suggest you sell while you still can. Second best is designating a trustworthy, knowledgeable and honest collector or dealer, who may be difficult to find.

RedTiger · September 19, 2007 6:16AM

I think it is best to sell most of the valuable coins while still of sound mind and body, and leave a few sentimental coins for the heirs. They have enough on their plate, and don't need the extra task of trying to figure out what to do with that stuff. Just dealing with regular items such as furniture, autos and the like are enough to fill several plates.

If one or more younger relatives show a real interest in the hobby, some of the nicer coins can be gifted before hand, or the entire collection willed to them. If none are interested, the odds are high that the entire coin collection gets dumped at the local pawn shop/fish emporium for 10 cents on the dollar. Some wouldn't mind that, but to some, it is a distressing thought.

If none are interested why in the world would they even consider keeping the collection? If I inherited a valuable collection of Barbie dolls or similar, I would have little interest except the cash out value. I might keep one or two dolls to hand down the line to the youngsters, but certainly the bulk would get sold.

Tiny · September 19, 2007 6:28AM

What would I care, I'm Gone!

lava · September 19, 2007 6:30AM

For a long time my advice to my wife was when I pass, call Heritage.

Recently things unfolded and we sold off the collection through Heritage. The outcome would not have been the same had I not participated. As a result, it is not good enough to simply direct your spouse to an auctioneer if you want the best results. Your knowledge of the coins will only be fully accounted for if you are hands-on involved in the sale.

Geoman · September 19, 2007 6:33AM

I have 2 sons (5 years old and 3 years old) that will probably inherit my collection after I die. Hopefully, by then I'll have a nice collection to be happy to pass down to them, and also they will have learned about coin collecting and appreciate the collection their inherit. I don't ever plan to sell my collection.

Bajajim · September 19, 2007 6:35AM

The way I look at it is I have the rest of my days to teach my kids about the hobby and hope that they can appreciate it as much as I have. Hopefully they will grow to love it as I have and wouldn't think of selling any of the coins that have been painstakingly acquired over the years.

If not, screw it...If they don't appreciate them let 'em buy what they want with the proceeds. I may haunt them on occasion but that's the price you pay.

Jcarney · September 19, 2007 6:35AM

<< Doesn't apply to me as I recently sold my collection, however, if you don't want your family taken to the cleaners, I suggest you sell while you still can. Second best is designating a trustworthy, knowledgeable and honest collector or dealer, who may be difficult to find. >>

Barry, on the way to the hospital recently, I told my wife to contact you should something happen.

jmj3esq · September 19, 2007 6:37AM

I have pondered that before. Im not sure how I feel yet.

Musky1011 · September 19, 2007 6:37AM

Doesn't matter

I'm Dead

Cladiator · September 19, 2007 6:42AM

Sell it, keep it, doefn't really matter to me. As long as they either enjoy the collection itfelf or the money it brings them. I guefs I'd like to they they'd keep at leaft one coin to remember ole Clad by.

FatMan · September 19, 2007 6:42AM

I am leaving my collection to my two children and they currently have no interest from a numismatic point of view. But they have a wide eyed interest from a financial point of view. The collection will be held in trust for them until both my wife and I have passed. As such, I have given specific instructions to the executor of my estate as to where / how the major coins are to be sold if my children decide to sell, and the reasons why. I have also selected two dealers to equally divide the collection by value if one or both decide not to sell. I will continue to fine tune my instructions, as well as talk directly with certain dealers when I become more age appropriate. Right now I am too young to seriously discuss the issue with dealers, but the instructions have been written.

giardinop · September 19, 2007 6:56AM

Many years ago my grandfather started to show me his rather extensive stamp collection. He got me interested and then turned it over to me a few years before he died. I kept up with it for a short while but my interest and funds at the time faded. I still have it and it has strong sentimental value. His old album he assembled when he was in highschool is my favorite piece....no million dollar examples here just basic stuff.

My interests turned to coins. My father is an avid collector of Morgans and Peace. He sold a big chunk of his collection back in the early 80s to put a down payment on our house back then.

I think you can go 2 ways....find a young family member and do what my grandfather did. Or if it can help someone better themselves they should sell it. There will always be someone who'll appreciate your coins. My fear would be if they were discarded or spent at face.

Rarity · September 19, 2007 7:05AM

No I would want my family to keep them for as long as possible.

But if I'm getting old and about to die, I want to make sure that I'll leave the coins along with proper documents to show how rare the coins are (and how much they're worth)

STONE · September 19, 2007 7:05AM

NO, my family will never sell my collection.

Drizzt · September 19, 2007 7:10AM

What do I want? I want my collection to be kept in the family. Never sold

Grand-child...maybe a great grand child will be a collector, they'll have a head start

MORGANHUNTER2 · September 19, 2007 7:18AM

I'm giving mine to my grand babies- unless someone makes me a really great offer around the time I plan on retiring.

JRC · September 19, 2007 7:33AM

I would hope one of them would want to continue coin collecting, but if needed for financial stability, go ahead and sell it. After all, I’m dead right?

lkrarecoins · September 19, 2007 7:49AM

i had this conversation with my wife last week.... i told her:

"if i croak, make sure you get a dealer that I know to consign my collection. don't sell anything outright to anyone!!!"

i had to explain to her that the coins i collect are not ordinary ones you find in the Red Book guide. they are all rare varieties & must be sold individually.

So, as long as they listen to my advice, then they could sell away!!!!!

mrearlygold · September 19, 2007 7:59AM

<< Lets say when you pass on, you leave your coin collection to one of your children and or spouse.

. >>

Not the best ideas in the world but obviously beyond our control for the most part. Should have a good set of directions for the Family to follow so they don't get ripped off.

I'm out the door to go shopping with the Wife or else I'd add my thoughts and what I did before having major surgery a couple years ago.

OKbustchaser · September 19, 2007 8:07AM

Couldn't care less what my kids will do with it. I didn't put the collection together for them; I put it together for me. Once I am gone they can spend it at face value for all I care.

Mark · September 19, 2007 11:16AM

I have three kids. One displays a small interest in collecting. If the interest remains and grows, I likely will leave my entire collection to him. I expect that decision will engender hard feelings on the part of the other two kids, especially because I expect to divide my other assets equally among the three. But any hard feelings are tough. I have told them all that the coins go to whomever displays interest and is (most) likely to continue to add to the collection.

BBQnBLUES · September 19, 2007 11:31AM

<< I am taking my collection with me! >>

Me too, in my coffin !
Just imagine the toning... eeewww

bidask · September 19, 2007 11:32AM

Heritage

IGWT · September 19, 2007 11:45AM

I expect my collection will be the seed that grows over ten generations of decendents into a mighty oak in the numismatic forest. Well, maybe not.

PrivateCoinCollector · September 19, 2007 11:57AM

Yikes! I figure at 65ish it is going to start being sold off, one long vacation at a time. i will keep a few of my favorites, but the rest will already be with my children or cashed in when my time comes. BTW, I am petitioning God for an exception in my case.

edmerlr · September 19, 2007 12:09PM

Dozens of great comments so far.

I collect CBH. My wife has an idea what the collection is worth, but she would have absolutely no idea what to do with it.

I decided once to give her a list of 3 or 4 people/dealers that I could trust to have fair and honest dealings with her and/or to give her sound advice as to what to do with them. ...but then - I am thinking - what if I outlive these 3 or 4 people?

Now I am going to give her a list of 10 people/dealers listed in order of my preference with Heritage at the bottom - for a total of eleven. (Not that I believe Heritage should be last. I think they should be near the top. I am assuming that someone on the list would refer her to Heritage. ...but I will tell her that she NEEDS TO weigh at least 2 or 3 or 4 opinons - if Heritage is one of them, fine.)

My two sons could care less about coins - other than what they could quickly sell them for. I tried to show just a couple of coins to them once and their eyes glossed over so fast that I couldn't believe it.

I really do not believe that people should expect and demand an inheritance. If it comes about, of course, by all means. I am sure most of us have wills or living trusts that divide up our possessions and assets when we croak.

I believe that have a right to enjoy whatever I have saved or collected or kept right up to the day I die. BUT, I do NOT intend to be 80 years old and living on pork and beans and dreaming of cruises that I wished I had taken in my 70's. ...and doing this so my kids or grandkids can sell off my coins immediately after I die - so that THEY can buy the steaks and take the cruises that I SHOULD HAVE taken.

No, my coins - just like the equity in my home - is something that I intend to cash in on when the time is right so my wife and I can enjoy the proceeds. ...and I do not want to wait too long. What fun is traveling when you cannot get around without a caretaker and/or you're drooling in your soup?

No. I would NOT want my family to sell my collection.

I have already seen too many "nephews" selling their "uncles" coins on eBay. I can read "greed" between the lines.

Regards,

Ed R.

laceupboots · September 19, 2007 12:25PM

I want my family to sell the Walkers (working on a circulated set) , and foreign coins. But I want the Silver Eagles and state quarters to go to my grand kids.

500Bay · September 19, 2007 12:28PM

Several have stated that they have left instructions - that is a good thing to do. I am only in my 40's, but you never know about a sudden death. I have left written instructions - with all my receipts - for my executor. Hopefully i will live long enough and enjoy them until I am ready to sell them myself. I would hate to have my heirs ripped off not knowing what they have. Leaving explicit written instructions is a very good idea - even if it to have them appraised and divided for later.

BAJJERFAN · September 19, 2007 12:35PM

I'm guessing that my daughter would never sell the toners; not sure about the others.

droopyd · September 19, 2007 2:11PM

i don't have much, i'll probably sell it off when it feels right. if i go unexpectedly before then, i have written suggestions as to the best way to liquidate along with an updated inventory. if they get kept, so much the better, but i wouldn't expect it.

Konahead · September 19, 2007 5:22PM

They will have it on Ebay before I am in the ground!

lordmarcovan · September 19, 2007 6:09PM

Sure, I would love for my collection(s) to remain mostly intact and appreciated, but we all know that isn't likely to happen. My wife would have no interest, and it's looking fairly doubtful that my daughter will have much, either, but she's only six now. I've told my wife that should I croak prematurely, she is to call a friend, who happens to be a forum member here, and have him help her sell the coins.

There are two of my collections that I would wish to remain intact. One is the ensemble that consists of my Holey Coin Vest and Holey Gold Hat. I think it would be fun to donate it to the ANA or something like that, one of these days. The other is my metal detector "dug coins" album. The detector finds, along with records of where and when I found each coin, are worth more with that provenance intact than they would be otherwise. Without the provenance, they're just a bunch of corroded and/or cleaned old coins.

Eastwood4450 · September 19, 2007 9:43PM

I would liquidate all my collectibles before I croaked if I had the chance so as to not burden the family with dealing with them. They wouldn't know the value of most of it so they'd get less when selling.

IrishMike · September 19, 2007 9:45PM

My wife has no interest in coin collecting nor do my daughters. A few years back after bypass surgery and a comment from my doctor that it wasn't necessary to continue annual physicals or worry too much about minor health issues, but to call him if I needed to chat, I decided to start liquidating my collection. Both of my daughters have agreed to keep and not sell my original IHC and Lincoln collection and pass them on their kids, assuming they ever get around to it. No real value, just a lot of sentiment as some of the coins were collected by my grandfather and father. It felt good to have a frank discussion with them about the history of those coins.

BTW last week I was in to see the doc and he quizzed me about not having had an "up with the periscope exam" and I smiled and reminded him of his past comments.

BAJJERFAN · September 19, 2007 10:16PM

it looks like the 2 best approaches might be to sit down with your family and ask what they would keep or not keep and then either sell it yourself or line up a trusted friend/dealer to help them.

TAClough · September 19, 2007 10:38PM

<< Would you want your family to sell your collection? >>

<< Lets say when you pass on, you leave your coin collection to one of your children and or spouse.

Would you want them to sell the collection? Would you want to help them financially? Or would you rather have them be appreciated, as they took you years to gather.

Just a thought that ran trough my head. >>

I doubt that I will have any coins left when I crock! It seems that every time I turn around my son has added a few of my coins to his side of the coin collection (I just hope he doesn't find all of the early commemoratives too soon).

Would you want your family to sell your collection?

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