What happens to your coins when you are gone?
pennyannie
Posts: 3,929 ✭✭✭
When the day comes that you are no longer living do you care what happens to your collection? I do to a point. I would like my wife and son to keep the "core collection" which has been defined. In my case it is my complete set of Liberty V-nickels and Shield nickels. The rest they can pick and chose. I WILL LEAVE them well off with real estate, gas wells and life insurance policy's that the coins will not have to be sold to pay bills. I want these coins to be handed down over the next few hundred years, of course what really happens i will never know. I am planning on NGC putting my pedigree on some of them. I may have a throphy engraver engrave "seller will be cursed if sold" on the plastic slab.
Mark
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
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Comments
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I would also think it neat if my Holey Coin Vest and trademark Holey Gold Hat lived on as an entity, perhaps in the ANA museum or something. If I feel I'm about to croak, I might donate them, but that will be up to ladymarcovan, of course, who I sincerely hope will outlive me. (Chances are, she will).
I am building a collection of British Empire 1901 coins with Victoria's portait on them, for my daughter, Victoria, who was born in 2001. Those will go to her, of course.
That only leaves two coins from my childhood, which I intend to pass on as heirlooms before I shuffle off the mortal coil.
Anything else left over (my other personal collections and dealer stock), is pretty much up to my heirs and I'll be beyond caring about it when I'm gone.
At any rate, coins are possessions that I enjoy. If my kids enjoy them, fine. If not, sell them for as much money as possible. If they ditch any of the Steelers stuff, I will haunt them for the rest of their days and their children's days.
Link to recent thread on this topic
They will never forget what grandpa loved, his boring tirades on coins and history, and their suffering for it. But I am absolutely convinced that some of them will be converted, as I was when grandpa died. And that makes me smile.
What will happen to the wife's jewelry?
Do you and/or your significant other have anything else of value? Paintings/nice furniture/Plasma TV???
Talk to your family members.
This is or should be at least a hobby. Ask if your kids or dependents would want to
keep your collection or sell it? Would they want to keep the Mrs engagement ring or sell it?
Would they want to keep the dining room furniture or sell that?
If they vote to sell the family jewelry I would talk to them about how best to do that to maximize their return...the same
with my coins. If they said that they wanted nothing to do with them I tell them where or how to sell them.
I have already had this talk with my family. I know where they stand and have already advised them to the best of my ability, the
rest is up to them.
oh- Cubs will win the SERIES>>>>>>>>
where to bring the coins , etcetera .
since there is no real estate or sizable stock portffolio ,
life insurance is not sufficient for a funeral , therefore
my coins shall lay me to rest .
1 names of dealers to sell to
2 grey sheet with hi-lighted bid prices of
coins in dansco albums
3 index cards showing how to read cost
codes for slabs and higher priced coins
4 where to find PM prices , and understand formulas
to determine value of 90 % junk silver , and AGW of foreign
and US gold .
5 other stuff as needed .
I've been selling my coins for quite some time. Most are gone. Since I do not expect to live much longer I have the funds, and I'll probably spend most of that as well.
I tell my son and daughter the first time I see a cig or here or find out they did drugs they will not get anything until they are at least 50 years in my trust. It sickens me that someone would wasted $6.00 for a pack of cigs or $20 for a small bag of weed or a $20 crack rock to escape the problems that come along with being in a free place that we call the great USA. I worked too damn hard for my values and seem with my lack of education that some seem to remind me of I feel they have the knowledge not of what others do or teach them but the knowledge of what Dad has showed them.
SO be it and hope this answered your thread. George
-Randy Newman
<< <i>I bought a metal detector because of all the folks on the boards who say they are "taking them with them"
-Randy Newman
Then I am just not gonna go!
Camelot
Steve
<< <i><snip> the prospects for marriage at this point in my life are dim
No wife, no horse, no mustache.
If God takes me without notice, my wife will put my collection up for auction bit by bit. My collection is all encapsulated, so she will not be taken badly.
S
Edited to add:
OK, tell the truth... how many of you just spilt some of your coffee?
<< <i>Unless my sister outlives me (she's almost 10 years older than me), I guess I'll probably take my coins with me. I'm unmarried and have no kids, and the prospects for marriage at this point in my life are dim
Steve >>
Daddy! I've been looking for you for years! Remember mom from years ago???
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>When my time comes, I hope I am told by my doctor that I will have only a year to live.
<snip> >>
My doctor told me I only had one month to live. I told him I couldn't afford his bill, so he gave me another year.
<< <i>Sorry, This is not my first post been a member for years. Had forgotten my password and asked PCGS and I ended up a new member? >>
Now I'm back to me again. Like Steve I have never been married and have no children. After I'm gone I really don't think my coins will be high on my list of priorities.
Ron
I don't guess I am back to me. Oh well, almost 4 years and almost over 1800 posts down the drain.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Hopefully silver will be up to $500 per ounce by then
``https://ebay.us/m/KxolR5
<< <i>I'm more curious to know what happens to me when I'm gone. >>
If they throw you into a dumpster in a alley somewhere in Washington Dc. Or give you a honorable burial why should you care.
If you remember the movie Beetlejuice when Beetle needed to see the doctor or the devil himself his number was 1,800,200,01 so as I see it get in line because I already have number 3 for the big Coin SHow in Heaven my brother.
For those who say they would like to leave intact for their heirs - that is fine if they are collectors. Even then, they may wish to sell some of them and develop the collection in their own style.
Just curious, has anyone here inherited a well thought collection (not just an accumulation) and kept it intact?