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Have you cataloged your collection...for your family?
Weiss
Posts: 9,942 ✭✭✭✭✭
You probably know with a pretty good degree of certainty what your collection is worth--or at least what the key pieces of your collection are worth.
But would your parents, your spouse, your kids have even the slightest clue?
I've seen countless threads about and experienced first hand dealer rips on unknowing family members, forced to sell collections in times of great emotional stress.
A 1909-S VDB is just an old penny to them. How can they possibly know that your 1909-S VDB in MS65 is worth the house payment next month? That $1,000 sack of 1964 half dollars can be deposited right into the bank, right?
Take a few minutes this weekend to make a simple excel file or word document that lists year, denomination, slab type and ID #, and even approximate value for the key pieces of your collection. Jot down an idea of what "the rest of that crap" is worth for the pieces not worth entering on their own. Put it in the safe deposit box with your collection. Or let someone know where the list is, even if it's just 'on your computer' where they won't be able to get to it unless something happens to you.
But would your parents, your spouse, your kids have even the slightest clue?
I've seen countless threads about and experienced first hand dealer rips on unknowing family members, forced to sell collections in times of great emotional stress.
A 1909-S VDB is just an old penny to them. How can they possibly know that your 1909-S VDB in MS65 is worth the house payment next month? That $1,000 sack of 1964 half dollars can be deposited right into the bank, right?
Take a few minutes this weekend to make a simple excel file or word document that lists year, denomination, slab type and ID #, and even approximate value for the key pieces of your collection. Jot down an idea of what "the rest of that crap" is worth for the pieces not worth entering on their own. Put it in the safe deposit box with your collection. Or let someone know where the list is, even if it's just 'on your computer' where they won't be able to get to it unless something happens to you.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
World Collection
British Collection
German States Collection
I also did all of this for insurance reasons.
Ever Onward
i need to do this with my lincoln cents and non-junk 90% silver coins still
if she asks me to increase my life insurance policy...
In my State, if there is no will, the estate is divided between the spouse and the children, which could mean wealthy 18-year-olds. Not a good idea.
my early American coins & currency: -- http://yankeedoodlecoins.com/
Date purchased and from whom
Purchase price paid
Value by current date
Exact instructions how to sell
and who to speak to on the sale.
Camelot
He also has the back up keys to the boxes. And we live in different towns.
Instructions are; flip a coin for first choice; winner picks 1 collection;
loser picks 2; winner picks 2; repeat til all albums are selected.
Add the total price of each set selected per heir and if not equal, fight it out!
That way, my heirs will be able to select collections and come out
with an equal value of coins at Numismedia wholesale prices.
JT
I collect all 20th century series except gold including those series that ended there.
I got it all prepared.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I sold most of mine to save my family the trouble...... and I kept the money, and I'm going to spend the money too. I don't want to trouble them any. >>
Inheriting nothing has never caused discourse in a family but fighting over a significant inheritance has permanently damaged many families. The best inheritance you can give kids is to teach them to fend for themselves. --Jerry
<< <i>Yup, I got Bernie Madoff all set to help my family in times of stress after I croak.
I got it all prepared. >>
hehehehe I think Bernie invented a new oxy moron for us THOSE POOR RICH PEOPLE!
"A dog breaks your heart only one time and that is when they pass on". Unknown
<< <i>[Inheriting nothing has never caused discourse in a family but fighting over a significant inheritance has permanently damaged many families. The best inheritance you can give kids is to teach them to fend for themselves. --Jerry >>
wow A direct quote from my head - HOWIE DO THAT
1 of 6 kids nothing was never given to me - everything is catalogued and goes into a trust and a lawyer
has my instructions on how it is dispersed with names and numbers of those to liquidate
if that is the will of the majority of the survivors -
My Wife and kids know the valuation at present time and have seen the valuation rise in the last
10 years .. they will make the right choice when the time comes.