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coinfodder's Blog

28 May 2020

When the Bell Tolls...

Coins | coinfodder

So you've collected a giant collection of coins like I mentioned in the last blog post I did on May 17th. Well, it may bring you joy now, but eventually, your time will come (I'm talking literally, so please don't talk religion in the comments section, please). So what are you going to do with your collection? Give it to your kids, sell it to a company, or donate it? The possibilities are endless.
1. Donation
This is what Harry Bass did after he died in 1997- The ANA received his collection from the Bass Family, built a exhibit for it, and now it is the showcase of the ANA Money Museum in Colorado Springs. Only thing was, his family got no money out of this. So if you want money...
2. Sell
This is where things get more complicated. With donation, you specify in your will where your collection is going to go, and thats that. No other hassle. But when it comes to selling, many dealers and companies alike purchase coins, all offering you a different price. To get the best price, don't be the guy who is swayed by a coin company and is cheated out. Also, don't look TOO desperate to sell. This means companies will take advantage of your desperation, meaning they will offer a lower price. Consult "Cash Your Coins" by Beth Deisher, for information.
3. Your kids
Yes, I said it. The kids we spend a fortune one, and yet we love them. But which one to give it too, my o my! Lets say we have three kids. Kid 1 loves coins and collects with you, 2 has a partial interest in coins, and 3 has none, yet is in rough shape financially. In this case, sell part, give 3 liquid funds, and divide the coins and remainder of the funds among the others.
It can be complicated. No one strategy is perfect cookie cutter for all. Choose the plan that best fits your family.

Comments

Long Beard

Level 5

I resolved this very matter several years back as to who gets what, in my own writing and under specific terms. The bulk of my collection going to one, the many duplicates another and the foreign collection a third.

Mokie

Level 6

i already told my wife to take everything to a dealer and friend that I trust completely. I already told my dealer friend the collection is coming his way. Hopefully he outlives me or I will have to come up with another plan. La voluntad de Dios.

Mokie

Level 6

77959: No worries mate, this particular dealer is a personal friend and has always been a straight shooter with all his clientale over the years, his family have been coin dealers since before I was born. I have complete trust, but the key is, I have to die before he does or the whole process has to be rethought.

coinfodder

Level 5

The Moke- -This may of been a bad idea in my opinion. Of course, this may be different. If the dealer knows your coming, and you will not differ with another dealer, he may offer you a lower price, knowing you may not turn to anyone else.

Golfer

Level 5

Thanks for the reminder. Would hope to sell mine before that time comes and give some things to grandkids ?

Numinerd9

Level 5

A grim, but necessary post, user_77959. This topic won't give us warm and fuzzy feelings, but it's not a subject to be ignored by any of us. Don't forget about the Numismatic Estate Guide we have available under the Consumer Protection resources (under the main "Resources" heading on this website.) Remember this everybody - we are merely caretakers for our coins while alive, and you do not get to bring them with you when you exit. (I guess you could, but that seems a bit selfish - let the living enjoy your collection; what good will coins do you in the hereafter? Except for the two you'll need to pay Caron for the journey down River Styx.) Please take good care of the coins in your collection, to help insure they'll be enjoyed for generations to come. And do your family a gigantic favor by doing dome sound financial planning BEFORE your departure. Our estate planning guide is a wonderful resource to help collectors figure out the right course of action regarding the future of their holdings. -Sam Gelberd, ANA Numismatic Educator.

Mike

Level 7

My collection has been spoken for. It will be divied among my two boys. They can sell all but a few sets that are stated. Every parent whants to leave somthing to there children. Besides my huge sports collection they get get the coins. Except a few sets.. Always plan ahead with a lawyer. Written out. Thanks.

Longstrider

Level 6

Always a tough thing to do. We all need to do something. Especially us old dudes. Lots of books out there on this subject. Thanks.

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