Questions for the group. Numismatic Related.......

Hello everyone! I come before you to ask very good questions, I hope.
As we all get older, who's going to carry on the hobby in your shoes when you... you know..... I mean that I have noticed the age group here isn't necessarily getting any younger. I know that my collection will go to my Wife and Son. From there, I don't know but worry. As for my wife, she'll probably just cash them in at some "rip off" dealer's store but I hope not. That's why I have started teaching her the value of all the coins that I currently own. I say my wife because she's 7 years younger than me. Myson who is special needs, also has no interest. Other them, who have little interest in coins, I do have a brother-in-law who collect that is close to Us. I also just recently connected with two of my cousins from Florida, of which one of them, my cousin Jenny who casually collects coins. I plan on sending her some of my collection as a "housewarming gift". I just don't know what I'll send since I know little about what she collects. It's a surprise gift. I was thinking, a little of "this and that". Some error coins, some Silver coins and maybe a couple of my nicest currency from whom I received from an uncle which would have been her great uncle.
Comments and Advice welcome.
BTW: SO mad about the groundhog predicting 6 more weeks of winter.!
Stay cool and safe all.

 

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That's a tough one, Sal. I'm sort of in the same boat but I do have a daughter who shows some interest in my collection. I don't worry about her selling it as she's said she'd keep and maybe expand on it as she gets to know more about them. No one else has any interest in them .

Good luck to you.

Bruce

 

If I go first my wife will get them. She is worried about the best way to handle them. If she goes first, my church will inherit them.

 

Yes, I agree about it changing with new technology and if, if the aliens come back for more precious metals.

 

So your question is, what should you put in your will? Or what should you do with them now? Or what do we think will happen to our own coins? Or?

For myself, I don't think about it that much. When I'm gone, I'm gone. It seems like what happens to coins when they get passed along depends on the recipient's circumstances. How sentimental are they, do they need the money, do they have any interest in the hobby, and how big is the collection versus how many times they move and have to lug them around, how much storage space do they have, that sort of logistical thing.

From my family's experience with my grandfather's coins, they were split among two siblings and two cousins shortly before he passed away. The volume was relatively small (maybe 200 coins each) and financially it never really mattered to any of the five of us. My brother and I took an interest in coin collecting for a couple years in early high school, then dropped it. Nobody else did, they just got put into 2x2s and albums and haven't been touched since. I'm the only one who got back into it later in life. 50+ years later all five of us still have grandpa's coins though.

I think something similar would happen with mine. My two kids don't currently have any interest in it. But they would probably keep them as dad's and great-grandpa's coins (although they never knew him). One (or both?) kids might develop an interest later.

I forget whose major collection it was, but someone had a provision in their will that the coins couldn't be sold until 25 years after his death. I thought that was interesting. Gave them plenty of time to think about it!

As far as the hobby and young people, I bet there's a retro resurgence sort of thing coming. Look what happened with vinyl records. They all but disappeared and now all the cool kids have a turntable and records again.

 

I told my wife, who has no interest, that some coins are worth a lot of money and others pennies so I will leave details of which auction houses to use for the collection. I also need to catalogue which I am way behind with. We also have some complex tax rules. A single coin if sold for approximately $8000 or less is capital gains tax exempt. If sold as a collection or "set" the allowance only applies once so the balance is taxed at potentially 40% so by the time the auctioneer is paid the value is decimated. What this means is I'm not interested in any auction house attribution of the "Dafydd" collection so the coins may be dispersed amongst specialist auctioneers to get the best results, treasure coins with Sedwick, USA with Heritage etc. We don't actually believe in inherited wealth but have a disabled daughter so by familial consent the bulk of the proceeds will go to her. Her Siblings are all doing well and don't need further assistance.
I'm with @KBBPLL on this , I won't be around to worry about it but will do my best to ensure the family don't get ripped off.
My collecting is not investing so what its worth at the final curtain is not that relevant to me only that fair play takes place.
My son has an interest in Tudor and Stuart history and I have already gifted him some coins and maybe his interest will progress to collecting coins.