What are you going to do with your collection? (and why).

I plan on acquiring some of my most prestigious pieces in my 60s. it seems as time goes on, the pieces I add to my collection are more unique/expensive. When I first started collecting I was young and poor, newly married, then started having kids....but always managed to squirrel away enough to get the pieces I "needed".

As my business grows, family grows, so has my collection. So has my children's interest in it as well. I hope that trend continues.

 

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Start a museum, of course.




I also plan on living forever as one of my fav songs says:

 

Kirkuleez, I love hearing the history of your families collection, but I am in just a strongly in favor of selling my collection when the time comes.

I feel like leaving any sizable (let's say $10,000+) collection to your children is a burden to them. Unless they are as deeply involved in coins as you are, they are unlikely to have the knowledge or relationships to sell the coins as quickly or for as much money as you would be able to get. Additionally, I would much rather my coins go to an active collector who has the same interests as me then to my children/family where they will not be appreciated as much.That's not to say I won't leave a coin or two apiece to kids/grandkids as tokens.

 

Well after making the biggest mistake in my life a couple of years ago I find myself having to sell off my collections to survive for awhile longer in my home. So far I have sold off junk stuff mostly but still hurts, hope I don't have to sell all the good stuff too soon, LOL, Life is funny that way.

 

I began collecting several years ago as a way to diversify my assets. Consequently, if I don't have to use them, my survivors can. I've left them suggestions, but it's not like I'll be around to see or care. I really enjoy finding the coins I want to add.

 

First, the first question in the poll should be "in old age", not 60s because people might sell at an age older than 60s.

As for myself, I am already in my 60s. When I think the time is right, which will be probably in my 70s, I will start selling off my collection a little here , a little there and using the money for whatever I want. I might make money on some or all of them or I might not. I am sure they won't all sell at a loss but I will have had the enjoyment of them for the time I had them so as long as I am not losing hundreds on each coin, I will be happy with the cash in my pocket.

My kids wouldn't be interested in all of the coins I have accumulated and would probably just sell it off cheap to grab the cash having no idea what any of it would be worth. They are too old and have their own lives and no time to educate themselves. My wife wouldn't know what to do with them either. She knows what I do and goes with me to some shows, etc, but only looks for Thai coins and currency that might interest her.

If I should suddenly die before it's all gone, my wife and my two girls are to sell it all and split the money 3 ways. They may keep one coin that they pick to hopefully hold onto but it's best to just divest themselves of the whole thing. I won't be around to police them anyway and I will stipulate how they are to divest themselves of any coins that are still around.

 

My father was an avid collector. As a kid he tried to get me interested and I only mildly was. I put any coins he gave me each year in a box and forgot about it. Later when I had my own child, I purchased a few coins to celebrate my childs birth. Then my father passed away. I inherited most of his large collection. A few was given to my brother. My brother sold them for poor uses. I however have decided to follow my dads collection style (mostly yearly US and Canadian Proof orders) with a few twists of my own. My 5 year old daughter likes to sit with me an look though the collection asking if she will get them someday. I guess the coin bug did transfer - finally. My dad would be happy.

 

I started my interest in collecting when my grandfather passed away when I was ten and I got his collection (a small box with several coins worth about $250). I've taken that collection to the next level. I'm trying to get my daughters interested in the hobby by having them buy me coins for Christmas, birthday, etc. As they get older, they do pay more attention but I'm sure if they really like it. I may sell some of the collection and leave the rare coins to them. I'm thinking that I could have a centarian party. I could invite the world since I won't know anyone anyways.

 

since most of us have no clue when death will come, the likelihood is that an heir or heirs will inherit any collection you might have, whether you want them to or not.

I actually did a 3rd option, I sold them all at age 50

 

Too hard to predict whether I will need to sell some of my collection to aid my retirement. I would hope to get one of my neices or nephews involved in the hobby and then give it to them.

 

I haven't even given it a thought. Frankly, I don't collect as an investment and at my age (28) I am not yet making plans to leave anything to anyone. I collect for the joy of collecting...for the hunt. If I don't make a dime on it, I'm OK with that. Hopefully, I'll be able to get back at least what I put into it. I am unwilling to spend money I can't afford to lose on coins, so what difference does it make.

 

You don't know what life will throw at you or even if you will continue to really be interested in maintaining a collection. I have so many interests it's not funny. And I am not buying coins at the present time. Have considered selling some I did buy, and maybe will. I think my enjoyment of the 'hobby' has provided me more than any profit I might make on the coins, and certainly not reimburse me for all the other things related to it that I spent money on, including books, magazines, holders (airtights, flips, etc.). So it is a hobby that if it gets sold and not passed on to my kids then it's no worse to them than if I let them have it and they sell it for whatever it is that interests them at the time. That's my take.

 

My collection will most likely be donated to the ANA.

 

I'll probably sell them probably before 60 first I doubt I'll make 60 I have no kids to give them to either I say sell the coins and let someone else enjoy them and give the money to my friends and tell them to get righteously drunk for a good long time with it

 

A few years ago, my wife's grandfather passed away at age 87. He had shown me his coin collection a few times - mostly US silver coins, but a pretty nice lot. After his passing, my wife's grandmother chose to sell the collection - and when she told me what she sold it forI couldn't believe it. MUCH lower than what I would have expected. But she didnt know anything about the collection, it was HIS hobby, not hers. So she had a local coin shop review the collection and make her an offer. Seemed fair to her so she took it.

I feel bad for her, as I think she was cheated - guy probably saw an old woman with a coin collection that she didnt know the value of.

Would hate for that to happen to my wife or kids. For this reason, I agree with those of you who would elect to sell the collection and pass along the cash vs. put the burden on loved ones to try to sell the collection for a fair price.

Just my 2 cents.

 

Put me with the group of folks that will probably sell. That is, unless my kids end up taking up the hobby. My father is a collector and got me into it when I was young. Although he is nearly 60 now (which I don’t think is old by any means), he has mentioned a few times that he will enjoy knowing that I will inherit his collection (because knows that I will appreciate it). If that is the case with my kids, I’d be happy to pass it along. If they show little or no interest though, I’ll sell the coins off and let them enjoy the money, or pay for their kids college etc.

 

I'll leave my collection to my son. He knows enough generally about coins to appreciate that they have some value. I would hope I raised him good enough to not do something stupid. But you never know.
I'm sure though that I'll rest easy and won't worry about it whilst taking my dirt nap.

 

I planned on passing what little I have left to my children, BUT, the government took away my income, and I have to sell to survive. I have been a Tree climber for over 40 years, and I am on call all winter to remove trees from houses, driveways, etc. The fire department calls us, because they are not set up in any way to remove trees. Well, next year, if there is an ice storm, and a tree falls on your house, we tree service people will be at our winter job,(if we can find one), so, you may have to remove the tree yourself. Good Luck.

 

I think that whatever happens to the stuff I am able to bequeath to someone will matter little to me as well. I'll be busy looking for an air conditioner or an ice cube.

My only hope is that I have been a good steward for the coins that I have owned while I was able.

 

As a pack ratter of coins I want to say that I shall never get rid of them, but that is an unrealistic view of my coins. I honestly don't know what is going to happen to them. I am still young, I enjoy my hobby, and neither of my children have expressed an interest in the same. What really then do I do when I am "done" collecting, will I ever be "done"? Those are questions for the future. Of course, I have contingencies in place in case the unthinkable were to happen to me, but at that point I wouldn't care about the collection very much at all.
For the now, I will enjoy the coins, when I stop enjoying them I usually get rid of a coin or two in order to make room, or capital for a coin that I would like to add to the collection.