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

Many of you probably have individual coins worth more than my entire collection so it's not that big of a concern. My wife has no interest, and I have already told her they will go to my daughter, and she is good with that. The daughter is aware and mentions how little she knows about them but doesn't try to learn. To me, I will be gone and obviously no longer care, and if she wants to educate herself a little and get more value from them then great, and if not, that is her loss. People need to be accountable, and as much as you love them, they are responsible for how they live their lives.

 

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As I'm pairing down my collection, I've also begun to think about this subject. I have a wife and two adult daughters who do not have an interest in coin collecting. I believe, if and when I die, they would just want to sell the collection and use the money.......and, while sad for me as a collector, I completely understand if they don't have a passion for the hobby.

I am going to put together a mini-collection specifically for each daughter, that will hopefully be sentimental to them and that they might keep (and display if they so choose). It will be small, and will contain a personal note from me.

I will leave a note for them to let them know that they should not feel obligated to keep anything from my collection, and will include instructions on what to do with the collection in order to maximize their "profit" (e.g. donate these to my coin club, sell these to a dealer, send these to GC for auction, etc.). I will also have a printout of the coins in each Booklet/Binder with all of the coins, grade, their value (at time of printout), notes, etc., and keep it with that part of the collection.

I have also put together a little Collectibles Inheritance Tax spreadsheet that they can fill out to determine Cost Basis of the collection on date of my death, Actual Sale Price, and Total Taxable Gain. It will have some instructions, and locations they can find past and current values.

 

Well, mine is easy. I have 5 years before I'm 70 years old. On that day, I will start selling everything. I've talked this over with my wife and we agree that it would be better than her doing it after I'm gone. She is 20 years my junior so I'm sure I will go first. My wife has no interest or knowledge of the the coin hobby so it's better to get it taken care of while I'm still kicking. Don't know how long it will take, 2 years I calculate. The proceeds will most likely go to my grandkids college fund. I'm pretty much set on what I wanted to collect and there isn't much more that I want to add to my collection, and I'm alright with that. I will keep an eye out for what goes on around here because I'm still learning even though I will not be actively collecting. Regards.

 

I resemble that remark! Something I've considered doing whenever I get around to finishing this document is generating a generic version and offering to share it as a template. Anybody have any interest in this?[/QUOTE]


Heck yeah!!!!

 

My family knows I collect coins, but none to my knowledge has an interest in collecting. Around five years ago I began transitioning the majority of the collection to slabs. Though I still have a few raw coins, it'll be easier to sell graded coins when the time comes. I've also been a terrible record keeper so for 90% of the coins I own I couldn't even tell you how much I paid for them.

I'm still young, 41, so I have some time to iron out the details of what happens to the collection after my time is up. I think likely I'll have the collection sold at an auction/dealer and whoever my beneficiary is can take care of any final financial obligations then pocket the rest.

I do hope whoever gets these coins next enjoys them as much as I have!

 

@Joshua Lemons . It is the only provenance i wish I could transfer; "love them as much as i have". james

 

I guess I'm one of the lucky ones here. My son collects, so he'll get everything. He's actually my second set of eyes when we go to shows. I if see something I like he'll double check it for me, and I do the same for him.

 

My kids will probably set land speed records on the way to the nearest pawn shop but by then I'll be beyond caring. I collect for my benefit--not theirs.

 

My Kid will sell it and buy records. If he was smart he would stack it and buy a ride. He has a car that already gets him around. I would hope that he keeps the High end easier to sell. The bags of coins I haven't finished. I am separating my starter collection from the rest, and hoping that he holds on to it, Maybe for the next collector in the family.

 

Today is the day we set off for my steel death cage match with death. My surgery is scheduled for a 5:30 am check in at the Univerity of Minnesota. I have prepared both myself and my family for either result. Good luck to you all both with your collecting and your lives in general. James

 

God Speed for a successful surgery and speedy, complete recovery.