Don't do this to your kids!

It's been many years since I practiced probate and estate law, so this is definitely not self promotion.

If you don't have an estate plan - get one!

Whether or not you have an estate plan, if you don't have written instructions to your heirs about handling your collection - DO IT!

Otherwise they will be the ones posting something like this on a coin forum they find with Google:

I recently inherited some old coins with the death of my parents. Most that I can find online seem rather normal…early 1900s, a few late 1800s - Morgan Dollars, Peace Dollars, Walking Liberty Half Dollars, Silver Roosevelt Dimes, etc. There must be hundreds of them in all.

How do I take these to someone to estimate their value and trust them not to steal the one rare coin in the whole bunch? I have been too trusting in the past and it has gotten me into trouble, I don’t wish to make that mistake again…but I do want to know the value of these coins.

Any suggestions?​

 

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totaly agree

hes ripe for swindling from some smooth talker.

not only that the collection might be worth more than the house

 

You were 100% right for posting this Roy. Not only will the heirs have an idea of the value of the coins but perhaps the coins could then be left to a family member who wants to keep it as a family collection instead of the collection having to be sold off as part of the division of the estate. I also have to agree with Highlander's comment as well.

 

Remember this post about an old lady walking into a coin store, dumbfounded?:

http://www.cointalk.org/showpost.php?p=14157&postcount=1

Well, I have instructions for my kids that start off:

"So you found my coin collecton...before you do anything...READ."

Sure I can't take it with me, but I just don't want to spin in my grave either!

 

I tend to feel just the other way around. If my heirs want to make sure they get the most for my collection then they are going to have to do some studying and learn at least a little about numismatics. If they aren't willing to do that and they get taken for a ride that's their problem. It doesn't matter to me, I'm dead and don't need the money. (Sorry I don't feel I owe an inheiritance to my heirs and that I should try to guarantee them protection.)

I might just leave the collection to someone outside the family who I know is interested in the coins and who would appreiciate them.

 

UUUUUUUUUUUUUUUU - Can I be added to your will!!

 

But on the serious side from a new collector, how do you go about starting? Is it expensive to do this? I hope I'm not the only one ignorant in this area but I'd rather ask and look a little green than be dead and have my family suffer.

 

Excellent topic Roy

Hope you don't mind if I muddy the waters a bit

What are everyone's opinion on insuring the collection(thus making the collection known and part of the Estate vs. making sure that the eventual heirs are knowledgeable and the value of the collection is off the radar) to avoid laywers(no offense Roy) and govt. from getting another share from probate and/or possible inheritance taxes?

WN

 

I have my collection appraised at replacement value every few years. (My regular dealer does it at no charge). Last time was last June. Although I'm only 33 - and thus don't plan to die any time soon - this at least gives my wife and family a starting point for determining which coins are really valuable and which coins aren't.

And even though they don't require it, it also makes my insurance company happy. I'm not about to leave my collection uninsured. My renter's insurance only covers coin collections up to $200, and I have more than one or two items worth that much.

 

Wooden Nickel:
If you ever read my posts on gold bullion then you will know that one of the reasons why I like it is that it could be a large asset that could be passed on in the family as family business.
As far as insurance for gold bullion, well that's what the safety deposit box is for at the bank. Now the collectable coins is another matter. I am sure that there are people out there who get two estimates. One high and one low. The high one I would think is for insurance purposes and the low one could be for well I don't do it, and I'm serious, but the ones who do would have a host of reasons.
As for passing it on. I hope to live to see my kids settled in a happy marriage with healthy kids. If I make it that far, I'm 42 and my youngest is 3 months, then I guess I would leave it to either the child who wants to keep it in the family, the child who may need the money or if none of that applies then either as a donation to a relief fund or something.

 

I'm fortunate in that our oldest son is an attorney, and a good one.

He has emphasized the importance of planning where my collection goes after I'm gone, and has helped with that planning.

 

This letter actually prompted me to register and quit lurking, because it might have been written by me.
i wouldn't be what you'd call a collector because i didn't personally collect hardly any of my coins. I think of myself more as a numismatic steward. If people in this situation would just invest time to acquire the knowledge, you get a better return. You get the knowledge. If you need the cash, you can leverage your knowledge to improve your return.
But you could also learned to appreciate the art and/or the science.
i'm just now understanding the enjoyment of time return on investment.

Steve

 

I believe the solution to this problem is in "record" keeping. If you maintain a good record of; who, what, where and at what cost, you have helped your loved ones a good deal when it comes time to dispense you collection.
Get a good PC file and keep a up-to date record of all your coins. It will help you now and those in the future.

 

I really think that, at a minimum, you need to go just a little further than this excellent advice - at the very least keep a record of the dealer or dealers you have found to be trustworthy and knowledgeable in the area(s) you collect, and/or the fellow collectors your loved ones can turn to for sound advice.-+

 

"This letter actually prompted me to register and quit lurking..." IaFarmer

Well I'm glad that you decided to join us. Keep posting and you will find even another way to enjoy this thing we have.

 

UUUUUUUUUUUUUUUU - Can I be added to your will

I'll put you down for consideration.

 

I appreciate your posts Andy

I believe we think along similiar lines of philosophy(including bullion). Course, I realize everyone's situation is different; but just to tweak you a bit- wouldn't a safe some where other than a bank be better
insurance?

Welcome IA Farmer- your comments on stewardship of a collection are
well spoken..appreciation of what has been entrusted to you and the willingness to improve upon it without losing sight of the history that made it possible.

Also; great point Roy. Often we(well mebbe just I) overlook the obvious.

WN

 

"a safe some where other than a bank be better
insurance"?, Wooden Nickel.

You right of course. If the government or a probate lawyer wants to they have the right to inspect anybody's safe deposit box. I would love to have a safe that is set into the concret of my home but I don't and I have this image of having a safe wheeled out into a U-haul truck when I am away stuck in my mind.

 

Haha...you just need more

coins/bullion for your safe!!

Praise every day for your kid..they grow up too darn fast!

Best
WN

 

As a dealer, I have provided free values of many coins for walk-ins as well as banks, lawyers and collectors. The best advice is to keep the collection organized, records kept and from time to time check the value of the collection. All key coins need to be marked and the owner aware of wholesale values based upon condition. I recommend any collector to own "Whitman's Photograde Guide to Coins". I keep my key coins priced and updated frequently.