When you die-where are your coins?

I have often wondered what would happen to my fifty year coin collection when I am gone. No one in the family is really interested, and certainly have no idea of the value. Would they break them out of the holders and spend them? Would they sell my four Merc sets for ten bucks at a yard sale? Who knows?

So....... I have decided to make a complete inventory, make up an Ebay ad(to be used after I'm gone) for the whole lot, and leave the CoinTalk site info so it can be listed here first.

I have told my only child that her inheiratance in is all those cardboard boxes, briefcases, folders, albums and 2x2s all over the kitchen table! lol

What do you think? Where will your coins go?

 

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Assuming I go first the wife gets them all.
Will also slab more for easier selling (for her) as well as being in contact with a few close friends to help her in a selling endeavor.

If she goes first then it will be in the hands of a close friend when I go. At least they will appreciate my life's work and maybe make a few bucks. I know I wouldn't be missing it at that point.

No one in my family deserves them but my wife.

 

....hmmmm.......I agree with that, Clembo. Maybe, if my wife goes first, I'll just leave them to the library. It was there I checked out my first coin book at age ten, and provided so many references through the years that kept unscrupulous dealers from screwing a kid. lol

 

I keep both an inventory list and rather lengthy instruction letter in two places that my kids know about. In the letter, I discuss which of the coins are valuable and which are common, and also tell them how to go about determing a current value when I'm not around. They have no real interest in coins and will probably sell them on Ebay, so I wanted to make sure I did everything possible to help them avoid getting cheated.

 

I have a book, that lists all coins by denomination, when I bought them, what condition I believe them to be in or graded them as, what I paid for them. I also informed my wife of what to do with them in the event of my death. how to sell them, how to get the most for them and so on, should my children not be interested in finishing the collections or continuing them.

 

I'd hope I'll have someone interested enough in coins before I go, to pass them on to. A grandkid or someone, preferably. I keep a pretty detailed inventory of my collection up to date all the time, so if anything happens to me the family will have a good record of whats there. I'd hope they don't resort to Ebay to sell them off. I'd hope they use a reputable establishment instead. Afterall, it's a life's worth of work and enjoyment, not a pile of crud I want to see sold in a huge lot for a huge loss.
Guy~

 

My son informed me that he was taking them all to the bank.

I told him that I'd be dead & didn't think that I'd care.
However, he is the one who would lose out.
(sad expression on his face-- he thought that he had gotten to me.)

 

coins going.....

that is a good question and needs to be addressed. i plan to video tape my collection in detail. explaining my collection as i display them in their holders, albums, cases, whatever. and i will record instructions and direction for selling the coins. in other words i plan to educate my wife as best i can on what to do and how before i exit.

steve

 

This is what I have on my website under "Collecting Tips" on the subject:

While it is not a pleasant mindset to engage in, think about and plan for how your coins should be disposed of if/when something happens to you. Make your spouse and/or family and/or friends and/or an attorney aware of your wishes. If you have a particular dealer or coin/auction company that should be contacted, have that information recorded, along with costs, sources, purchase dates, etc., of your coins.

 

First the wife and kids will have to blow the safe! All kidding aside both my sons are into collecting, my older boy 15 collects indian cents and my younger boy 12 collects buffalo nickels. I take them to the local coin shop every Saturday and we always have a great time. So I will give my collection to them, my wife can have the life insurance money.

 

My will says my father - I think if he is gone, then they goto the nephews. I will probably get some slabbed - some of the nicer and higher dollar coins. Hopefully I will get a chance to discuss it with my older nephews after they get out of college - just a few years away.

 

Assuming my collection improves before I pass, then I want to donate them to either the ANA or a college.

Hopefully it'll be nice enough to be published by then. I can see it now - "Ex. Ardatirion Coll." Has a nice ring to it. Or, maybe have it attributed as "Ardatirion 4b". Lol.

 

My Grand daughter just turned 2, & I 60, so I hope I have time to interest her in collecting. In any case, the coins go to her. I have saved every receipt for every coin purchased, & I try to update price lists every once in a while. My wife & I also have quit spending Quarters; we put them in a jar & when we have $40 we roll them & deposit them in an account we started in our Credit Union in her name. She just turned 2 & has almost $1,000 in savings.

 

my wife...she has agreed to keep the collection together.

 

My wife will get mine. I have educated her on what is common and what is valuable. Other than my parents, I don't trust anyone else in my family

 

When I go, which I hope is a long ways a way, in my family, probably my niece, no one else in my family could care less. Other then that I will donate them to a library or leave them to a close friend. It will depend on how lucky I am in obtaining good coins.

Regards,
S

 

well, hopefully i wont go for another 60 or 70 years so.... ive got a lot of time to decide what to do with my coins. but if i died unexpectably tomarrow, my brother would get all of um.


monkeyman

 

Im too young to die!!!

 

This is a subject I've pondered quite often.

If I pass before my time my wife has instructions to take my collection to fellow collectors "I trust" for sale.

If I live to a the point where I can no longer lift my books (binders) of coins then I plan to sell them at a fair price to young collectors andtake the money and spend it on my wife and myself.

 

Well.....I don't plan on dieing, but in the unlikely event that I do, I haven't got a plan yet. This thread has several good ideas though. I need to make and keep a current inventory. Assuming that someone figures out how to open the safe I will have instructions inside on the best way to procede.