CC Silver Dollars

Remember the GSA sale of CC silver dollars in 1980
The short version of my lucky story is that I submitted 25 orders for 10 coins each, and GSA awarded me 16 orders for 5 coins each, and sent me refunds for the unfilled orders.
So, I have 80 CC silver dollars, all still in their original presentation cases, many with a gorgeous golden hue -- the dates are 1879-1885 – I assume that all would appraise at MS63 or better.
Although I know very little about coins, for the past 27 years I have enjoyed going to the bank safe deposit box several times each year and spending several hours looking at the beauty of something over 100 years old in almost perfect condition.
Now, as I reach an “advancing” age, I am not sure what I should do. I have thought of selling the coins, although I do not need the money, and do not have a clue as to how to go about selling them. I have also thought about leaving them to my two grandkids (ages 1 & 3) along with my wish that they use the money for college, or that they keep the coins for their children. ps, these are the only coins in my "collection", they were just a one-time "investment".
I’m not sure what sort of advice I’m seeking: should I sell them and give the money to grandkids, and if so, how should I go about selling; or should I leave to grandkids and ask that the pass on in their family?
I will appreciate your advice.

 

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If it were me I would keep it in the family so they can always be remembered as "Grandad's CC Dollars".

 

Do you know DAK inside joke

 

I second that. They would be a nice legacy to pass along.

Andy

 

yorkar,

Welcome to Coin Talk! I think you will like the forums, information and help given here on C.T.!

I am sure that you will receive mountains of advice on what to do with the coins but the decision will really be up to you! Since most heirs care little if anything about Coin Collecting, I would normally say to sell the coins and place the money in Trusts for your' grandkids. However, if your grandkids are into Coin Collecting, then the coins would probably be highly cherished by them as an inheritance! If they are not into Coin Collecting, there is still time to delve into the hobby yourself and to take your grandkids along to get them started in the hobby as well. Visit a few Coin Shops and attend some Coin Shows nearby and when you get back home, make sure to go through the purchases with your grandkids, noting any and all special qualities of each and every coin. Also, you might want to pick up some Coin Albums and a few coins to put into each Album. Let your grandkids go through the coins and have them insert the coins into each of their' own Coin Albums. Once they see and feel the fun of collecting coins and doing so with Grandpa, then they will have a much better appreciation for the coins and especially any that they receive from you as an inheritance.

Good luck and happy Coin Collecting with your grandkids!


Frank

 

I agree with leaving them to family. The grandkids may be too young to fully appreciate them right now, but they may really enjoy them when they get older. I know the coins my grandparents left me are priceless in every sense of the word to me, and I wouldn't sell them for any amount. It's a great gift to leave.
Guy~

 

Welcome to the forum.

You might consider saving a few of the coins for your family and selling the rest. If you do decide to sell any of them, I'd suggest having a knowledgeable person screen them for you for the possibility of having the higher quality (MS65 and better, if applicable) examples submitted to NGC or PCGS for grading. That can be done, keeping the coins in their original holders, while potentially adding to their value.

 

I don't know your family's circumstances, so it isn't possible to tell you what to do. Mark's advice quoted above is probably the best compromise between selling all of them or gifting all of them.

 

Welcoem, and

I'd keep them and pass them along.

P.S. You aren't related to Dak, are you?

 

Welcome to the forum! What I would do is keep maybe 2 of the best examples of each date and sell the rest. Sounds like you have some excellent coins. :thumb:

 

Don't know Dak, so definitely not related. (is that good or bad?)

 

I made lots of wise investment decisions over the past 45 years - there is no $ reason to sell. The grandkids will be well taken care of, so is it better to give them more $ or give them the coins -- I wish I knew that they would pass on to their kids instead of selling (without lots of legal hassle), otherwise I would be better of selling and passing on more $ to them

 

In the circumstances you describe, I would give them the coins instead of the cash. It's more personal and will be more meaningful to them someday. If you put the coins in two separate boxes with the kid's names on them, and enclose a short personal note from you to them instructing them to take good care of these valuable old rare coins and pass them on to the next generation, I'll bet they'll do it. I would do it.

 

How would you evenly split them, because there is a big price difference between a 79-cc and a 84-cc, so some will not get the best because you probably only have 1 or 2 79-cc.

 

I initially had the same idea as Mark and would pass at least 5 to 10 to each. Is there a possibility that your kids might have more kids? Something to consider as well.

I don't know much about how inheritance is taxed but you might get taxed less on the coins while I think those will at least hold their value if not increase significantly over their life time. I don't know but I would look at the tax implications and see if that makes a difference???

Good Luck - I'm sure the kids would at least enjoy some memento.

 

Ditto on that

I agre 1000% TDEC . What a lovely legacy . The grandkids will remember you each time they look at them beatiful Morgan dollars . rzage

 

Give 'em to the grand kids.

 

In my opinion it is unwise to give gifts of rare coins to individuals who are not already inclined to collect. This routinely ends in the coins being sold by unknowledgable heirs for less than full value.

The only good thing is that the GSA dollars are so common (the 80-85's anyway) that they are easy to value because they trade between dealers frequently, so as long as you deal with a reputable entity you will get fair value for them.

If you tell us what city you live in/near we could recommend a local dealer who you could trust to offer you a fair price or you can contact one of the big dealers via their website to get an offer from them.

 

you have a lovely choice of coins for a legacy.
w/o knowing your family's circumstances and personalities, you may wish to bring them up in conversation w/ them.

expalin to them the signifigance of them and discuss w/ them what they would want. many would want at least one of grandpa's coins. financial position may determine much.

if there is a need to sell, make arrangements ahead of time w/ a reputable dealership or auction house. arm you kids and grandkids w/ knowledge so they will not get lowballed or ripped off.
i wish you a long and happy life and a sharing and bonding w/ your family.

may God Bless you all.....steve

 

Glad I saved this stuff