How do you know when to stop collecting and start selling off your coins?

I've reached an age at which I know I don't have all that many years left. No one in my family has an interest in coins, so there's no one to leave mine to who would appreciate them. Should I start selling? Send the better ones to an auction house? I talked to someone at David Lawrence Rare Coins, and they sound like a good group to go to when divesting yourself of a semi-valuable collection. Any thoughts on this topic?

 

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I’m not sure but someone will reply no doubt. Good luck with your collection. Good to find someone you trust.

 

Look very carefully at the tax consequences of you selling versus your estate selling later. If your collection has gone up in value, you’ll likely have to pay capital gains taxes. OTOH, depending on the size of your estate and the state you live in, your estate may owe no inheritance taxes. And the basis of your collection for your estate will be its value on your day of death. So, if the collection is sold soon thereafter, there will be little or no capital gains tax.

Be sure your executor is well informed about the collection and how to dispose of it. Alternatively, be sure the collection is well organized, is in a safe place known and accessible to your executor, and leave a document with it listing an inventory and detailed instructions on disposition of the coins.

If your collection has not appreciated and you’re not interested in it anymore, yeah, sell it. Remember you’ll be getting wholesale or hammer prices. If it’s really valuable, you may be able to negotiate with auction companies to get more than hammer prices.

Cal

 

Coin shows are one way of selling coins and many deal in cash with no tax issues.

 

It's a tough call, and an individual thing, too. Do the coins still bring you joy? Could you use the money? Do you still add to your collection? Or do they sit in a box in a closet?

A lot of us face the same decision. I have my coins, my baseball cards, an old Mustang, a stereo, a record collection, a nice woodworking shop, and more, and no children. So at some point I'll pass it along to someone who can appreciate it, but not before I'm done enjoying it. The hard part is determining exactly when that time is...

 

You just need to find someone with compatible interests and adopt them. I mean, I'm sure my dad would be willing to negotiate shared custody.

 

We can talk about the old Mustang and woodworking gear!

 

David Lawrence is a good option. I have not done business with them but know some of their folks and they are first class people. This is what I did. I have a lifetime accumulation. I don;t know how to sell. My first fifty collecting years are average low quality coins. My last ten years are high quality pieces with decent value. I am buddies with my local dealer and I set up a deal with him that when I depart this spinning rock, my wife can bring my truckload of coins to him for a fair deal. I have his business cards tucked into each one of my boxes, safes, coin books, etc. I also have several special coins set aside to go to my grandson who is a rabid collector. I couldn't bear the thought of selling my coins. Just couldn't do it, but it will make a nice payday for my wife when that day comes.

 

I'm in the same boat, fortunately I have children and have already given them the major portion of my collection.
But I'm still buying and hopefully I'll figure out what to do or they can.
Here's one I bought last night.....coins & trains oh my

 

I have been collecting for 75 years and have a similar problem. I started distributing coins to my family a couple of years ago. I made each grandchild and great grandchild a family tree oriented type set. On birthdays and other special dates, I give coins as gifts. The fact that we have 6 kids, 14 grandkids and 20+ great grandkids gives me plenty of outlets. Today is a first birthday party for my youngest grandson. I'm taking coins to the party.

 

Same for me. No kids and what little family left has no interest in coins. My uncle gifted many of his coins to me and we still spend many days talking about them and looking for more to add to the collection. The memories are worth more than the coins. One day, I will probably do the same when I get older. As my nieces and nephews get older maybe one of them will get interested in the hobby and I will gift it to them. If not, then St. Jude will get it all.

 

You say no one in your family has an interest in coins, but perhaps they would if they had some. Perhaps will some of your nice pieces to a few of your relatives, you can even draw names out of a hat if you wish. Some may not enjoy collecting coins but may tie the receipt of that as a sign that you cared enough to give something of yours that you treasured. Possibly some or all will sell them but you won't care as you will have passed (that's how I look at things for myself). Then again, I've already decided to gift some of my coins to my family who hold no real interest in coins, not so much in the hope they do but in the hope that if they do sell, they recognize the value and they also realize that perhaps holding on to them for a number of years will help increase their value. That said, I've started gifting some to family now because I have no idea if when I pass I will have declined so far as to have no estate, and why not share a bit of "inheritance" prior to passing.

Just consider tax consequences of actions. There are limits in place.

 

Oh, that is the best.

 

Mine! I keep.

 

I've done this with so many things in the past year. I have donated / gifted most of my father's estate and a large chunk of mine since he passed away in April. Tried to downsize and keep a minimal amount (Less to maintain). I agree that its more enjoyable to share a bit now rather than later. I like your idea to give to family that have no interest in coins in the hope they recognized value and possibly hold on to them.

 

@Mike Thorne, I don't ever plan to stop collecting. I will probably go more demented to the point I won't now what coins are. At which time I will technically stop collecting.

 

I got Sellers Remorse... never sold any coins until yesterday. a Fellar offered me 218.00 per roll for ten rolls of my Kennedy halves 90%. I said ok but today I just wished I would have passed but I gave him my word. WHOOPIE I am thinking I paid like 150.00 or so but hick that's no money really. I won't being doing that anytime soon even its just junk U.S. silver. Even though they just sit in a cigar box in tubes. Why did I buy it in the first place if I wasn't thinking of making some return..IDK can't replace for that. another lesson always the hard way.

 

I personally requested a stack of auction invoices from Great Collections and filled out most everything but the date and a few other minor things. my wife justt has to follow the very easy instructions to submit (I even addressed and set aside the boxes to ship in.) I told her if she couldn't handle it from there she didn't deserve the money.

 

If you still enjoy collecting, why quit? I'm in my 70's and I have no intentions of stopping. That seems to me to be the best time to collect is when you are older for obvious reasons.