Are you really want to have your children or successor see or take care of your coins

I am by far the more stronger willed one in my marriage but the bottom line is I want my wife to be happy so she pretty much gets what she wants as long as I don't hate it. Now the only reason why I feel that way is not that she is my wife but she was the wife for me.

Now for the coins, right now my families medical expensives are more then my pay was for a portion of my life so I haven't added to it for a while. But since I came back to the forum my taste for gold is increasing again so I think I will induge myself soon. I like to think that my collection is not just for me for the moment and not just another bonding experience for me and my kids for the moment but something I could leave to one or all of them , depending on who is interested, whenever that time
may be.

 

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Well tonight (I know this is off topic but I'm going to have a coin topic in this too) I had supper with 3 wonderful ladies....candle light...soft music...and the works...


don't get your hopes high...2 were my sisters and the other one was my sister's-sister-in-law....
The whole family had dinner at the house and we were put out at one table while the rest at another....
----now...back to the topic

Back to coins...I went to a auction today and found many many many many OLD ANA Mags..at a great price...I have a few hundred at the most and that isn't counting auction Catalogs and price guides from the 50's-70's .....I know the guy and he is in a nursing home...the people over his $$..decided to sell it all...

Andy
I know that when you left your son was bad off...and you were paying on the bills...I hope that your son is better and getting better everyday--

Speedy

 

Andy - Gold coins are just about perfect for the objective you stated.

 

Speedy, thanks for asking but his health is an up and down affair. Was worse thru 4 years ago. The good news is that he was tested into the gifted program as a kindergarten last year and I still have investment money to cash in on for his medical expenses. So I am feeling postive for his future.

Note: Health is wealth for you pay thru the nose to rid sickness.

Cloudsweeper-you are so right. It is amazing how even my young kids eyes light up when they see a gold coin and then when I tell them and show them pictures about the history of the people on the coin, it even makes the coin come alive for them.

Are you into bullion gold or a special gold coin era/country?

 

Glad to hear he is better...

Speedy

 

Now wait a minute Speedy. I know where you live. In that state, being related is no prohibition on anything.

But on topic, there are some things I wouldn't expect a non-collector to want. I have many rolls of older Jefferson nickels. If you weren't a collector, would you care? However, I have a Series 1902 National Currency Note from the bank of which my great-grandfather was President. Which means he signed it in his official capacity. It has family value, and numismatic value. That I would expect my kids to want.

 

Coo...(on the bank note)--I bet that will have value to you and your family for many many years...

Speedy

 

I think that where leaving something of value to an heir is the goal, gold is an excellect way to do it. There is less chance that someone without a lot of numismatic knowledge will be talked out of believing that gold coins are valuable than some rare variety of a clad coin.

So far, I've only collected American Eagles, Canadian Maple Leafs, and a few European gold coins because my interest was to obtain the most gold for the least amount of money -- more of an investor's view than a collector's view. My next purchase will probably be a low uncirculated grade double eagle [MS60-62]. I've never been attracted to the higher grade coins and can be very satisfied with any uncirculated coin in any series. I'd rather have two MS62's than one MS64.

 

Hey Cloudsweeper
I would suggest that if you buy a double eagle you buy a MS64 or such...quality is better an quanity

Some of the dates are harder to find IMO in the lower grades for Gold coins...it seems like more people saved them...and not many spent them...in that case..I would go for the higher grade...

Speedy

 

Speedy,

Thanks for the suggestion. I've heard the argument many times about buying the higher quality coins. But I looked at some historical prices last year for $20 St Gaudens pieces over the years. The common date coins in the higher grades [MS64 and 65] didn't outperform the lower grades [MS61 and 62] on a percentage basis. In fact, they tracked each other very closely for many years. Something has to be both rare and high grade to really outperform, and those coins are somewhat out of my reach anyway. In some cases, I can buy three MS61 coins for about the price of one MS65, and I'd rather collect on that basis. I don't know if the premiums will expand, contract, or stay about the same in the future. So all things considered, I'd rather have more uncirculated coins than less. I don't completely trust the high premiums over bullion value for the higher grades when the coins really aren't that rare.

 

But lets say you buy 3 $20 pieces all dated 1912---then 3 years after you buy them 1912 dated $20 gold pieces start up....now what ones are more likely to go up more and bring you more $$ back...the higher grade coins--you have said before that you are more on an Invester...that is right down a intvesters track...

They don't know how many of the 1912 they melted down....

So again...I see your point...but at the same time...I don't see it...quality is aways better than quanity...I found that out the hard way---

Speedy

 

I know that is the common wisdom, Speedy. But part of investing is to put the money into something that has a "margin of safety." If I believe that gold will one day sell for $1,000 per ounce, then I know for a fact that buying three lower mint state double eagles will be profitable. The higher grade coins MIGHT outperform the lower grade, but that is speculating, not investing. Also, I just couldn't find any evidence in the price record that the common wisdom of buying higher quality double eagles made more money. The dollar profit was greater. The percentage profit was about the same. But I freely admit that my investigation was in no way comprehensive, just more of a survey of whatever past prices I could find from 1980 to 2004. And it isn't like MS64 double eagles are rare or anything [in total, not specific dates], so it's hard to tell how much "hype" is built into the price.

 

....But for anyone reading these posts, be advised that Speedy knows a lot more about collecting than I do. I just have trouble accepting some of the commonly accepted precepts of the hobby.

 

I hope you don't believe that---I sure don't think that will happen..

And please be advised that I'm still in the learning part and Cloudsweeper isn't...from what I have seen on this forum he is smart about his deals and is great with coins...

Speedy

 

I'm doing my collection for me,for now with my kids getting it when Im gone.My oldest likes to hear about the coins tho doesnt seem to interested in the collecting part.O well maybe the youngest one will get in to it.


MARS

 

"I think that where leaving something of value to an heir is the goal, gold is an excellect way to do it. There is less chance that someone without a lot of numismatic knowledge will be talked out of believing that gold coins are valuable than some rare variety of a clad coin." Cloudsweeper.

Good point.

I like the idea of collecting gold coins and having gold bullion gold coins as well. Now the question is can just buying gold bullion coins themselves consitute a collection?
I think yes. especially if they are one country with many years or many countries.

As for investments, to me gold is not the best investment. I would think real estate and major multi-billion dollar blue chip stocks are better. But what do I know? However, gold can be seen as a doomsday type fail safe investment. along with firearms and good scotch

but with that said, gold can be transferred across generations without being anyone elses business.

 

successor

i think i am still not willing to let my daughter and my wife have my collection at this time. maybe wait until i am retire, sick or dying. mainly because they are not interested in coin collecting.

 

To get them interested you need to help get them into coins...ask them to help you look for some dates in a bag of coins next time...ask them to go to shows with you....or even in grading they can help...give them a slab and have them hold a paper over the grade...you look at the coin and guess the grade...then they tell you what it is on the slab...that is where interest starts.

Speedy

 

The way I view it, coins in general and gold specifically are investments in the same class as a money market fund or a foreign currency. They probably won't provide returns as high as stocks and real estate in most situations, but provide some useful diversification. They should also preserve the purchasing power of the dollars invested in them against inflation. And it's a lot more interesting than looking at a bank statement.

 

children

i wish one of my son or daughter is the owner of a coin dealer. then i can sleep forever.