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<p>[QUOTE="Publius2, post: 8349973, member: 105571"]My wife has a friend (a professional woman and a person of some capability and intelligence) whose father passed a few years ago and left a large collection/accumulation of coins to his four children. During the estate probate, their attorney recommended that the basis of the split between the four kids be based upon solely the gold bullion value. That certainly made the split simpler and easier to administer but no doubt did not result in a genuine even distribution since it ignored all numismatic value. That said, the lady recently asked for my help in figuring out what to do with her portion of this trove. We met yesterday and spent 4 hours looking at about 10% of what she had. That 10% occupied a large (24" x 16" x 16") Rubbermaid tote. I had asked her to bring a representative sampling which consisted of pre-1933 US gold, French gold Napoleans and Roosters, Austrian 4 Ducat gold, modern US gold, a ton of ASEs, a couple of complete Franklin Mint proof sets, and some miscellaneous other stuff.</p><p><br /></p><p>Well, this was no "grandma's shoebox" accumulation. Rather than spend our time looking in depth at each coin (Oh, how I was tempted), we spent most of our time talking about her goals. I think I really helped her with developing a framework for moving forward towards her goals of retaining a portion for sentimental and family legacy (estate) purposes and selling off the portion that didn't meet that criteria. She had so much stuff that the whole enterprise was overwhelming and confusing for her. So I laid out some strategies for how to think about these things and how to satisfy her desire to involve her children in the decisions without having it turn into a free-for-all. Basically make 3 piles: a "keep" pile, a "sell" pile, and a "too hard" pile. Let the adult children make recommendations out of the "too hard" pile. That way she keeps control. </p><p><br /></p><p>I also talked about venues for disposal, discussing the auction houses most appropriate for her coins (Heritage, Great Collections), how they conduct their business, buyers versus sellers premiums, eBay pros and cons, and local dealers pros and cons. She thinks her sister sold off her inheritance at a pawn shop (ouch). </p><p><br /></p><p>Talked about the TPGs, the basic services they provide (authentication, grading and encapsulation), and why slabbing enhances a coin's marketability and value. Explained when it made sense to get coins slabbed or not. Discussed the basics of grading, why it is massively important and showed her how a coin's value is significantly dependent upon grade. Showed her PCGS and NGC websites for slab certification and explained about those sites' price guides. Looked up one of her coins (1855-O $1) on NGC and then showed her Greysheet's wholesale bid. Then I explained about auction prices and we looked up that coin on Heritage's auction database and what that coin went for there. Also explained why two coins of the same grade can have markedly different values. All to illustrate that there is no simple answer to the neophyte's first question "What's it worth?"</p><p><br /></p><p>She had a tube of 1993 $10 Eagles. I talked about Chinese counterfeits and we weighed a few of them (they were all good). I also explained that if she took them into a local reputable bullion dealer (I named the one I have used and she had seen the shop) that they would use their machine to validate the gold before making an offer.</p><p><br /></p><p>At the end of the day, she said she really learned a lot, found it very interesting, and felt a great deal more positive about how to go about organizing towards meeting her goals. She also wants to meet again and bring another package of new material. </p><p><br /></p><p>I found the whole experience very enriching and satisfying myself. Not only did I get to look at some neat stuff but I was able to help a friend. Who knows, there were a couple of coins I might make her a fair offer on.[/QUOTE]</p><p><br /></p>
[QUOTE="Publius2, post: 8349973, member: 105571"]My wife has a friend (a professional woman and a person of some capability and intelligence) whose father passed a few years ago and left a large collection/accumulation of coins to his four children. During the estate probate, their attorney recommended that the basis of the split between the four kids be based upon solely the gold bullion value. That certainly made the split simpler and easier to administer but no doubt did not result in a genuine even distribution since it ignored all numismatic value. That said, the lady recently asked for my help in figuring out what to do with her portion of this trove. We met yesterday and spent 4 hours looking at about 10% of what she had. That 10% occupied a large (24" x 16" x 16") Rubbermaid tote. I had asked her to bring a representative sampling which consisted of pre-1933 US gold, French gold Napoleans and Roosters, Austrian 4 Ducat gold, modern US gold, a ton of ASEs, a couple of complete Franklin Mint proof sets, and some miscellaneous other stuff. Well, this was no "grandma's shoebox" accumulation. Rather than spend our time looking in depth at each coin (Oh, how I was tempted), we spent most of our time talking about her goals. I think I really helped her with developing a framework for moving forward towards her goals of retaining a portion for sentimental and family legacy (estate) purposes and selling off the portion that didn't meet that criteria. She had so much stuff that the whole enterprise was overwhelming and confusing for her. So I laid out some strategies for how to think about these things and how to satisfy her desire to involve her children in the decisions without having it turn into a free-for-all. Basically make 3 piles: a "keep" pile, a "sell" pile, and a "too hard" pile. Let the adult children make recommendations out of the "too hard" pile. That way she keeps control. I also talked about venues for disposal, discussing the auction houses most appropriate for her coins (Heritage, Great Collections), how they conduct their business, buyers versus sellers premiums, eBay pros and cons, and local dealers pros and cons. She thinks her sister sold off her inheritance at a pawn shop (ouch). Talked about the TPGs, the basic services they provide (authentication, grading and encapsulation), and why slabbing enhances a coin's marketability and value. Explained when it made sense to get coins slabbed or not. Discussed the basics of grading, why it is massively important and showed her how a coin's value is significantly dependent upon grade. Showed her PCGS and NGC websites for slab certification and explained about those sites' price guides. Looked up one of her coins (1855-O $1) on NGC and then showed her Greysheet's wholesale bid. Then I explained about auction prices and we looked up that coin on Heritage's auction database and what that coin went for there. Also explained why two coins of the same grade can have markedly different values. All to illustrate that there is no simple answer to the neophyte's first question "What's it worth?" She had a tube of 1993 $10 Eagles. I talked about Chinese counterfeits and we weighed a few of them (they were all good). I also explained that if she took them into a local reputable bullion dealer (I named the one I have used and she had seen the shop) that they would use their machine to validate the gold before making an offer. At the end of the day, she said she really learned a lot, found it very interesting, and felt a great deal more positive about how to go about organizing towards meeting her goals. She also wants to meet again and bring another package of new material. I found the whole experience very enriching and satisfying myself. Not only did I get to look at some neat stuff but I was able to help a friend. Who knows, there were a couple of coins I might make her a fair offer on.[/QUOTE]
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