First time poster...could use advice

Hello!

I have been collecting coins on and off since I was a little kid, so, I would say about 45 years. My grandfather got me into it by giving me a few coins he got at his hardware store...nothing earth shattering....some old worn Morgans, Peace dollars, IHC's, etc. In my teens I went to a few coin shows, bought some unc Morgans, etc, and as I got older, I had a family, which left me no time (or money) for collecting. When my kids were teens, my ex and I divorced, and somehow my old coin collection went under her greedy radar. After the divorce, I started collecting again, but pretty much modern commemoratives, as I thought they were cool.
Anyhow, I had hoped that some, or even one, of my 4 children would be interested in coins, but no, they aren't.....they are more interested in what they might be worth. Now I've a granddaughter, who I buy Proof sets and Limited Edition Silver sets for, each year....hoping she someday has an interest. She's young, so, too early to tell.
I've never sold a coin, and have amassed a collection large enough to fill the biggest safe deposit box my bank has, and then some. I have never sold a coin! I own a store myself, and believe it or not, we sometimes get Liberty Nickels, silver dimes, Mercs, many wheat cents, buffalo nickels in change. I actually got a barber dime the other day....circulated all, but still exciting for me to get them.
Here is my dilemma: I don't want to split the collection up in my will, going to each of my heirs who will likely take the coins to the closest pawn shop, and we know how upstanding and fair they are, and would rather give to a relative who can enjoy them as I have. How do you get young folks interested? As I said, I do buy my granddaughter sets, and plan on giving her some of my "found in change" coins first, but, well, any other suggestions? I am in New England, and don't want my collection going to "Good Ole Tom" for melt value (if youre in NE, youll know Good Ole Tom, the pawnbroker).

Thanks for your time!

 

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If your pawnbrokers up there will pay actual melt value for silver, they're more upstanding than the ones down here.

In your will, would you consider leaving certain items to your granddaughter (or others), and leaving instructions to take the rest to a trusted dealer? True, the dealer won't pay close to retail, but that's just the way things go in this field. The dealer is more likely to pay an honest percentage of fair value than a pawnshop -- or, dare I say it, an independent collector, who may be less than knowledgeable or prone to greed/temptation.

Welcome to CoinTalk!

 

Thanks for the advice, Jeff....hopefully have a few years left in me.....my devious plan is to drag her to a few coin shows when she is old enough......

 

You're placing a lot of hope in the possibility that you can get your granddaughter to catch the coin collecting bug.

Like Andy Dufresne said, hope is a good thing, maybe the best of things...and many a collector has hoped for such a legacy. But the reality is that collections seldom end up in the hands of heirs who are collectors themselves. Instead, they end up in estate sales or pawn shops.

If, despite your best efforts, your granddaughter doesn't take to coins, perhaps the next best thing would be to liquidate the collection while you're alive and able the manage the selling process yourself, and then add the proceeds to her college fund. It's not the same thing, but at least the collection would benefit your grandchild.

 

Wishful thinking! Your heirs, including your granddaughter, are going to do what they want regardless of your wishes.

I had an uncle who was stationed in Alaska with the USAF from 1949-1964. During that time, he accumulated about 1,500 gold coins. After he passed about 20 years ago, it took his kids only two years to blow it all on drugs.

Chris

 

That a situation all of us old folks face.
At my age the grim reaper is catching up.
The advise I'm leaving is to sell thru GC or there a couple of dealers that I will recommend.
The local guy,well I will advise them to avoid, but hey I'll be cremated and my ashes spread along some railroad tracks. singing along with Jimmy Rogers.

 

Well, hope springs eternal, right? I do have 4 kids, with more grandchild possibilities!
Of course once I have passed, my heirs will do what they will. I just have to try and influence them before that time.
I think of my old aunt Dorothy. She was a Marine in WW2, was stationed at Hickham Field when the Japanese attacked Pearl Harbor. Her barracks was strafed. She never married, smoked and drank whiskey until the day she died. Somehow I inherited her foot locker which was basically full of photos of people, most of which I don't know....many of them with her pinning decorations on other women Marines...anyhow, I can't get rid of this stuff! It represents her memories, all that's left of her. I think about finding out who is in the picture and sending their heirs the photo. An albatross, to be sure!

 

How to get a young person interested in coins? You might buy a bag of Lincolns and an album. Have them help you sort and fill the album. If they have fun, they could be hooked on the hobby.

 

Oh geez.... I have a sizeable coin collection, old guitars, guns and old cars. None of my kids, grandkids or great grandkids are interested in anything that doesn't have a memory card and gigawhizits. I left it in my will for my oldest son to divvy it up equally. The area pawnbrokers will have a field day at my passing. It won't matter to me when I leave this party. Every now and again I get this crazy thought in my mind that I may leave my coins to a local dog rescue outfit. Who knows. The more that senility creeps in... I just might.

 

My son grew up with coins, guns and tools as part of his every day life. There was no way he could not learn from it. I didn't force him any direction. We just had a lot of fun. Over the years, he learned how and who to take my collections to if he wishes to sell them. That was my goal. Now it's his problem.

 

I plan on asking my kids what they want me to do with my coin collection when I'm older. Either that or melt it all and make a casket out of it.

My coins are in an inventory with the purchase price so I'm reminded and if they need to know, the valuation at one time of all the coins, ASEs, etc.

 

Bless you for doing that. A friend of mine asked me to come help him with his inherited collection a month ago. I figured his dad had some silver pocket change from back in the day. Boy was I wrong. What I thought would be a Sunday afternoon helping a friend has been a month long inventory challenge. And I'm still not done.... That's OK. I certainly don't mind being surrounded by mountains of old coins.

 

We think alike. Talk with the kids. At some age they need to understand what you are leaving behind.

 

My Son last year made out like a bandit at the ANA fun show. Every dealer showed interest in him learning about coins. Honestly, he got more attention than I did. I guess what I am getting at is with a little persistence and patience, taking your grandchild to coin shops, shows and letting see some beautiful coins might instill a passion in them that you may not be able to do.

 

This is one route I plan on taking with my two youngest grandkids: I picked up one at a garage sale and ordered another from Amazon. A great resource, IMO.

Steve

 

Leave it to the dog rescue outfit. It will make you feel good, your estate might get a tax break from it, and you can give them guidance on who could give them the best price for it.

 

Oh now wait a minute... You are bringing TOOLS into the equation..... I am quite confident my two boys have already inherited all my tools. I sure can't find them otherwise!!

 

Some good advice, there, and some nice songs. As for how to get your daughter interested, "fun" has to be the key word. That could include history, politics etc. also - and why not ? - some humour (e.g. the Liberty lady on her potty !). But what is an absolute no-no is to "drag" her along to anything. That implies compulsion, and will do very little to stimulate interest in such a rewarding (probably not in money!) hobby. Let her be involved, and listen to her views and interests. Don't be an old fuddy-duddy who thinks he knows best about everything - even numismatics !!!