Log in or Sign up
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Inherited Collection Part 2: Heritage Process
>
Reply to Thread
Message:
<p>[QUOTE="Bluemorpho, post: 7677430, member: 119112"]You guys are Amazing! I'd prefer to respond to each of you individually, but I wasted a bunch of time doing that on my last post, and for some reasons none of my responses posted. (I know I can contact moderator, that's a different story).</p><p><br /></p><p>Know What You Have: I appreciate the advice from many that if we don't know what we have, we'll be taken to the cleaners. In an earlier post, several had said that the rough inventory I had was more than enough and not to put anymore effort into it--just send collection to Heritage. It's become clear through this process, though, that There's No Way Around an Appraisal. I need to hire someone locally before anything else is done to inventory and appraise the coins for several reasons. The problem with this is that there are no reputable dealers locally. However, after learning here how to find someone reputable, I made some phone calls, and may have found someone not locally but in the region. I also appreciate the suggestion from ToughCOINS to ask Heritage if they can recommend someone in the area.</p><p><br /></p><p>Inventorying & Selling them Myself: Siblings and I did make a rough inventory but none of us knows coins. It was pretty comical. While I appreciate coins, my task list overfloweth even when not settling my mothers estate, and my guitar gently weeps in the corner along with my paint brushes, my hiking boots and pruning sheers. Frankly, right now there isn't a cell in my body that wants to spend my time selling coins on e-bay. As noted by John Burgess, this is a daunting task for someone who knows nothing about coins.</p><p><br /></p><p>Bullion Doesn't Scream "Go to Auction House": Heritage has been clear that auctioning the coins is not in our best interest. The general discussion has been that they would give us a spot price purchase offer for bullion, while the numismatics would go to gallery sale. But as I've found with this process, I need a basis to determine if the spot price is, well, spot on? And if I don't carefully review the contract, I can see how there might be some clause that gives them discretion to sell coins in whatever way they deem best, such as wholesale lots with no minimum reserve price.</p><p><br /></p><p>Laws and probate: Thanks for you comments on this topic. I have been consulting with our estate attorney throughout this process. My mother had a trust and the estate is not going through probate. My intention is to ensure that this process has integrity throughout.</p><p><br /></p><p>My conclusion: Take the necessary time to find someone reputable in the region to inventory and appraise the coins before doing anything else. After that is done, determine, based on the inventory and recommendations of neutral third party numismatists, best approach for selling the coins that need to be sold.</p><p><br /></p><p>Thank you all for your input, much appreciated!![/QUOTE]</p><p><br /></p>
[QUOTE="Bluemorpho, post: 7677430, member: 119112"]You guys are Amazing! I'd prefer to respond to each of you individually, but I wasted a bunch of time doing that on my last post, and for some reasons none of my responses posted. (I know I can contact moderator, that's a different story). Know What You Have: I appreciate the advice from many that if we don't know what we have, we'll be taken to the cleaners. In an earlier post, several had said that the rough inventory I had was more than enough and not to put anymore effort into it--just send collection to Heritage. It's become clear through this process, though, that There's No Way Around an Appraisal. I need to hire someone locally before anything else is done to inventory and appraise the coins for several reasons. The problem with this is that there are no reputable dealers locally. However, after learning here how to find someone reputable, I made some phone calls, and may have found someone not locally but in the region. I also appreciate the suggestion from ToughCOINS to ask Heritage if they can recommend someone in the area. Inventorying & Selling them Myself: Siblings and I did make a rough inventory but none of us knows coins. It was pretty comical. While I appreciate coins, my task list overfloweth even when not settling my mothers estate, and my guitar gently weeps in the corner along with my paint brushes, my hiking boots and pruning sheers. Frankly, right now there isn't a cell in my body that wants to spend my time selling coins on e-bay. As noted by John Burgess, this is a daunting task for someone who knows nothing about coins. Bullion Doesn't Scream "Go to Auction House": Heritage has been clear that auctioning the coins is not in our best interest. The general discussion has been that they would give us a spot price purchase offer for bullion, while the numismatics would go to gallery sale. But as I've found with this process, I need a basis to determine if the spot price is, well, spot on? And if I don't carefully review the contract, I can see how there might be some clause that gives them discretion to sell coins in whatever way they deem best, such as wholesale lots with no minimum reserve price. Laws and probate: Thanks for you comments on this topic. I have been consulting with our estate attorney throughout this process. My mother had a trust and the estate is not going through probate. My intention is to ensure that this process has integrity throughout. My conclusion: Take the necessary time to find someone reputable in the region to inventory and appraise the coins before doing anything else. After that is done, determine, based on the inventory and recommendations of neutral third party numismatists, best approach for selling the coins that need to be sold. Thank you all for your input, much appreciated!![/QUOTE]
Your name or email address:
Do you already have an account?
No, create an account now.
Yes, my password is:
Forgot your password?
Stay logged in
Coin Talk
Home
Forums
>
Coin Forums
>
Coin Chat
>
Inherited Collection Part 2: Heritage Process
>
Home
Home
Quick Links
Search Forums
Recent Activity
Recent Posts
Forums
Forums
Quick Links
Search Forums
Recent Posts
Competitions
Competitions
Quick Links
Competition Index
Rules, Terms & Conditions
Gallery
Gallery
Quick Links
Search Media
New Media
Showcase
Showcase
Quick Links
Search Items
Most Active Members
New Items
Directory
Directory
Quick Links
Directory Home
New Listings
Members
Members
Quick Links
Notable Members
Current Visitors
Recent Activity
New Profile Posts
Sponsors
Menu
Search
Search titles only
Posted by Member:
Separate names with a comma.
Newer Than:
Search this thread only
Search this forum only
Display results as threads
Useful Searches
Recent Posts
More...