little price tag stickers

There are a lot of us that see our investments on bullion and coins as something to leave for our spouse or children or to use in cases of economic harship or emergency. As none of us know when out time is up in this world. The coins and bullion we own usually gets sold by the spouse or children because they don't want to take care of the coins and store them, or economic hardship can happen after we are gone. This usally results in the coins or bullion being sold. But, how many of our children or spouses know the value of those coins and bullion?

I suggest either a printed instructions on how to sell them or a little sticky with a general price on the coins and bullion, so that when or if the children decide to sell your coins/bullion without out your guidance, they won't be taken by some schister that won't offer them a good price, simply because they don't know wha they are doing. A little tip not to polish or clean the coins would also be a good recommendation.

 

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I think that is a smart Idea. I will be the first to admit that I want to pass my collection onto my child when I am ready and if my child doesnt know anything about them then my baby could be taken advantage for. I think planning for the future is always a good thing!

-shrek

 

I have written a fairly extensive instruction letter and put copies in my safe deposit box and with the coins I have at home. I've also talked to by eldest son about the best way to sell the coins if he has a mind to do it. To do otherwise is a bit irresponsible.

 

Cloud,
ANy chance you can post that instruction letter so that I can see that as an example?

 

SilverSurfer: I approached this subject awhile back, so there is some more helpful information in this thread: http://www.cointalk.com/t89737/

 

Keeping copious notes and receipts on what coins/bullion/notes, etc. that you own would greatly help those inheriting your possessions. Using some sort of coin organizing software or setting up your own easy to understand Excel spreadsheets is a very smart thing to have at the ready. It is also important to keep a neat marked collection/inventory of your items that matches those records. Photos are a bonus and further easy identifying tool which may also serve as protection/proof in case of an insurance claim. Having this inventory prepared for insurance claims and/or including your inventory in your Will or Trust is even more thorough if you become suddenly incapacitated or deceased or your collection is destroyed or stolen.

This topic arises occasionally, here are some more recent threads:

a morbid, but important, subject

referenced in the above link/thread: Any other wives like mine when it comes to coins?

 

I remembered that too! you beat me to posting it :hammer:

 

Nope. Style doesn't matter. Just tell them what you own, where the receipts are, what it is approximately worth now, which items are particularly valuable, how to get an updated value, and where to go to sell it. Then update the letter about once a year or whenever you have a major purchase or sale.

 

It's a good idea to do for all your major items.. including accounts!

Guns.. bullion & coin.. bank accounts & passwords, ect. the wolves really come out after a death.. you see this in the gun world, with wives being told that $3000 Colt pistol is only worth $700... ect.. ect..

Because we run two businesses, I also have my vendor's sign in's & passwords, so whomever is trying to continue to runt he biz will have all the info needed.

 

Would be important to get estimates, retail/wholesale values from several reputable coin dealers.

 

This is a good thread,ive just finshed my will and am now working on more detaild instrutions as far as guns&coins.

 

The problem with the little price tags is the variability in the price of some items... I've been helping a family member through this exact process, and there are silver quarters that are today worth $3, when they would have been worth less than $1 at the time the collector passed away.

 

That is why instructions help. Something along the lines of "silver items are based off of a spot price of silver being $6 an ounce, and can be scaled up accordingly. You can find the current spot price of silver on the internet. An example......Franklin half bought at $6 spot for $2.20 would sell for about $6, when spot silver is $18. If this doesn't make sense, find someone who is good at math." Or something of the like.

 

Something like this is needed and this is as good as any.
You'd have to change them every 5 years or so because of changing prices though.

 

I dunno about the stickers with prices. I can't help but seeing someone rifling through my coin collection. They're obviously in a hurry and gosh! - I've provided approximate prices so they can pick and choose - after all, they probably can't carry everything away with them.

A better plan would be to have some kind of inventory number and then a list somewhere else (either on paper or on computer) which explains what each is. You could actually put a sticker on each coin holder, but when it comes to making your list, you might only give details on the coins that are worth more than $x.

 

FTW!!!

Seems like the best idea to me... JMHO...

 

safe deposit boxes

The directions are admirable.
In dire times when you need food , silver and lead you may find that papers will be the only thing that can be removed from a safe deposit box.
Trust no one !

Pep

 

Use the spreedsheet program at Heritage Gallery. Everything is addressed on it. Heritage will send you a booklet designed for your heirs to read when the time comes. Remember, even with a Trust, you must have your children on the signature card where your safety deposit box is located. Otherwise they will not be able to remove anything until after litigation and/or execution of the Will.

 

I would venture to guess that many more coins have been lost by keeping them at home through fire, water damage and theft than by keeping them in a safe deposit box. I'm not a big believer in the survivalist mentality to sit on a pile of gold in the middle of the woods and guard it with large caliber weapons while eating canned beans.:eating:

 

Gold & safe deposit boxes

This PM has once been confiscated. Cleaning out safe deposit boxes is the type of thing one could expect from some one who is capable of most anything.
I believe a good safe is much better than a safe deposit box.Banks are flooded and burned also. They have been looted in some countries.
Oh it could not happen here, is an easy way out.
I would rather pay for a high end safe and a sprinkler system. I do not trust all precious items to a bank, that has not enough FDIC money to cover but a small part of deposits.
What is in a safe deposit box I do not think is insured for anything.

Pep