Over the last year (as my interest in coin collecting has rekindled), I have been fortunate to search out many of the local coin shops throughout the Southeast. If I am staying in a certain town, and if time permits, I like to run in and see what they have in store. I filled many "slots" because of my travels and enjoyed the experience of meeting all types of dealers with differant types of stores. One store reminded me of the Andy Griffth Show where 4 guys were sitting around talking 'shop' before I came in and they all said, "You ain't from around here, aren't ya?" But after telling them I liked collecting, they all made me feel like the store was their home. I have seen stores no larger than a small bedroom to beautiful show rooms. I also found many dealers buying/selling coins along with buying/selling jewelry...mostly from estates. Now picture this...because this has happened on more than one occasion throughout my travels (especially in God's waiting room of Florida). A senior lady walks in holding a box. She is probably in her 70's and the conversation has been pretty much the same: "Mr. _____, it is good to meet you. I brought in the coins we talked about on the phone so you can see them. You can tell me what they are worth, right? You also said if they were of interest to you, you would buy them?" Of course the dealer politely states, "Well, let's see what you have..." [Now of course, I am looking through either 2x2's or binders, but you really can't help but listen to the conversation because most coin shops are...well, quiet!] Then you hear something like, "My late husband wrote down that this coin is valuable because of (fill in the blank), so how much is that worth?" Now in all fairness, many coin dealers are very gentle to widows and those people that don't have a clue about coin values, grading, condition, and value. But sometimes you see a dealer go through a Whitman book in about 10 seconds, write down a figure and then move on to the next book. After all of the figures are written down, you hear the calculator going crazy...paper is pulled from the roll, and then you hear: "Your collection is worth ________ dollars." Since I have to inventory it and resell it, I can offer you _______ dollars right now." Wow! I am thinking...somebody's life collection summed up in _____ dollars in a matter of about 10 to 20 minutes! Many leave with saddened faces hoping that what they had from their late husband was worth more than ________ dollars, but still many more sell it on the spot. I understand the business about buying, inventorying and selling...but there is a side of me that wants to tell that old lady..."Hey, that's a 1914-D penny your husband had!....or, did he have BOTH the 32 D&S quarters in that set? Look here...he liked Carson City Morgans! Wow, these are nice...how much did he offer you for these? But it isn't my business, so I keep my mouth shut (except here on Coin Talk). After listening to the sound of closing DANSCO albums and Whitman books, there's a part of me that really feels sorry for those old ladies that leave the coin shop with one less piece of their husband's legacy. Would you look at that? (I think to myself)...50 plus years of collecting coins summed up in less than 20 minutes!
That's why the instructions in the envelope in my safe for the trustee of my family trust include provisions for dealing with my collection!
Anyone with a substantial coin collection should do exactly as satootoko mentions and consider advising family members in advance on how to dispose of the collection should this be their desire. And, we should all realize that not everyone holds our passion. Personally, I would love to see one of my children take over for me at some point - maintaining and building on my personal collection and continuing the dealer tradition in our family. I have to acknowledge though, that they may not wish to do so. If that is their perogative, then I need to make it simple for them by providing as much information as possible about how to evaluate the coins and how and where to sell them should that be their desire.
This is a good subject. Unfortunately, you can't take your coins with you when you go!! Part of me wants to make sure I outlive my spouse so something like that does not happen. My wife is very smart (she handles all the family finances), but she has no interest in coin collecting, and hence has little knowledge of what the coins are worth. I have always wanted to inventory my coins and keep an up to date list of values, and this should give me an added incentive. I will make this list, show it to my spouse (and explain it). Hopefully this will minimize my wife or children getting "ripped off" should the unfortunate happen. Life insurance and wills are important, but giving your spouse (or children or attorney) good information on your coins or other valuable collectibles is an important part of estate planning.
