Plans for your coin collection once you are gone?

I am creating this thread after seeing so many posts about coin dealers ripping off walk-in customers, often bereaved from the loss of a husband, father, or grandfather. There's the story about the wife who sold her husbands's coin collection for pennies on the dollar, if she even got that much. There's the story about the sale of indian head pennies for a dime a piece. I have seen seated liberty coins in XF-AU sold to the coin shop for 25% less than melt value. The worst I've seen is an incredible collection of seated liberty coins (including an 1873-CC XF-AU) dollar go for ten dollars apiece.

So who is responsible for understanding the coins once you are gone, or would it be prudent to stick a label to the cover of each rare coin with an approximate price at a certain date?

 

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Go to who you trust and tell them that you need an appraisal. Preferably someone your heirs would deal with when you're gone. You can even get 2 appraisals if it makes you feel better. It's not only a good idea for if you pass, it's a good idea for insurance purposes while you're still kicking.

 

Every coin I purchase I write down the total cost including shipping I'm 40 my son just turned 7, he will get my collection and I will give him the list of what each coin cost I only buy graded coins by NGC and PCGS, so I will tell him not to sale them unless each coin atleast brings what I paid for it.

 

I keep exact records of my transactions. Since I am almost totally in NGC/PCGS slabs, my wife knows how to research prices.

 

Neither of my daughters showed any interest in my coin collecting so four years ago I started training my replacement in the hobby, my grandson. He is the youngest MSNS member.



So far (3 years) he has been working on Lincoln cents and he is doing quite well. Every month or so we spend a couple of hours going through coins to fill his books. Grandpa has been known to salt the pile so he finds at least one wheat cent at each session. If he continues his interest he'll end up with my cent sets 1793 to date. His 2nd grade teacher was surprised when he volunteered that Abraham Lincoln was our 16th President. I guess kids do listen. LOL

 

It seems the coin collecting gene skips a generation, my kids had no interest at all in coins but so far my grandkids love them especially my grandson who has been going thru pennies with me.

 

Looking to adopt another grandson? Pick me, pick me! Seriously, way to go, Penny Guy!

Steve

 

I have a typed document that stays with my collection with instructions on what to do with my coins once I'm gone with all above a certain value being assigned to a particular auction house and all below said value being sold to an honest dealer I know. On top of that everything is fully documented with full identification of every single coin, price paid, provenance(both where I bought it from and historical provenance when known and scans of supporting documents when they fit in the flip) and other info that might be of use to someone trying to sell them(i.e. die match to BM or ANS specimen XXYY).

 

red_spork Wow, I'm impressed, not only because of what you are doing, but more so because of your age. In various professions, I've seen how lack of preparation for the inevitable creates messes at best, and disasters at worst. Again, way to go!

Steve

 

My collection will be buried with me. J/K I am going to give it to my kids of course. May try to sell it myself at some point though so they don't have to deal with it. TC

 

Thanks! A lot of this is simply the extension of my desire to know as much as possible about the coins in my collection because it extends "the hunt" and enhances my enjoyment of them. I spend a lot of time researching provenance and researching similar coins when I buy a new one and while I do have files with all this(and sometimes more) information on my computer I like to have a hardcopy with the coin as well both for myself and any future owners. Luckily I began doing all this when my collection included only 20 or so coins so it was easy to handle the "backlog" and now only needs to be done one at a time.

 

Same here. My doc contains basic specs for each coin, plus the value as defined by the NGC price guide. I realize those aren't always accurate, but at least they will provide a starting reference point for whoever ends up with my collection . . . they'll be able to quickly identify which coins have meaningful value and which ones don't.

 

I have had the same thought. The only draw back would be a sudden departure while you're still collecting. I have kept detailed records of my purchases and sales for over 50 years now. I have included my personal comments about why I assigned a particular grade to an item and any description worthy of note about the transaction. If the coin is not slabbed, they are put into air-tites. Every item is affixed with an inventory number and matched to my spreadsheet program. All coins, exonumia and paper currency have also been photographed and inserted into the program. I use Heritage's software and they update all my values monthly, so the worth does not have to be calculated from scratch. I also adjust bullion based on spot, quarterly. Only the unusual pieces of exonumia remain somewhat subjective.

 

I am pretty young (31) so hopefully my wife/daughter will not have to worry about his for a long time. Since I do this partly for hobby and partly for business, I keep the price I paid of every coin recorded. If I know death is coming, I might sell most things off so they don't have to worry about it, but my suggestion if I died suddenly would be throw all the coins on ebay 99 cents no reserve and just see what happens.

 

I record "price paid" on spreadsheets -- with lots of other info.

Then, if my heirs decide to sell AND can't figure a fair price...

 

Very good wake-up call for all collectors. Leave instructions with loved ones while you are still around.
The last thing you want is for them to get ripped off going to a coin shop

 

I just told my wife that if I was to cash in that she should call up the Goldberg's and let them auction it all.

 

I purchased a book entitled (I think) What to do with Grandpa's Coins, which is kept in my desk, along with a letter of instruction, a short list of fellow collectors that I know and trust, and a spreadsheet of details on every coin I purchased. I have also spoken to my wife and children about the location of these items. Of course, since I'll be dead, none of this will matter to me!

 

I might be wrong but disposing of a collection following death is preferable to doing so beforehand, for purposes of capital gains taxes. In the former case, the cost basis would be calculated at the date of death, whereas in the later case it would be the purchase price. Like I said, I could be wrong. But if the value is substantial, a consultation with a tax attorney might be a good idea.

 

Ha-Ha