Keeping collection in family or not?

[PocketArt]

Earlier this month I purchased a beautiful 20th Century type set. The set contained several BU coins, and was one of the better 20th century type sets that I've come across on ebay. However; when I won the auction, I didn’t realize how nice this set was at the time because the pictures in the listing weren’t the greatest, nor could I tell what most of the dates were on the coins.

 

I received this email from the seller before the set arrived:

 

"Richard, Thank you for your purchase of my 20th Century Type Set. I was really saddened to sell it and hope that you will enjoy it as much as I have for the past over 50 years. At my age now I want my collection to go to folks that will appreciate it. My children and grandchildren are sadly not interested in collecting anything. So I have been selling for the past several years and am about done. Not too many more to sell. There are several coins in the set that are in unc. condition. And, of course the 1917 quarter is not unc. but the date is clear. Milt"

 

When the set arrived I could tell it was meticulously put together. There were some very nice coins; 1909 Indian Head that is MS62-63 Red, Gem BU 1938-D Buffalo, 1946 Choice BU Walker, and the 1917 Standing Liberty Quarter is close to XF and type I to name a few. I noticed that some of the dates on coins in set were repetitive on the copper nickel denominations, and it dawned on me these were probably birth years of some of his family members. Needless to say; I was a bit taken aside by this realization in light of what Milt shared. I was touched, saddened, and thought about my son and if he’s going to have interest in the hobby as I do, and my Father has, or, if I’d find myself in Milt’s shoes someday and be faced with the prospect of selling the collection.

 

I wrote this back to Milt:

 

"Thank you for listing the set Milt, and I appreciate you sharing the history and time you've put in building this collection. I started collecting at an early age as my Dad introduced me to coin collecting. I stopped collecting as a teenager; then picked it up again about 6 years ago. Dad has passed his collection on to me and I have a few pieces that my Grandfather and Great-grandfather owned. My son is 22 and hope he catches an interest; he seems to be but not something I want to push too hard on him. Hopefully, he will get serious about collecting too but one never knows. Please know that your set will be enjoyed, and it's in good hands. Rich"

My question that I have for forum members; do you plan on passing your collections down to family? Is there, or, has there been any problems with developing interest with a Son or Daughter? What has worked in sharing your interest with other family members?

 

 

[bsshog40]

I don't foresee my collection being passed down. Kids have no interest. I see mejust selling off when I get older.

[Conder101]

Mine will be passed on. No one else in the family has any interest in it, but if they inherit it and then sell it their cost basis with be the value it had when they inherit it. No capital gains tax for them and the value is not high enough to cause a problem with an inheritance tax. So basically they will get the increased value of the collection tax free. If I sell it the capital gains taxes will be a killer.

[Matt_dac]

A nice transaction between two collectors, thanks for sharing the story.

 

I will probably sell my collection when the time comes.

[AcesKings]

My son collects too, so my collection will go to him. I told him I was considering getting some of the better coins graded so he could sell them easier and his reply was "like I'd sell them".

[okbustchaser]

My children will split my collection and then race each other to the nearest pawn shop to sell their share. Anything over face that they receive will be more than it is worth to them.

 

Suits me just fine. I didn't put it together for their benefits. I collect for mine.

[RWB]

If the cows eat it, my collection will be passed.....

[Walkerfan]

I have no children and my brother's kids are the only children in my immediate family.

 

I doubt that they'd show interest and I'm not real close with my brother and his family, anyway.

 

So, the answer is 'no'.

[Walkerfan]

My son collects too, so my collection will go to him. I told him I was considering getting some of the better coins graded so he could sell them easier and his reply was "like I'd sell them".

 

What a wonderful son. You both are blessed. <3

[leeg]

My daughters have no interest in coins. Sell, sell, sell.

[Nutmeg Coin]

It's good to see that type of heart-felt collector attitude. From what I have seen almost invariably, those who inherit coin and currency collections walk into a dealer's shop and sell to them, not doing significant research in the meanwhile. There are literally no dealers I know who could be trusted to make honest full market offers on collections as could the major national credentialed ones. In this case not a high end group of coins but thoughtfully put together. There is no one in my family who would have interest in numismatics, except possibly my brother's kids.

[joeyuk]

One of my youngest sons has been to coin shows with me and shows an interest. He is 18 now. As the only coins I really collect are from Lithuania , which is my heritage, I hope to pass a set to each of my 4 boys. I do think this is something they will take pride in.

 

[BillJones]

The answer is "no" for me too. I don't have any kids, and none of the nieces and nephews are interested. The trouble with leaving the coins to disinterested relatives, is that they often get ripped off when it comes time to sell.

[AcesKings]

What a wonderful son. You both are blessed.

 

Thanks Walkerfan! I do feel blessed, its nice to be able to spend time with him at the shows, and use his good eyes as backups before I buy anything. I do realize he may have a need to sell them in the future if things get bad for him, but it's still nice to know he PLANS on keeping it together.

[bsshog40]

The answer is "no" for me too. I don't have any kids, and none of the nieces and nephews are interested. The trouble with leaving the coins to disinterested relatives, is that they often get ripped off when it comes time to sell.

That or they just sell off for money not caring what they get.

[Conder101]

The trouble with leaving the coins to disinterested relatives, is that they often get ripped off when it comes time to sell.

True, not my problem, I'm dead.

[Zebo]

The answer is "no" for me too. I don't have any kids, and none of the nieces and nephews are interested. The trouble with leaving the coins to disinterested relatives, is that they often get ripped off when it comes time to sell.

 

Bill - I can be your kid!

 

Seriously, I'm in the same boat and plan on giving my collection to charity unless taxes and the cost of living hyper inflate - then I will sell them to live.

[numisport]

My son and daughter will likely be 'well off' by the time I give up my collection and they show no numismatic interest anyway. I hope to sell my collection in smaller groups in order to avoid capital gains. Besides I doubt anybody will want beautiful superb gem cameo proofs from the 50's and 60's will they. And my superb gem proofs from '36 to '42 with contrast will just dissolve away in some ho hum auction by then with sellers fees eating away any gains I might make.