Do you have a direction in the hobby? 1 1

[Henri Charriere]

On 5/10/2023 at 12:31 AM, MorganMan said:

....I might as well get some use out of the cash instead of my wife or kids selling them for 10 cents on the dollar after I am gone. 

This may seem like abject exaggeration to coin collecting hobbyists -- experienced investors accept this as gospel truth, in substance -- but there is considerable merit to this line of thought that very rarely, if ever, is expressed on this Forum.

[samclemen3991]

I believe the quant but true moral is, "People don't plan to fail, they just fail to plan."   I have all my coins prepared to be sold at the auction house of my choice.  The forms are all filled out.   I have specific instructions  for each group of coins and the order they are to be sold in.  The rest is up to the market.  James

[Coinbuf]

On 5/11/2023 at 7:23 AM, samclemen3991 said:

I believe the quant but true moral is, "People don't plan to fail, they just fail to plan."   I have all my coins prepared to be sold at the auction house of my choice.  The forms are all filled out.   I have specific instructions  for each group of coins and the order they are to be sold in.  The rest is up to the market.  James

I think you missed the point of the thread, the op is not concerned about how to liquidate, I'm sure he has that covered as many of us do.   But rather what to do next, which could include a liquidation of coins or might be a new direction within the hobby and not selling.

[Henri Charriere]

I suspect any further inquiry would constitute an invasion of the poster's privacy.

Having spoken up only seven times in 16-1/2 years, we are left with only what the gentleman wishes to divulge [which another member on another thread maintained no one is obligated to do].

My questions would likely address matters revolving on age, employment, marital status, etc. Why are you selling now? and what do you intend to do now? may, to some, be too personal. There was a brief mention of "seateds" on another post but any inquiry beyond that would, I believe, constitute an invasion of privacy.  I believe we have gotten about all we are likely to get, which is fine with me. I wish the member success on his sale(s) and future endeavors.

[GoldFinger1969]

I don't know about a "direction" but I'm trying to accumulate some really nice coins with stories behind them like a really nice 1908 NM Saint.

I kill 2 birds with one stone:  I enhance my numismatic collection, and I add more gold (or silver) whenever I make these purchases for when/if gold (or silver) double or triple in price from today's levels.

Edited May 11, 2023 by GoldFinger1969

[samclemen3991]

Actually Coinbuf, the original poster said  thanks because he had plenty to think on.  AFTER that someone named Morganman said he was concerned his family would end up getting 10 cents on the dollar.  Which brings me back to my original reply, which I stand by.  You have to be proactive if you  wish to achieve or avoid a particular result.

[zadok]

On 5/11/2023 at 10:47 PM, samclemen3991 said:

Actually Coinbuf, the original poster said  thanks because he had plenty to think on.  AFTER that someone named Morganman said he was concerned his family would end up getting 10 cents on the dollar.  Which brings me back to my original reply, which I stand by.  You have to be proactive if you  wish to achieve or avoid a particular result.

...n then mt. vesuvius erupted...it rained on noah...the gov't said no more wooden hull paddle wheelers...grant got sober...the french restruck roosters...fdr stole the gold...cassius floated like a bee...gore invented the metaverse...35mm slides slid...not necessarily in that order, n they invented proactive insurance salespersons...lifes a person_without_enough_empathy sometimes....

[GoldFinger1969]

On 5/11/2023 at 10:47 PM, samclemen3991 said:

AFTER that someone named Morganman said he was concerned his family would end up getting 10 cents on the dollar.  

An Excel Spreadsheet with purchase and market prices plus a few contact names of people you trust can prevent that situation quite easily.

[Zebo]

On 5/11/2023 at 5:29 PM, GoldFinger1969 said:

I don't know about a "direction" but I'm trying to accumulate some really nice coins with stories behind them like a really nice 1908 NM Saint.

Going to Pittsburgh? amazing displays of rare treasures (including a special Tyrant Collection exhibit and the Great Collections display of Elite Collection of St. Gaudens $20 Double Eagles – the finest collection ever assembled)

[VKurtB]

@GoldFinger1969 can just trundle on down to Penn Station, kick back, relax and spend the day on The Pennsylvanian. The train drops you off a couple of blocks from the show and the show hotel.

[samclemen3991]

Sorry zadok but I don't think you have a very good grasp of the difference between things you can control and things you can't.  There is no law requiring anyone to have a coin collection, nor is their a law preventing them from planning to sell one.  Although having one can sometimes be very handy.  truth is, you can sell anything houses, cars, guns etc.  that is up to the owner.

Here are a few things on my favorite list of things you can't control.

Having your very pregnant wife suffer a massive stroke, spend the rest of her life partially paralyzed.  

Making it 4 months from your 32nd birthday, but then having acute pancreatitis because it turns out you have hereditary pancreatitis and will have that fun stay at the hospital 25 more times.  Plus 15 other times just cause God likes those zingers.

Try this one.   Two weeks after having your only son die in your arms.  Find out that your 10 year old daughter will go blind because she has a disease of the muscles in her eyes and  needs an operation.  Only problem is that the hospital demands 4,000 dollar or they won't put the surgery on the schedule.  You are flat broke from trying to save that son.  Luckily though, you have a certified coin collection left to your name and are able to make an emergency sale.  plan B was a 357 and a ski mask.

You_Have_to_Sell_Your _Own_Coin_Collection?  Please.  doesn't even make top 50 list as a problem around here.

 

[Henri Charriere]

On 5/13/2023 at 6:09 PM, VKurtB said:

@GoldFinger1969 can just trundle on down to Penn Station, kick back, relax and spend the day on The Pennsylvanian. The train drops you off a couple of blocks from the show and the show hotel.

FWIW:  Re:  Penn Station. There have been some notable changes in the immediate vicinity:

1.  Although the streets in and around the entire complex, including MSG and the former main Post Office since renamed the Moynihan Train Hall, have been rezoned for commercial development, the adjacent streets resemble a skid row.

2.  The most expensive neighborhood is one most people are unfamiliar with: Hudson Yards, which lies directly west and has become the new terminus for the # 7 train with stops at Times Square and Grand Central and the newer China/Koreatown on the Queens end in Flushing.

3.  The one-time city's largest hotel, the Pennsylvania, made famous by the Glenn Miller song, Pennsylvania 6-5000, is presently being razed. Welcome to the new Big Apple!

 

[Zebo]

On 5/13/2023 at 7:56 PM, Henri Charriere said:

FWIW:  Re:  Penn Station. There have been some notable changes in the immediate vicinity:

1.  Although the streets in and around the entire complex, including MSG and the former main Post Office since renamed the Moynihan Train Hall, have been rezoned for commercial development, the adjacent streets resemble a skid row.

2.  The most expensive neighborhood is one most people are unfamiliar with: Hudson Yards, which lies directly west and has become the new terminus for the # 7 train with stops at Times Square and Grand Central and the newer China/Koreatown on the Queens end in Flushing.

3.  The one-time city's largest hotel, the Pennsylvania, made famous by the Glenn Miller song, Pennsylvania 6-5000, is presently being razed. Welcome to the new Big Apple!

 

Exactly why I no longer visit!

Edited May 14, 2023 by Zebo
Typo

[Coinbuf]

On 5/11/2023 at 7:47 PM, samclemen3991 said:

Actually Coinbuf, the original poster said  thanks because he had plenty to think on.  AFTER that someone named Morganman said he was concerned his family would end up getting 10 cents on the dollar.  Which brings me back to my original reply, which I stand by.  You have to be proactive if you  wish to achieve or avoid a particular result.

That is all well and good, however, you did not tag (by using the @ and then the users name) or quote the person (as I have done by quoting your post) so without that context it is impossible to know who you are addressing your reply to.

[Dave1384]

On 5/4/2023 at 12:22 PM, VKurtB said:

I retired on November 30, 2020. The idiocy in Pennsylvania especially in the halls of government where I worked, regarding COVID and what to do about it (Gov. Wolf was more of a jerk in many ways than Cuomo was.) literally caused me to go driving a U-Haul metaphorically screaming my lungs out down Interstate 81 as fast and as far as I could. I had to get as far away from Wolf's world as humanly possible. 

I hated Wolf. He is and was a stupid mfer . I quit my job in a warehouse when he put the mask mandate in. And look what these insufficiently_thoughtful_persons you left behind put in the Senate. 
Good move. 
 

PS. Insufficiently thoughtful isn’t what I wrote. 

Edited May 14, 2023 by Dave1384

[The Neophyte Numismatist]

Another interesting, thought provoking topic... "what is your direction in the hobby".... steered into the political rocks without providing any numismatic value.  I have no idea what PA politics has to do with the OP's subject.

[zadok]

On 5/15/2023 at 2:48 PM, The Neophyte Numismatist said:

Another interesting, thought provoking topic... "what is your direction in the hobby".... steered into the political rocks without providing any numismatic value.  I have no idea what PA politics has to do with the OP's subject.

..it had more or less reached a dead end anyway, everyone died n their kids put their coin collections in the star change machines cept the half dimes, 3 cent, large cents n 20 cent pcs got rejected.... 

[The Neophyte Numismatist]

On 5/15/2023 at 3:51 PM, zadok said:

..it had more or less reached a dead end anyway, everyone died n their kids put their coin collections in the star change machines cept the half dimes, 3 cent, large cents n 20 cent pcs got rejected.... 

Much harder to do when your coins are graded.. maybe another argument for grading coins?  Thanks for bringing it back to numismatics.

[Henri Charriere]

On 5/15/2023 at 4:43 PM, The Neophyte Numismatist said:

....  Thanks for bringing it back to numismatics.

To be truthful about it, take away the tangential bluster, and the gentleman formerly of the Commonwealth of PA. clearly indicated his direction in the hobby: due South.  But having cast aspersions on the Great Sovereign State of New York, without substantiation, dedicated numismatists like me will now never know whether it was "Tappan Zee" Cuomo to whom he was referring, or his son, Andrew.  My direction in the hobby is clear: Excelsior, or "ever upward." Those looking for direction may be interested in performing an invaluable public service such as I do on my time-outs: use your intimate knowledge and experience to patrol the internet and report shysters who solicit exorbitantly priced coins [and more particularly those whose primary selling areas lie outside the non-numismatic realm such as jewelry] without certification and a "No Returns Accepted" policy. Example: sellers who offer 1907 gold roosters described incorrectly as ".999 fine," actually .900, "rare," actually the most common date in the series, and "B.U.," which can apply to any one of nearly a dozen incremental gradations. I may not be as active in the hobby as other long-time collectors, but I have always kept my finger on its pulse.

[GoldFinger1969]

Even dated COST values for one's coins will steer one's heirs to the general FMV for them.  With Ebay and other sites, I think unless everyone of our relatives/beneficiaries are computer illiterates .....they should avoid a situation where they get only 10 cents on the dollar.

SUGGESTION:  In your Excel Spreadsheet, have an "Estimated FMV @ June 2023" column or something like that.  I have a column for the metallic value of my Saint-Gaudens (~ 1 ounce of gold)....a cost column....the price of gold when I bought it....and then I periodically update the FMV columns.  

You update that column and change the date every few months (even yearly), unless the market or the price of the underlying metal changes drastically, your estate should be OK.

 

Edited May 16, 2023 by GoldFinger1969

[MorganMan]

On 5/12/2023 at 9:56 AM, GoldFinger1969 said:

An Excel Spreadsheet with purchase and market prices plus a few contact names of people you trust can prevent that situation quite easily.

I have all coins cataloged in CoinManage. However, that does not mean that they (heirs) will wait for the right prices, especially children wanting other things and wanting them now. I am closing in on 70, and I am thinking it is getting closer to time to maybe make sure my collection goes into other collectors hands where they will be appreciated, and get decent money for them.

 

ETA: Quite honestly, 3/4 of my collection is in two large safe deposit boxes at the bank, and it has been over 3 years since I have opened either box. I know, that is sad.

Edited May 16, 2023 by MorganMan

[GoldFinger1969]

On 5/15/2023 at 11:51 PM, MorganMan said:

I have all coins cataloged in CoinManage. However, that does not mean that they (heirs) will wait for the right prices, especially children wanting other things and wanting them now. I am closing in on 70, and I am thinking it is getting closer to time to maybe make sure my collection goes into other collectors hands where they will be appreciated, and get decent money for them.

A personal decision, but it would depend on your expetations for your health going forward.  You could live to 75....or 92.  Big difference, obviously.  If your executor or an assistant is knowledgeable on coins, that would help. 

Also key is how large is the collection and how concentrated is the value ?  My collection is mostly very liquid and popular silver and gold coins.  I think maybe 100-125 coins in total, pretty small as collections go.

[GoldFinger1969]

On 5/15/2023 at 11:51 PM, MorganMan said:

ETA: Quite honestly, 3/4 of my collection is in two large safe deposit boxes at the bank, and it has been over 3 years since I have opened either box. I know, that is sad.

Always good to check them annually.  No place to keep them at home ?

[zadok]

On 5/15/2023 at 11:05 PM, GoldFinger1969 said:

Even dated COST values for one's coins will steer one's heirs to the general FMV for them.  With Ebay and other sites, I think unless everyone of our relatives/beneficiaries are computer illiterates .....they should avoid a situation where they get only 10 cents on the dollar.

SUGGESTION:  In your Excel Spreadsheet, have an "Estimated FMV @ June 2023" column or something like that.  I have a column for the metallic value of my Saint-Gaudens (~ 1 ounce of gold)....a cost column....the price of gold when I bought it....and then I periodically update the FMV columns.  

You update that column and change the date every few months (even yearly), unless the market or the price of the underlying metal changes drastically, your estate should be OK.

 

...ur suggestions r credible n efficient but my experiences r that undisciplined heirs wont take the time or effort to follow thru on ur approach, usually lack of patience...prob the best approach is to appoint an administrator with specified instructions...but there is no "one best way" , everyone should go with what suits their needs, in my case, (6) heirs n (1 n 1/2) collectors i have designated certain heirs for certain collections n divided up other collections into groupings of approx $10K value that they can split equally...spread sheets n inventories not practical, way too many coins to do that now...besides i wont know what happens anyway....

[MorganMan]

On 5/16/2023 at 1:36 AM, GoldFinger1969 said:

Always good to check them annually.  No place to keep them at home ?

I have thought about that, but even though I do have an alarm and cameras, it just seems less safe to have them here, especially the more valuable ones.

At our age, we travel a good bit and are not here.

The part I said about it is sad is that all those wonderful coins are just sitting in a dark box, no one looking at them. While the money is nice to have, knowing someone would enjoy them as I did for years would be even better. I know if I sell, I will have no control, but would hope they go to collectors, not investors.

Edited May 16, 2023 by MorganMan