How would the presence or absence of family or heirs affect your coin collecting style? 1 1

[Henri Charriere]

Several years ago, a distinguished gentleman on this Forum posted a simple forthright question, in substance:  What plans have you made for your heirs?  I should like to revisit this question as I have noticed a discernible difference in the collecting styles of those who do, and do not, have family, relatives -- heirs. Any thoughts?

Edited October 12, 2023 by Henri Charriere
Correct typo.

[RWB]

For the few coins I have, my heirs have instructions and know their options.

For by books, articles and related materials, everything is covered by copyright, and my heirs will be able to do what they want with those intellectual property rights.

The document database would be invaluable to those doing research, and just a bunch of lazy electrons to most others. (Some have suggested I auction the dB...)

Edited October 12, 2023 by RWB

[The Neophyte Numismatist]

@RWB  Personally, I would be happy just understanding all of your research process methods.  The information would be great, sure... but I would rather learn how to do the research in the same way you do.  THAT, would be something I would enjoy as much (or more) than coins.  

Taking interns?

Edited October 12, 2023 by The Neophyte Numismatist

[The Neophyte Numismatist]

I recently flirted with the idea of diving deep into Civil War Tokens.  I bought the books, and a few tokens.  I love the tokens I bought.  However, I decided I cannot move further.  

This decision is predicated on the fact that I cannot price them well, and the pricing of tokens is much more complicated than coins.  There are no real price guides, so one cannot simply look at Greysheet and TPG retail to estimate a value.  Auctions are even more perplexing, as one can see the auction battle that drove a token high in one auction, and see a significant dip in price in the next auction.  Pricing is all over the place.

If I have these challenges, how could my wife and kids have any chance of knowing what it's worth?  I could try to keep copious records and update them monthly, but this would both be highly administrative, and still challenging for my wife to decipher after my death.

[RWB]

On 10/11/2023 at 10:02 PM, The Neophyte Numismatist said:

@RWB  Personally, I would be happy just understanding all of your research process methods.  The information would be great, sure... but I would rather learn how to do the research in the same way you do.  THAT, would be something I would enjoy as much (or more) than coins.  

Taking interns?

Drop me a PM with your email. I will send you copies of some of the research presentations I've done. These should help.

A key technique is adding the source location to every document you acquire. A second one, is to copy/photograph everything of interest in a box or volume - that will save lots of time and expense . A third is build your database with the goal of finding information, not just cataloging "stuff." My dB is linked to a program called "DT Search." Very flexible, fast, easy to configure, designed for flat file data.

[World Colonial]

On 10/11/2023 at 10:12 PM, The Neophyte Numismatist said:

I recently flirted with the idea of diving deep into Civil War Tokens.  I bought the books, and a few tokens.  I love the tokens I bought.  However, I decided I cannot move further.  

This decision is predicated on the fact that I cannot price them well, and the pricing of tokens is much more complicated than coins.  There are no real price guides, so one cannot simply look at Greysheet and TPG retail to estimate a value.  Auctions are even more perplexing, as one can see the auction battle that drove a token high in one auction, and see a significant dip in price in the next auction.  Pricing is all over the place.

If I have these challenges, how could my wife and kids have any chance of knowing what it's worth?  I could try to keep copious records and update them monthly, but this would both be highly administrative, and still challenging for my wife to decipher after my death.

This is why I win most coins in my primary collection.  Virtually no one else likes it enough to lose money on it.

[samclemen3991]

I have talked about this a little bit before.  If I had no heirs to worry about I would start a raw collection of Standing Liberty Quarters on the spot.  I would also buy one of those 7070 Dansco albums and go nuts.

The reality is that no one in my family would know what to do when  I died.  I am not sure I would know how to sell them myself.  Reality is that I have a medical condition where tomorrow may never come.  I still actively collect,  but every new coin is also added to a pre-auction invoice so it can be sold when I die.  Life is an imperfect thing.  james

[numisport]

On 10/15/2023 at 10:43 AM, samclemen3991 said:

I have talked about this a little bit before.  If I had no heirs to worry about I would start a raw collection of Standing Liberty Quarters on the spot.  I would also buy one of those 7070 Dansco albums and go nuts.

The reality is that no one in my family would know what to do when  I died.  I am not sure I would know how to sell them myself.  Reality is that I have a medical condition where tomorrow may never come.  I still actively collect,  but every new coin is also added to a pre-auction invoice so it can be sold when I die.  Life is an imperfect thing.  james

Sorry to hear of your medical condition. As I get older I'm more conscious of what could happen to my coins. Even though I've explained what should happen to my collection I still think my heirs are clueless about what to do with them. I have told them the certified coins should be sold at auction and raw stuff to be taken to local trustworthy dealer.

[samclemen3991]

Numisport.  It may not work for everyone, but I have all my coins set up in a sequence to be sold at Great Collections.  My oldest daughter has my specific instructions from  insurance, packaging (all boxes and bubble wrap on hand) and I set up an account in my wife's name.  Nothing is fool proof but having the forms all filled out and labeled as to order to be sold is the best I can do.  hope you can find a good plan.  James

[VKurtB]

My son is every bit as coin nutty as I am. He gets everything.

[ldhair]

My plans have changed just the last year or so. I no longer feel it would be right to make my family deal with my collection. Because of this, I'm in the process of selling most of the collection. I will be saving some special coins along with junk silver and gold to pass down. I only buy a few coins per year and that may not change. 

[Just Bob]

On 10/15/2023 at 7:30 PM, ldhair said:

My plans have changed just the last year or so. I no longer feel it would be right to make my family deal with my collection. Because of this, I'm in the process of selling most of the collection. I will be saving some special coins along with junk silver and gold to pass down. I only buy a few coins per year and that may not change. 

If you sell at auction, I want a copy of the catalog.

[ldhair]

On 10/16/2023 at 8:17 AM, Just Bob said:

If you sell at auction, I want a copy of the catalog.

It's going to be a long process.

Edited October 16, 2023 by ldhair

[Henri Charriere]

On 10/16/2023 at 9:17 AM, Just Bob said:

If you sell at auction, I want a copy of the catalog.

BLAST FROM THE PAST

🐓:  Hey Q, why am I beginning to feel that token gig was just a cover?

Q.A. Beats me. Nobody, and I mean nobody, goes directly to the major leagues from a sandbox.  He never did mention what his Holy Grail was.  🤔 

[robec1347]

On 10/15/2023 at 5:30 PM, ldhair said:

My plans have changed just the last year or so. I no longer feel it would be right to make my family deal with my collection. Because of this, I'm in the process of selling most of the collection. I will be saving some special coins along with junk silver and gold to pass down. I only buy a few coins per year and that may not change. 

I’m in the same boat as you. With the exception of my wife there are no heirs. I’ve been talking about some sort of dispersal for a couple of years, but it’s all talk and I keep adding to the disease. I’m at a loss where to start as well as how to start when I’m still in the gathering mode. 

[Henri Charriere]

For the benefit of those who, like me, continue to sit on the fence as regarding the future disposition of their numismatic treasures, I have taken the liberty of re-posting an excerpt from a distinguished member which I feel is relevant to the topic at hand...

".... Heirs will likely do better formally with proceeds from your selling, than by inheriting the things you enjoyed...."  [Empasis mine.]

by @RWB as quoted in "How are you preparing your collection for your heirs," by Woods020, January 13, 2022

[ldhair]

This stuff gets messy and most should bring in a tax expert for their home State. There are options on how you pass on your collection. It's important to understand what taxes may be due when sold. 

[zadok]

On 10/17/2023 at 1:01 PM, ldhair said:

This stuff gets messy and most should bring in a tax expert for their home State. There are options on how you pass on your collection. It's important to understand what taxes may be due when sold. 

...i personally do not intend for my estate nor any of my heirs to have any reason to pay anything for my collection(s)....