Do you have a "coin executor" designated?

[MorganMan]

With the recent loss of several members, I have been thinking about my collection's future as I grow older. I have 2 daughters that have absolutley no interest in coins, and am struggling as to how to make sure if they sell, they get a fair price for the collection. My wife passed unexpectedly in life, so I have no spouse to leave it to.

 

Since we are not talking peanuts here, I just wondered how many out there are in my shoes? And if so, have you secured someone you trust to make sure your coins are valued properly when your beneficiaries go to sell. I have them cataloged in a coin program, but still worry the girls will not know how to use it to value them. (or the values in it may be outdated if I have an extended illness.)

 

A second part to this is that I question is would I be better off to just slowly sell off the collection and use the funds to help out in retirement. My big problem is I never sell a coin unless I get a duplicate, and even then I keep a lot of those. Of course, I would keep the ones I love the most to keep on admiring when I get too old to get around very well.

 

I know it would have to be someone trustworthy and knowledgable about coins. Maybe a friend in a coin club? Area coin dealer?

 

Just wondering what others have done.

 

MM

[World Colonial]

I have written a 35 page MS Word document which explains numismatics in general terms and provides some specifics on the series I collect. But since most of the coins I collect do not sell very often, there is really no one available who could perform the role you mention for me. The best option would be for whoever receives it (which has been designated in my will) to sell it at public auction through an outlet like Heritage.

 

From an estate management perspective, I think it is just better to sell it and let the heirs receive the proceeds if they are not interested in collecting. This could even be specified in the will (including the venue) to reduce the likelihood of less thna optimal sales price.

[DC Dawg]

I was told that What to do with Granddaddy's Coins: A Beginner's Guide to Identifying, Valuing and Selling Old Coins was a good book for this. I have not read the book, yet, but I ordered a copy from Amazon.com and will read it soon.

 

Scott

[mike169]

Here are my thoughts.

 

Just because that somebody doesn't have an interest in coins does not imply that they do not know the value. Coin collections usually have some kind of intrinsic value, and it is important to at least impart that knowledge in some way. I trust no one except myself and my family when it comes to financial decisions. Don't want to be cynical, but that's the way life is.

 

Regarding the selling off the collection for retirement. I see no issue with that if that's what you want/need. Also, in case something unfortunate/fortunate (depending on your point of view) happens during retirement, that would make the children understanding the value a bit easier (if that be your wishes of bequeathing your estate to your children).

 

Do not confuse collecting interests with family priorities. You may be different, but to me, assuring family financial security is more important than knowing what happened to my coins when the time comes.

 

On the other hand, it is important to let your heirs know that they probably won't be able to get full retail value for the items, and not to throw a fit if the money received is not exactly what is said in the price guides.

 

Finally, the old saying goes that you can lead a horse to water, but you can't make it drink. You can relay all the knowledge you want to your daughters. It is up to them to take action.

[physics-fan3.14]

It is definitely very important to make sure your family can be put in contact with a trusted coin person in the event of some misfortune. My family has been given the name and address of James, as I mentioned previously. It would probably also be wise to mention something like this in a letter attached to your will - something you know your family will get and see if something happens.

[Lablover]

There's a fellow collector which is very knowledgeable (and trustworthy) that I've designated as the "coin executor". My wife knows this and I've also listed it in my Will.

[World Colonial]

In my experience, the majority of people (possibly even more in places like the United States) are clueless about money generally. They hardly do or would know how to handle an inheritence of financial assets, much less about how to maximize the proceeeds from selling a collection or even avoid getting ripped off. That is why so many people's finances are in such an awful state.

 

I do not interact with other collectors directly, but every non-collector I have spoken with would I believe, have no idea how to efficiently dispose of a collection, especially if it was not left to them in an organized state. They know nothing about coins or even collectibles generally.

 

And its even worse for specialized collections like mine. At least most members of this board have the advantage that with US coins, there is a liquid enough market where prices are generally known.

 

With my series, it varies. For one of them, even most dealers and auction bidders do not know what these coins are really worth. That is why I am able to buy them so cheaply as often as I do and sell them for much more.

 

If someone has the benefit to have a beneficiary who is a dedicated collector of most anything (or at least many other areas outside of coins), that to me is a great advantage because they do not have learn to think like a collector. That to me seems the biggest obstacle to this dilemna.

 

 

[michael]

Do you have a "coin executor" designated?

 

 

 

no

 

but sounds like a really SMART idea to get hopefully close to current fair market value -selling soon after the collectors death,

 

and even if not sold after the collectors death whomever inherits the coins will at least know current fair market value and have a better understanding of the collection which will help at a later date if and when the collection is sold

 

 

[ritter]

this is not about "baseball players"this is about the average "joe"making a choice to spend his or her money on what they believe in.this is about evry coin collector getting ripped off because of some insufficiently_thoughtful_person that wants to make money.all i can say is be careful what you buy,be wary of people you don't know,and trust the ones you know.(just my opinion)

[ritter]

by the way!!! baseball is a past time.coin collecting is a today,and everyday,and the future.

[MorganMan]

Baseball? Did I miss something?

 

MM

[Conder101]

But since most of the coins I collect do not sell very often, there is really no one available who could perform the role you mention for me. The best option would be for whoever receives it (which has been designated in my will) to sell it at public auction through an outlet like Heritage.

But even in the case of selling through an outlet like Heritage a good "coin executor" would be someone more experienced with negotiating the consignment contact. He may not know your specialty, but he would be able to do better than the heir who might just get the "sell them at no reserve and you get 85% of the hammer price" contract.

[MarkFeld]

But since most of the coins I collect do not sell very often, there is really no one available who could perform the role you mention for me. The best option would be for whoever receives it (which has been designated in my will) to sell it at public auction through an outlet like Heritage.

But even in the case of selling through an outlet like Heritage a good "coin executor" would be someone more experienced with negotiating the consignment contact. He may not know your specialty, but he would be able to do better than the heir who might just get the "sell them at no reserve and you get 85% of the hammer price" contract.

I agree. I have read or heard comments from many consignors who were thrilled that they weren't charged any seller's commission (and were getting 100% of hammer). Little did they know, until it was too late, that they might have done quite a bit better going through a dealer.

[World Colonial]

But since most of the coins I collect do not sell very often, there is really no one available who could perform the role you mention for me. The best option would be for whoever receives it (which has been designated in my will) to sell it at public auction through an outlet like Heritage.

But even in the case of selling through an outlet like Heritage a good "coin executor" would be someone more experienced with negotiating the consignment contact. He may not know your specialty, but he would be able to do better than the heir who might just get the "sell them at no reserve and you get 85% of the hammer price" contract.

I agree. I have read or heard comments from many consignors who were thrilled that they weren't charged any seller's commission (and were getting 100% of hammer). Little did they know, until it was too late, that they might have done quite a bit better going through a dealer.

 

True.