e-letters April 26, 2023

When the time comes, do you plan to sell or pass on your coin collection? Why?

I would like to sell my coin collection instead of passing it on. The problem is finding a reputable person to buy at a fair price.

Teri Crawford
Panama City, Fla.

Sell it. Three sons and 8 grandkids, they could care less. But the grandkids are age 3 to 18; I am 70. I probably won’t be around to see if any of them will be interested in collecting. Sad, isn’t it?

Benton
Myrtle Beach, S.C.

The time to sell came last year when I turned 53. I have been collecting most of my life since I was 12 years old. None of my children/step-children held the desire to learn about coins and the history. I always told them that since they were not interested in numismatics, that I would one day sell the coins after I felt very comfortable with my retirement funds on paper, and that happened in 2022.

My thoughts were, why should I leave them a windfall of coins/currency when they don’t even know what it’s worth, and then to go out to buy a fancy vacation or the latest electronic equipment available.

So, after multiple trips to the local coin shop, I placed all the proceeds into our retirement account for my wife and me to enjoy our investment efforts.

Robert Loomis
South Mills, N.C.

None of my beneficiaries are collectors. I’ll sell or auction my collection and use the funds to purchase something appreciated by them.

Barry Rock
Address withheld

Sell because no family member has shown interest in my collection, and I have always considered it a part of my retirement plan. I have the option to sell it piecemeal when and where I want or sell it outright to a dealer or dealers of my choice.

Name and address withheld

I am 74 and have been slowly selling my collection over the past three years. My children haven’t displayed any interest in the coins, so I began to auction off the raw coins and minor collections: pennies, nickels, etc. I involved my children in the auction process so they would be comfortable using it when the time comes. My goal is to leave each a collection of certified coins that will make it more difficult for them to be hoodwinked. The NGC control panel has the coins listed and “market value,” which will help them determine fair prices. The selling process was a surprise as it made me appreciate many of the coins I collected when I first began. A trip down memory lane, so to speak.

Name and address withheld

For now, I plan to pass on my collection. Maybe others will become interested in the hobby and receive a history lesson. It could also offer an opportunity for someone to earn a financial gain if the collection appreciates in commercial value.

Maurice Foushee
Washington, D.C.

I will end up passing my collection on to my children. They can keep it or use it to fund their own hobbies and dreams.

Name and address withheld

Pass it down. I have kids and grandkids who want it, at least certain parts. My granddaughts belong to my coin club with me. My son also collects coins but doesn’t have much of a collection. He has been eyeing my collection for years

Patricia K. Correia
Abilene, Texas

News flash! The kids do not want your coins and are clueless on how to dispose of the coins when they inherit them. You are creating a big problem for them and not doing them a favor. Your kids will just be taken by someone looking to make a quick buck. Since I assume you are knowledgeable about coins, my advice is to sell your coins now and go on a nice vacation.

My next letter to the editor will be from the Canadian Rockies.

Name and address withheld

I would do both. I would try to sell some of the items that would be of interest to new and intermediate collectors who may have trouble finding such coinage by the time I am ready to part with my collection: some mint and silver proof and clad proof sets, quite a bit of the coins I found interesting pulled from circulation. As one example of the former, a beautiful 2020 Lincoln cent I found just broken from a roll and given in change in January of that year, which in 15 years or more would be much harder to find in circulation and cheaper to buy individually from another collector than purchasing a mint set. For the latter, those who prefer collecting sets, I would sell say an extra 2021 set as it featured just two commemorative quarters before the present American Women quarters series started last year.

As for passing on my collection, it would be done in several ways. Interesting items to collectors and possessing some worth but not very high, I would offer to my coin club for auctions to have other members get a chance of having it and help fund my coin club. If I have any relatives that are coin collectors, I would pass on to them that which I am especially attached to and has some connection to my family if I am assured they will care for to the best of their ability and show inclination to learn how to do so properly.

The one exception to the above of course is if I need to sell as my time approaches to pay for immediate medical or personal living expenses. I would contact my coin club for recommended dealers as well as reach out to dealers I have used and trusted for years. The only coins that I would have difficulty parting with, as I would want it to stay with my heirs, would be my (hopefully by then) complete long short set of Walking Liberty halves, British Mandate of Palestine coinage and four to five pieces from the medals and Dan Carr’s exonumia.

As I learned when I sold off most of my father’s and little brother’s collection,