When the time comes...

Sorry for the somewhat morbid topic for the start of the day, but has anyone had any thoughts on what they will do with their collection when they either give up collecting or cannot collect anymore?  What arrangements do you have in place for disposing of your coins after you've gone?

For me, it's likely that my children will sell my collection at auction, that's after they've taken out anything they can spend.  Which seems quite sad, in that I've spent quite a lot of time building up a collection of circulation coins, in as pristine condition as I can find, for a large part to just be spent in a shop or put into the bank.  That is unless I decide to just spend them all myself in my dotage.

There are, of course, one or two coins that I've identified as being somewhat ‘unusual’, which I hope they will try to dispose of more appropriately.  But, the fact remains that the vast majority of what I've collected from Europe and the UK will most likely go straight back into circulation.  I'm sure they will pick out coins from other countries they intend to visit (USA, Canada, Australia, other European countries with non-euro currency, etc.), but that may depend more on when they finally inherit my hoard. 

Anyone got any thoughts on a more appropriate way to ‘finish it all up’ ?

You can either handle your affairs before hand (but you usually never know when that time comes), liquidating your collection in a matter that is satisfying to you (giving them to someone who appreciates collecting, getting to most money back etc.).

You could handle it with instructions determined by a will (let it be handle by a third party or the family).

Numismatically the best case scenario for a collection that doesn't represent a fortune (to large and it might lead to inheritance strive), find (a) family member(s) who would want to continue your numismatic quest out of their own accord (not because of their potential value).

I hope I still have quite a few decades before me but I have a list with all my inventory that contains the purchase dates and prices as well as my best guess for grade and market value at the given time. I also would know a couple of relatives that might want to take over after me.

There is always inheritance tax (estate tax) to consider in many jurisdictions depending on the value of the collection.

I have a request that my collection, modest as it may be, be offered to smaller museums or other such institutions of which would be able to make use of it.

Whilst my collection certainly isn't valuable, I would like for it to be on display, or even better brought out for “hands on” presentations, to encourage the continuing art of physical currency & for new collectors to see what they can find.

I have a similar request for my more impressive collection of books.

Perhaps closer to my time, I'll start making formal enquiries with specific museums et al to make it easy upon my executor.

But given I've only just hit 30, I'm hopeful of many more years among the living. 😛

Ahoj.

    I will try to raise a successor from among my grandsons or granddaughters.  Who falls under the spell of collecting metal rings with the head of the leader-ruler and the emblem of statehood.

    However, the rule applies, When it comes - you'll be the one who cares what happens to it, so don't worry.

Ivan

A Collector

I have a request that my collection, modest as it may be, be offered to smaller museums or other such institutions of which would be able to make use of it.

Whilst my collection certainly isn't valuable, I would like for it to be on display, or even better brought out for “hands on” presentations, to encourage the continuing art of physical currency & for new collectors to see what they can find.

 

I have a similar request for my more impressive collection of books.

 

Perhaps closer to my time, I'll start making formal enquiries with specific museums et al to make it easy upon my executor.

But given I've only just hit 30, I'm hopeful of many more years among the living. 😛

I'll be hitting 30 in a couple of weeks lol. 😁 But yes, I need to start thinking about what to do with my collection when the time comes as well. I'm pretty sure someone from Europe would love to inherit my collection someday. ⚽ 

I'm 72 or will be in three weeks and not in to good of health. I told my wife to keep the silver and gold coins for later investments. Take all the Euros and US dollar coins and notes and spend them, I'm American living in Germany. The rest maybe take to a coin store and see if she can get anything for them. I have a pretty good collection of coins and banknotes and even stamps (I got listed on another site) but probably not worth to much except the silver and gold and some old American banknotes. But until then I'm still collecting. Still looking for a swaps 😃.

Unless a close friend of mine survives me (Unlikely as he said, because he is 23 years older than me) - mine will be going to my Numismatic society, who can auction it and keep all the proceeds.

My coins are too nice to end up in the hands of someone not interested in coins, a unscrupulous shop that offers like $100 for all them and a melter, or some halfwit relation of mine.

I would say some of my better pieces would be museum quality too, but I have never liked my coins being off limits and no one enjoying them. Even if the coin is on display, its hardly appropriate as its either behind glass or one of those “woke” modern museums where either unsupervised kids handle it, or its on a display saying the coins were evil agents of colonialism and racist authorities etc.

My coins will be buried, with me, so I can enjoy them peacefully at the other side.

yvon

My coins will be buried, with me, so I can enjoy them peacefully at the other side.

Now there's an idea I can get behind!

Then when the archaeologists dig us up in a few centuries time, we'll cause all sorts of confusion.

Were we rich and/or important?

Were we worried that inflation had gotten to Charon?

Maybe we were part of a heist that went wrong, and our fellow criminals never returned to dig up the loot.

Be right back, changing my will… 😛

David52

I'm 72 or will be in three weeks and not in to good of health. I told my wife to keep the silver and gold coins for later investments. Take all the Euros and US dollar coins and notes and spend them, I'm American living in Germany. The rest maybe take to a coin store and see if she can get anything for them. I have a pretty good collection of coins and banknotes and even stamps (I got listed on another site) but probably not worth to much except the silver and gold and some old American banknotes. But until then I'm still collecting. Still looking for a swaps 😃.

Hi David52

Hope you are still collecting and swapping.  I see that you are rapidly approaching your tenth anniversary on Numista, so maybe that's a good opportunity to make that special coin purchase or swap.  

Hope the birthday celebrations went well and thanks for your contribution to this thread.

LDC

David52

I'm 72 or will be in three weeks and not in to good of health. I told my wife to keep the silver and gold coins for later investments. Take all the Euros and US dollar coins and notes and spend them, I'm American living in Germany. The rest maybe take to a coin store and see if she can get anything for them. I have a pretty good collection of coins and banknotes and even stamps (I got listed on another site) but probably not worth to much except the silver and gold and some old American banknotes. But until then I'm still collecting. Still looking for a swaps 😃.

Well - I'm '52 vintage as well and, while I hope to continue with the hobby for the next 50 years, I started showing coins to the kidz (at present only 5 in my collection 🤣) and giving them some basics on collecting. Hopefully one of them will find interest to continue.

Wish you good health and yes - many more years with us here!

I have for some time been keeping and annotating receipts from dealers whenever possible and storing them with my collection, and making inventories of the boxes with approximate values and dates, - lor! so many boxes  - maybe that will help my survivors…

This may be an unpopular topic but it is an important one.  It's something that a more serious collector really needs to ponder (especially whether they've been organized & whether they have labelled/kept inventory like a museum curator). I would bet money that most haven't been that meticulous.

I have a friend who's father just passed away last month.  Since he's talked coins with me on a few occasions, I assumed he'd be inheriting his father's collection but instead, each child may take a few items & the rest must be disposed of (cashed in). He has brought in 2 binders & about 20-30 bank envelopes stuffed with common Canadian banknotes.  I lent him my catalogue and shared a few resources before we met to look over some of it.

I found 2 replacements but they are the most common replacements & might fetch 10X their FV. Other than that, all the notes are common notes from 10,000,000 runs. He finally admitted to me that two dealers rejected buying the UNC currency bundles (since they were the last Bank of Canada series $1.00/$2.00 which were issued in the billions/hoarded by many).  If he finds a dealer, the premiums might be 5-10% above FV.  But I doubt that will happen since many seniors passed away with fat envelopes stuffed with the same banknotes over the course of the pandemic.  The market has been saturated.

He showed me 1 binder filled with dirty, soiled banknotes from several countries that experienced hyperinflation & none of the notes would be worth more than cents on a dollar (if that). 

On the 2nd day we met, he brought a 2nd binder of World notes which were in much better condition. I would be willing to exchange a few of these (pay a small premium since they're lightly circulated).  He told me he's still finding coins & notes throughout his father's apartment. It's interesting what you learn about a person from what they collected (he also collected older World coins, some of which are valuable for their silver).  It's clear that he collected more collectible items as he progressed. My friend wants to take a video of some of it (because its such a massive collection).  Appears as if the father wasn't very organized. I'm hoping for the best but I really feel for my friend since I know it will be a lot of work (getting it all organized) & a lot of disappointment.   

If you're not a very organized collector (who doesn't document things) than that is what I would suggest you try to start doing. 

A Collector

yvon

My coins will be buried, with me, so I can enjoy them peacefully at the other side.

Now there's an idea I can get behind!

Then when the archaeologists dig us up in a few centuries time, we'll cause all sorts of confusion.

 

Were we rich and/or important?

 

Were we worried that inflation had gotten to Charon?

 

Maybe we were part of a heist that went wrong, and our fellow criminals never returned to dig up the loot.

 

Be right back, changing my will… 😛

I have often thought about this question; „when the time comes“ and the possibility of my collection being dug up by archaeologists 🤔 but for that to happen it would have to be buried, found, and declared a hoard!

But I don’t think them there clever folk would be fooled by the stratigraphy of my collection, other than they might believe I’m a collector.

Moreover I have often thought about burying my coins in the woods near where I live, the soil is very sandy and I’m sure natural erosion and animals will eventually bring them up - I could even post an Easter egg hunt map / clue on the internet before I go, it would be quite an annoyance for the local authorities to have hundreds of metal detectorists descending on the area. 😂😂