Coin collecting, like golf, is a hobby people can and do enjoy over a lifetime. It’s one that can grow more enjoyable and satisfying with age (and additional resources). At Grand Rapids Coins we see many older clients. Some of them are at the point in their lives when they are trying to decide what they will do with their collections. They may be downsizing, liquidating investments, or making a will. No one enjoys thinking about death, but for many collectors, their coins are personally very meaningful, and so it’s appropriate that they are afforded this consideration.
Leaving Your Coin Collection as an Inheritance
The first thing that all coin collectors need to decide is if they want to sell all or part of their collections or if they want to transfer them to their heirs. This may be a complex decision if:
- the collection is quite valuable
- there are multiple heirs
- one or more of the heirs has an interest in coins
For people who are worried about arguments breaking out among family or friends later, selling a collection and dividing the money between heirs is one way to bypass that problem.
Coin Collections and Personal Meaning
For anyone who views their collection as a piece of history, either generally or personally, that will make a difference. Breaking up a carefully developed collection may be too unhappy a choice to contemplate. They would rather leave it to one person who will continue to treasure it. Either way, it’s important to write down your intentions with detail. Include them in your last will and testament so it’s official and everyone will know your wishes.
Leave Specific Instructions
If you intend to leave your collection to your heir or heirs intact, make sure to provide them with written instructions on how to store and properly care for their coins. Another collector will know that coins need to be stored in a clean, dry, and climate controlled place. They’ll know that they should not remove coins from protective holders, clean them, or touch them with bare hands. Other people will not. You’ll want your collection taken care of and the individual coins respected after you are gone.
Write Down Your Coin Stories
Whether your heirs are coin collectors or coin enthusiasts themselves, it’s also appropriate to write down the stories you have about your collection. This would include stories about the coins themselves, their provenance and their history. That way people can understand why they’re important, and why you took the time to collect them. It would also include any interesting anecdotes about your own collecting history. If you take the time to video your collection or tape yourself talking about them, this will make a nice memory for your loved ones later. Your coin collection is a the result of years of passion and enthusiasm and is therefore a part of you.
If we at Grand Rapids Coins can help you in any way with these kinds of decisions, make an appointment to talk to us today by calling 616-884-5048. We also field questions from people who have inherited coin collections and want to know how valuable they are or how to go about developing their value further.
