Leave or Sell Your Coins - Appraising Your Coin Collection

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Copyright 2015 by Kevin Flynn, All Rights Reserved

One question that has been asked is how do you choose who to leave your coins to in your will? If you have collected and enjoyed your coins, then it is also desirable that you leave them to someone who will get equal enjoyment out of them.

If you have children, grandchildren, nieces, nephews, or other family members who share you passion and enjoyment of collecting, they are obvious candidates. While writing the book, Coin Collecting for the Next Generation, the connection between most people who brought their kids or grand kids to coin shows was pure. It was a hobby that could be shared and passed down through generations.

The majority of coins left through a Will these days are inherited by individuals who know or care nothing about coins. They would prefer to have the money for the value of the coins. They would probably be less inclined to research the coins to determine their current or potential value, or where best to sell them. They would be more likely to sell them for much less that they could realize.

If there are no clear individuals that you would choose to leave your coins with and believe that they would either keep the coins and continue your collection, or do the research and sell them for their full potential value, then the better option may be to sell the coins yourself and enjoy, or leave the money in your will to those you choose.

Who has more knowledge about a collection than the person who assembled it. You probably have been to coin shows, stores, auctions, and understand where the best prices can be realized. You are also the best person to insure that valuable coins of your collection receive the maximum exposure in the proper venue.

As a collector, imagine the satisfaction you will receive when you see how much your coins have brought. In addition, imagine the happiness that your heirs will be when receiving money instead of coins.

Another consideration is the tax laws as presented in a later section. If you sell your collection and have a gain, then you are suppose to pay capital gain taxes. If you leave your coins as part of your estate, then the ‘buy’ value is the value when it is inherited. If your heirs choose to sell the coins, any gain will the price sold for minus the buy value, therefore the gain will normally be much smaller than if you sold them. Establishing a value of the collection through an appraisal is important for determining the new buy value for your heirs.

Previous: Inheritance
Next: Appraisal Versus Selling
Copyright 2015 by Kevin Flynn, All Rights Reserved