Viewpoint: Will can outline disposal of collection | Silver Coins

Viewpoint: Will can outline disposal of collection

2014 U.S. Coin Digest

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By Robert L. Brommer

Recently, there have been articles in this publication which have pointed out the dangers of not leaving any directions to household members concerning the disposition of your coin collection as soon as you are no longer capable to do so.

In each circumstances illustrated, the loved ones basically took the collection to their bank, there to be converted into a sum total for all the years of effort which created the collection. Banks and bankers are not obligated either morally or ethically to tell the family members any much more than the present sum face worth of that which was presented to them. Much more than likely, all of these coins went into the collection of a bank employee or officer of the bank.

My very first encounter with this tragic outcome occurred when a middle-aged man who was a extreme diabetic told me the story of his father’s numerous years of everyday depositing his pocket modify into the old (large) version of coffee cans.

His “collection” lined the outdoors walls of the enclosed back porch, all the way down each sides of the stairs to his basement, and all about the exterior walls of the basement. Every single can was brim full of coins. Not a single soul could guess how much it was worth at face value, or existing book worth.

When he suggested they seek assistance, he was more than-ruled by other loved ones members who had no interest in the time it would take to decide how to correctly dispose of the “collection. Neither did they have any interest in searching for out someone who could evaluate the collection, or give them guidance on how greatest to proceed. Hence, I want to share with other readers my program on the disposition of my 60-plus years of collecting.

I am adding a codicil to my will which will give explicit instructions on how to proceed with determining the worth and disposition of the coins. There will be directions on whom to speak to by way of their name and background in coin appraisal along with anticipated expenses for the skilled services. They can also turn to our attorney for guidance for he is effectively versed and skilled in properly disposing of assets that are challenging to value as person pieces or the entire lot. Please note, if you do not have a final will and testament, you are inviting disaster.

Funding will come from liquidation of other estate assets so the heirs will have no argument amongst them as the fees will be born out of my share of joint assets in our estate.

We all can recall situations when coins are sold at a pittance by means of estate auction when the inheritors are not familiar with the actions to be taken. Nor are they aware of the value of what they’re faced with since “value” is in the eyes of the beholder who does not have access to current worth on the open industry. This is especially accurate among other collectors who would willingly make an offer have been they to be aware of the chance.

Far too many times, a person has come up to me at a public auction and asked what a coin is worth, and my very first response is, “you hauled them to the bank didn’t you“? Nary a single time has any individual stated they had been nonetheless in possession of the coin(s) in question. Your heirs shouldn’t become victim to this approach.

I hope this will assist you in your work to see that your collection will either be preserved for the next generation in your household, or that they have received fair market place value for their inheritance from you.

This “Viewpoint” was written by Robert L. Brommer.

To have your opinion regarded as for Viewpoint, write to David C. Harper, Editor, Numismatic News, 700 E. State St., Iola, WI 54990. Send email to david.harper@fwmedia.com.

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