You Can't Take It with You!

Elizabeth was left with a gargantuan task when her bachelor-brother died and left her real estate, a thriving business and a substantial coin collection. She had no interest or knowledge of rare coins but decided to take a 1925 $20 St. Gaudens to a local establishment displaying a large neon sign which proclaimed: "WE BUY GOLD — HIGHEST PRICES PAID."

At the time, the price of gold was just over $900 per ounce and she was offered $1000. "Is that all for a coin this old and this pretty," she asked. "That’s top dollar and we buy these all day," replied the genteel counterman. While the offer sounded somewhat reasonable, her instincts told her to reject the offer and do some homework. Through the internet she contacted another professional and requested an appraisal and was told that the coin should be certified and graded and suggested that it be consigned to that dealer in order to find a buyer. The coin returned graded MS-63 and due to the "little S" above the date, she netted over $13,000. Elizabeth was lucky.

Over my 40+ years as a professional numismatist, I’ve seen more than my share of numismatic disasters. Most often heard are thefts, improper cleaning by well-meaning heirs, or little Johnnie deciding he needed some spending money and found Dad’s collection which he liberally dispersed around town. By far the most expensive of tragedies are situations like Elizabeth’s, where coins are left behind to heirs with no interest or knowledge and no instructions on what to do or where to go for help.

Just because the sign on the door says "We Buy Coins" doesn’t mean the proprietor is knowledgeable, let alone honest. We’ve all heard the stories of valuable collections sold for pennies on the dollar and, sadly, there are a multitude of traps just waiting for that hapless widow to walk in with the "Deal of the Century." The good news is that there are steps that can be taken t0 easily avoid these disasters.

If you’re the collector:

1. Keep accurate records, including receipts, current values (periodic objective, expert appraisals are highly desirable), locations, access, etc.
2. Inform potential heirs of procedures should something happen to you, including attorneys, trusted and knowledgeable friends, dealer associates and the like so that they are not left clueless and have a place to start.
3. Remember, we don’t REALLY own things; we are just custodians! You can’t take it with you, so make sure everything above is current so that your heirs glean full value for your collecting efforts and just as importantly, your valuable collection finds its way to the next group of passionate collectors.

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