Grandfather was a CRH? great grandmother was a collecter?

[whiteslate]

Hey all, my Grandfather showed me his collection, which he had not taken out in 20 years and said it was much larger than he expected... Its huge to give you an idea there is over $1000 face of silver 10 plus ounces of gold coins, and tens of thousands of his mothers collection, after looking at these coins for a few hours before having to leave, he lives very far away, I would value the collection above $100,000 I told him and he has purchased a huge safe and had it bolted to the floor, but no one in the family seems to understand the value. He is quite wealthy, in other words this would not change his way of life, but many of the holders are decaying and I fear harming the coins. He is not sure showing anyone (like a dealer) the coins because of the value and because he has no relationship with any, and does not want to ship them off to have the better coins graded but I dot know how to approach the subject again without seeming rude as they are his and he can do what he wants... any help? for example there are 1800 dollars, multiple 3 legged buffs at least 4 1916d mercs 2 1909s VDB's as well as many mid 1800's coins in BU to MS shape, and an Isabella in the best shape i have ever seen any coin...

 

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[bigscores]

My only advice; exhibit a healthy interest in numismatics and share your passion with him, hoping that he will bequeath the collection to you instead of family members that won't care about it.

 

[sagittarius98]

If the holders are decaying, purchase some new holders at an LCS (assuming they are 2x2s or airtites), and offer to replace the holders.

 

[Coppercrazy]

Dude if you could inherit that collection...imagine what you could sell it for when you retire or even pass it down again and then imagine what it would be worth! O.o

 

[maine_Jim]

He should at least document it for insurance purposes. Sounds like he chose some of the right coins to hoard! It would be cool to see a few photos of the key dates.

Maine_Jim

 

[Generic_Lad]

With a collection like that, it certainly is needed that the coins are preserved in the best condition possible, because when we're talking about key dates and rare varieties, damage can mean hundreds or even thousands of dollars lost.

The key is to make sure there's no PVC since that will eat away at the surface of the coin. What are the coins stored in? If they're stored in flexible plastic flips you may very well have a problem....

Certainly some of the coins have merit to be slabbed from the sounds of it, but assuming that isn't an option, putting them in cardboard 2x2s looks to be the best alternative. When handling stuff like this, I would wear gloves and take extra care to prevent dropping a coin onto a hard surface (like a table or the floor) and creating a nasty rim ding. If there already is PVC damage, you need to take steps to remove it.

 

[killian110]

Take some of your collection over to show your granddad and give him some new holders to replace his decaying ones. Gives you the chance to bring the conversation to his collection and once again remind him of your shared interest. Probably wouldn't hurt to keep him updated on all your future finds and coin purchases in the future.

 

[baddbluff]

Take some of your collection over to show your granddad and give him some new holders to replace his decaying ones. Gives you the chance to bring the conversation to his collection and once again remind him of your shared interest. Probably wouldn't hurt to keep him updated on all your future finds and coin purchases in the future.

^ what he said.

That way he will get your passion for coins w/out being too pushy.

 

[whiteslate]

I am planning to go see him at the end of July, and have lots of 2x2's at my house, at least a few hundred so i will offer to move some of his coins over, and yes many are in what I believe are PVC flips from back in the 60's... while I would love to inherit the collection I do not see that as a goal, my grandfather has always been extreamly fair, and from what I understand his possesions will be split among the his two children, one is my dad... I may ask my father to take the collection and allow me to buy coins overtime without paying a dealers premium... but you never know, seeing as the collection is a small part of his total wealth, less than 2%. Thanks for the help, and ill see if i can get some pics when im out there, also does anyone know of a dbl die obverse flying eagle, I know it was not the key date but it caught my eye.

 

[Coppercrazy]

Less than 2%... -_- holy crap his net worth is over $5,000,000?! Inheriting $2,500,000 is enough to retire on by just buying a CD at 2.5-3% or government inflation bonds and living on the interest. That is insane.

 

[Coppercrazy]

The DDO does exist on the 1857 flying eagle cents. However it is barely noticeable with the naked eye if at all.

 

[44_Dimes]

And I thought I was lucky with both of my grandpas having collections worth around $700.

 

[sagittarius98]

Since your uncle/aunt will inherit a portion of the coins, you should talk to them about what to do with the coins. If you have a good relationship with them, you should bring along some coin books with values (Red Book, Cherrypicker's Guide, etc.), and try to buy them from him/her, after explaining each coin in detail and having a nice family moment. If you are not on good terms on him, and believe he/she would not trust you with making a good appraisal, try to coax him/her to go to an LCS and sell there. If you go with him/her, you will be able to tell if he is being taken advantage of or not by the LCS. You will not get the coins then, but will know that they ended up in good hands and not with someone who could easily go to a pawn shop and get 5% of the value. With your dad, I would just wait on inheriting the coins. If you express interest, he may give the collection solely to you.

All of this applies only if your uncle/aunt don't know anything about coins. If they do, then I would also wait on inheriting them, and also inform them of your interest in the coins.

 

[whiteslate]

copper, yes he is worth a very large amount of money, I have seen his stock's which alone are 3m as well as his home, and a collection of fine art, as well as my grandmothers jewelry... I would love to have the coins, but again i'm more concerned about making sure wherever they go they are taken good care of...

 

[Coppercrazy]

Good mind set I think

 

[Go Bills]

You could pick up a copy of the cherrypickers guide and look for varieties with him? Also if he has any other hobbies like target shooting or something you could bring a few guns and go target shooting with him? Spend time while alive is my advice, let his will fall as he sees it.

My grandma worked as a bank teller and she culled some silver back when money was worth actual money and into the post '65. I emphasized to my family after her small $200 face silver collection was split I had sentimental value to it and I bought others out. That being said I'm in my 30's and have seen a few estates settled and it gets nasty sometimes. In one instance there was no will and a sibling swooped in and took all the guns, coins and said I'll take this and I want my full portion of the house when it's sold you guys can have everything else. Seen many big fights like this and shady moves letting others handle the hard garage sale small $$ items while some siblings get the easy sell stuff highly valuable stuff- then the executer has to figure it all out.

It's sad when you think about it - a loved one dies and people just want their cut of his "gear" and $$$. Don't make your grandpa feel like that and I'm sure you'll do well.

 

[SilverForBrains]

holy moly!