Phases of a collector over time- what to do?

This is me in a nutshell. I really couldn't care less what will happen to my collection when I shuffle off.

 

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Amen. You nailed it here.

I put myself firmly in Category E. I have had thoughts of selling different sets that I have, but haven’t pulled the trigger as I’m too attached. My main collecting focus for a while has been my type set.

 

I'm past F and it was a great ride. I reached any goals I set over the years. I'm in the process of selling most everything and put that into just a few coins. It would not be fair to stick my wife and son with what was my passion. I want them to enjoy life when I'm gone and not worry with cleaning up after me. I won't be leaving the hobby, I'm still having fun.

 

That's what I've been thinking about. There are many various scopes of what people consider a "large" collection. I know what I have and know that it would be a burden at this point if my family had to deal with it and I wouldn't want them to get ripped off later.
What you've done is appropriate. I mean if someone has a son, daugher or grandchild that's into it and could take it over, that'd be great. Would be glad if that was my situation but seems like that is rarely the case.

Even for you yourself knowing everything about them it is work to sell one single thing and get a fair price for it. Basically if you accumulate and collect anything for decades it's going to be a situation for someone else to deal with eventually.
I wondered if anyone else felt like maybe they have pursued things in too many directions over the decades collecting to where maybe you should force yourself to reign it in and actually get more enjoyment out of focusing on say two or three endeavors instead of seven different directions. Instead of trying to do it all. Which would also have the side benefit of condesning down what your family memebers had to deal with some day.

 

I forgot something. I'm having a blast selling but it's a lot of work. It's almost like starting all over collecting. I'll pull out a set I built 50 years ago and check for varieties and grade each coin again.
I found I was a really tough grader back then. I found many varieties I didn't know about in my albums and they made great money at auction.
My coin conservation skills came back into use. I was able to save many coins but had to have ICG conserve 10 or 12 high dollar coins. They were beyond my skills. They do great work. They came back as problem coins but sold at crazy prices.

Now for the sad parts.
$12,000 in grading fees with PCGS so far but still made money on most coins.
Many problem coins but only 2 counterfeit IHCs so far. I'll post a thread on those once I get images.
Now I have to do something with all the empty albums and binders. Don't even want to think what they cost me.
Another thing that surprised me were the cost of flips. You need a bunch when taking albums apart.

It's been fun.

 

That is true, (He was the fourth person to complete the Sheldon numbered set.) in fact he was assembling his second set even before the first one sold. He went on to be the only person to ever complete the Sheldon numbered set twice. (becoming the eleventh person to complete the set.)

I'm at E right now and still having fun collecting. I know F will come along eventually but I don't plan to sell. I'll pass them on even though I don't have an heirs that have any interest in them I've been collecting for over 50 years and haven't kept goo records. Capital gains would eat me alive. So it's better to pass them on and let the heirs have the stepped up value

 

Yeah. I will likely do the same. Maybe sell some, but would like to give the vast majority to my kids even if they don't care. Maybe there will be a grandchild or great grandchild that appreciates my efforts from the early 21st century. Many things are consumed, worn out or just too large to be practical to be saved by family. That is one nice aspect of coins. They're like valuable art in a small package that seem to gradually appreciate over time and don't take up too much space.

 

I been through the gamut. I saw the advent of TPG’s and saw the rise of coin-candy on line…… But I can’t get beyond one sticking point. What can possibly be wrong with collecting money? So I am a cash hoarder and that’s a problem?…… I’ll hold all my hoard and add to it as the urge hits me. I have plenty of kids and grandkids that can sort it all out…. Heck, they just might learn something in the process….. I’ll stand pat, thank you very much.

 

You raised two areas of concern, hoarding and wife. If your wife isn't complaining about the hoarding it is a non issue. If you aren't pressed for money, keep the collection. After you pass your wife can ship it to an auction house, and what they don't keep she takes it to a large coin dealer that you recommend. If you will be watching your spending in retirement, sell it off now.

Edit: I have been through the phases. Third option for your wife is to pick someone you trust. For me there are two men on CU/OFR I would trust. They have full time jobs and work coin shows. One is surfinx, the other is barndog.

 

Those are pretty good answers, thanks. OTOH, tho', even before I'm gone, I hate to think of a family members selling off my prize Morgans and Peace dollars at junk silver rates (ok, I only have four worthwhile dollars, each worth between $150 and $350, but, still...). But, I guess the answer is: make a short list of my top coins to at least let my survivors know that those coins on the list are actually worth something.