Dealing with a recently passed away parent’s belongings is always a tough subject. It’s never just about the stuff – it’s about the memories and the emotions it all brings up, not to mention disagreements with siblings and partners about what to do with it all.
The question can become even harder to reckon with when the belongings are both valuable and sentimental. A coin collection is a great example of something that might evoke memories of your loved one but also be worth something.
#1 Keep It vs. Sell It
The toughest choice to make with any belonging is whether to keep it, sell it, or give it away. If dad had a passion for hunting down rare and historic coins or loved to spend his weekends combing through garage sales and coin shops for hidden gems, selling it may not sit well.
That said, coin collections with silver and gold are often left behind with the intention of leaving someone a bit of wealth. Turning it into cash so that you can invest it in your own family might just have been the point all along.
Gold and silver are known for their durable value compared to cash. While cash loses its value to inflation over time, gold and silver appreciate in the long term. Some elders who had to flee politically unstable countries also trust gold and silver because it’s wealth that you can carry with you, unlike cash in a bank account, and that’s what they prefer to leave to their children.
The good news is that it’s easy to sell silver and gold coins. Any coin with precious metals content will have some value to it, though that value can range widely.
#2 Get the Coins Evaluated
Before you sell it, you should almost certainly get the coin collection evaluated. The long-term price predictions for silver are optimistic, and it helps to know exactly how much the coins are worth.
In addition to their precious metals content, you may have coins with numismatic value. That’s any collectible value a buyer would be willing to pay due to the rarity and condition of the coin.
You don’t have to commit to selling the collection just to have it evaluated. You may find out that the coins aren’t worth much. If dad collected coins more as a fun hobby than anything, it can be an easier decision to keep it as a memento and even add to it yourself.
#3 Talk to Your Family Members
Communication can help avoid an unnecessary family feud when it comes to inheritances. It can be a challenge when parents leave a will without talking about it to everyone involved. There can be hurt feelings and miscommunications that lead to lifelong tensions.
If there is one sibling who has a closer emotional attachment to something like a coin collection, it may be fair for the inheritor to let them buy it. Have it appraised and part with it for fair market value, and everyone can walk away without any bad blood.