Courtesy of Heritage Galleries & Auctioneers, Dallas, Texas.

The Collector's Handbook

By James L. Halperin, R. Steven Ivy, and Gregory J. Rohan

TABLE OF CONTENTS

FOREWORD by Will Rossman, Editor

PART 1: Administering Your Collection

Chapter 1 - Record Keeping
Chapter 2 - Caring For Your Collection
Chapter 3 - Safeguarding Your Collection

PART 2: Estate Planning For Your Collection

Chapter 4 - Include Your Family In Your Plans
Chapter 5 - Division of Assets
Chapter 6 - Tax Options For Estate Planning

PART 3: Evaluating Your Collection

Chapter 7 - Third Party Authentication and Grading
Chapter 8 - Getting Your Collection Appraised

PART 4: Disposing Of Your Collection

Chapter 9 - Selling Your Collection Through Outright Sale
Chapter 10 - Selling Your Collection Through An Agent
Chapter 11 - Selling Your Collection At Auction
Chapter 12 - Etiquette and Tips

APPENDICES

Appendix A - Numismatic Fraternal Organizations
Appendix B - Insurance Companies Offering Numismatic Coverage
Appendix C - Third Party-Grading Services

INTRODUCTION

We can grant our heirs no greater kindness than to leave our affairs in good order through thoughtful estate planning. If we're fortunate enough to have built an estate, we can leave this earth comfortable in the knowledge that those we love are provided for? but only if we take the time to learn the process and plan for the inevitable.

Your coin collection is an important part of your estate regardless of value, because of the complications involved in evaluating it for probate. The issues of identification, basis, authenticity, grade, markets and timing are often challenging for even the most astute collector, much less any non-collector heirs. Even many probate attorneys are unfamiliar with the breadth of expertise necessary to address all the issues. When these conditions merge, the odds of an unhappy outcome - anything from an unnecessarily high estate tax bill, unreasonable expectations among heirs, or a below-market disposition of the collection - increase exponentially with each element addressed (or neglected!) in ignorance.

The key to estate planning for rare coin collections is in knowing your options. No two individual situations are exactly the same, but they all share common elements. Know what the issues are and who can help you resolve them, and you're well on your way to a satisfactory outcome.

The purpose of this handbook is to identify and explain the issues and options. We're into our fifth decade of appraising, buying, selling, and auctioning rare coins. Over the years, we've encountered virtually every situation imaginable, and have served tens of thousands of clients. The information provided here is the sum product of those experiences, and we offer it for your benefit.

Our sole intention is to provide you with choices and the right questions to ask. Many of the issues addressed may be legal in nature and the statutes covering them will vary somewhat depending on your location. We are in the coin business and as such, do not provide legal advice, nor do we advocate any specific option in this handbook. Please seek competent legal counsel to advise you on which options best suit your individual situation and needs.

Finally, we acknowledge that some readers may be heirs themselves. If so, please accept our condolences on your loss. At this point, some of the options outlined in this handbook are no longer available to you, but the balance of them remain equally valid and doubly important. Ask questions and weigh your options carefully. NOTE: Many of the chapters will contain a "TIPS FOR HEIRS" section at the end that offers suggestions in case you have inherited a coin collection with little or no previous guidance provided.

Regardless of circumstance, good planning will take some of the sting out of an unhappy event. In summation, the road to a successful outcome employs a simple formula:

   1. Know the issues.

   2. Analyze your personal situation.

   3. Qualify your professional assistance.

   4. Make informed decisions.

It is our sincere hope that this book will help you plan for the orderly sale of your coin collection, or, if you've inherited a coin collection, that it will guide you through an unfamiliar process.