Dumping my coin collection

Beachkid23 · Jan 19, 2015

I have collected coins for probably about seven years now. I'm thinking about selling them to put a down payment to buy the house we rent. I believe if I sold them, I could get $35-40,000. I enjoyed having it but I have family now and three kids and that's not something I had when I started it. But I have all the modern collections being 1917 and up coins. And a lot of key dates. Plus who knows what else. There is 2 large bank boxes, plus a stash at my parents as well. Even a Standing liberty quarter set minus the 1916. Unc 1932 d & s Washington quarters. And also 10 gold coins...

A little bit about the house. My parents bought it. And we pay them rent. $800 a month. There is 10 years left to pay and the house will be paid off. The balance is $106,000. The house was appraised recently when we had our water damage at $325,000. if we were to buy it since half of our payments for the last eight years of it have gone towards the mortgage we would buy it for the balance plus $65,000. (that is how much parents put down)

If we wait 10 years we just have to pay the $65,000. After typing this the best route seems to be to save up The $65,000.

What are your thoughts on this?
Have any of you sold off your collection and regretted it?

Mr.T · Jan 19, 2015

Sell them, take the money and secure your families future. Before you pay off any loan, inform the lender of your intentions, and persuade them to let
you have a 50k facility shoud you ever need it in the future, for a large purchase etc. Then start your silver collection again! Good luck

Professor of Engineering · Jan 19, 2015

Hello Beachkid23,

Sell the coin collection to purchase the house. I was in this same situation many years ago, I sold my very valuable coin collection and purchased my home and never looked back! I did keep my 1955 double die Lincoln cent, one of my favorite coins. Over the years, you will start a new collection, perhaps from metal detecting finds. Good Luck with your home purchase.

Best Regards,

Beachkid23 · Jan 19, 2015

Professor of Engineering said:
Hello Beachkid23, Sell the coin collection to purchase the house. I was in this same situation many years ago, I sold my very valuable coin collection and purchased my home and never looked back! I did keep my 1955 double die Lincoln cent, one of my favorite coins. Over the years, you will start a new collection, perhaps from metal detecting finds. Good Luck with your home purchase. Best Regards,

I would probably keep my standing liberty collection. In hopes of finding that 1916 one day. Rare as it may seem. After I get over this sickness I will go check out what's in the safe deposit boxes because I just don't know what's in them.

Peyton Manning · Jan 19, 2015

as dave ramsey would tell you- debt is dumb

dustywallen · Jan 20, 2015

I sold part of our collection a while back. Done some upgrades to the kitchen. Now when I see our flat top range I see a 1909 S v.d.b. Sale them for sure. You want regret it.

DigIron2 · Jan 20, 2015

Its hard to part with any kind of collection,I understand your dilemma.But if it is for a good reason,why not?can't take your collection withya.Life;s full of regrets.good luck with your decision.

Sluice Box · Jan 20, 2015

Sell out, move to Alaska, purchase a small bit of land, and build a cabin big enough that would well suit you and your family! -I guess just expressing my future dreams. I apologize for your current situation though, and hope everything pans out the best it possibly could for you and your family! Good Luck

Sluice

VERMONTPACKRAT · Jan 20, 2015

Three years ago I sold 90% of my collection to put 20% down on a house. Best investment I ever made. I have a reasonable mortagage payment because of it.

VPR

Peyton Manning · Jan 20, 2015

15 year fixed rate I hope

VERMONTPACKRAT · Jan 20, 2015

jeff-gordon said:
15 year fixed rate I hope

20 year fixed. Paid bi-weekly, paid in 17 years. We are ahead a little right now.

VPR

Peyton Manning · Jan 20, 2015

if you get ahead make sure they apply it to principle and not just making payments ahead

Beachkid23 · Jan 20, 2015

Sluice Box said:
Sell out, move to Alaska, purchase a small bit of land, and build a cabin big enough that would well suit you and your family! -I guess just expressing my future dreams. I apologize for your current situation though, and hope everything pans out the best it possibly could for you and your family! Good Luck Sluice

Good thought but I live in south florida. I would die for sure in Alaska. In about hmmm, 20-30 minutes....maybe seconds!!

VERMONTPACKRAT · Jan 20, 2015

jeff-gordon said:
if you get ahead make sure they apply it to principle and not just making payments ahead

We are doing well with the house. We bought it right also. My wife was in real estate for 15 years.

Beachkid23 · Jan 20, 2015

I have some online. A buyer interested in some here. Sent all my scrap sterling to ara and I'm getting a check back for $740. Not sure about the gold scrap. My jeweler will make me anything I want. So I may have him make stuff with it. I have a custom piece coming from him this week. I had a parrot ear clip. He's making a 14k ring that looks like a tree and putting the bird in it. Can't wait to see it!

Anyways. No rush, 1 day at a time. I have been obsessed really obsessed with this to where it was all I think about. How to get ahead. How to get more! But I'm trying to change that now. Focus more on my family and kids. Their wants but more their needs. Who cares how many coins i have if my kids don't love me!

I started telling my 9 yr old (tomorrow) 8 today. That she is beautiful on the inside and out. She thinks it is soooo tacky. But gives me a hug and says she loves me. Which is huge seeing we adopted this girl from the hood and her brother and they love us like their mom and dad.

BARKER · Jan 20, 2015

HI Beach kid 123; Keep the SLQs Collection. They are the fastest value growing modern coins there is. They are rare. hard to find and increase in value every year ok. Good Luck on the house. PEACE:RONB

Beachkid23 · Jan 21, 2015

Silver at $18.33.

Beachkid23 · Jan 21, 2015

BARKER said:
HI Beach kid 123; Keep the SLQs Collection. They are the fastest value growing modern coins there is. They are rare. hard to find and increase in value every year ok. Good Luck on the house. PEACE:RONB

I have a lot of doubles to go through. And one that is graded extra fine something or another. I think it is a 1917 s. I would definitely keep the graded one and the collection set as well! That set was hard to put together and the 1923S was expensive! The 1921 was free. But that was not a cheap set!

rsc · Jan 23, 2015

Sell what you need for the down payment. Silver price is rising, but is just a commodity. A home for the family is the best investment you can make. PERIOD. HH Gayle