How Legacy Wealth Started With PenniesLCR Coin, Inc.
We have a customer who started collecting pennies at an early age. I believe most of us show an interest in coins at a young age. Coins are our first medium of exchange for things like candy and toys. We learned these shiny circles had value and this made coins important. Some of us go on and take it further by sorting and collecting coins we came across every day. From those early beginnings, serious coin collectors are born. The casual accumulation becomes a passion and a plan takes shape.
This collector’s beginnings were similar. Over the years buying common date coins in decent grades and over time evolved into specific coin types, one type being Indian Cents. These great pennies were produced from 1859 to 1909 and the goal was to have one for each year. Early purchases were in both PCGS and NGC holders. This further evolved to collecting the best example available for each year in both MS (Mint State or Business Strike) and PR (Proof) examples in PCGS holders. He then added Gold Indians, Buffalo Nickels and a wide variety of coins both gold and silver from as early as the 18th century to as recent as last century. The primary goal being the coin has to be among the finest known assuring the collection was a sound investment.
As the collection grew into a substantial amount, we learned his ultimate plan is legacy wealth. When it comes time, this collection of private portable wealth will be transferred to his children. His children will then have the choice to keep the collection, grow the collection or send it to auction and keep the proceeds. Other parts of your estate are not that lucky. Stocks, cash in the bank and property all have to be subject to government review as part of inherited assets. Things like art, antiques, rare cars and rare coins can privately pass from one generation to the next. There is nothing new about this and American families have been doing it for generations. I believe their story illustrates one of the classic reasons someone can collect rare coins.