The Value of Stamps and Coins
Do you ever wonder if your stamps and coins have significant market value currently and for your estate? Most Canadians have stamp or coin collections in their home, if not both. Coins especially are often keepsakes and memorials, precious for many reasons, including as a piece of history, an expression of culture, a work of art. Most individuals hope their cherished collections have significant value when appraised. There are a few firms that offer appraisal and auction services to help clients downsize or when you die.
Waddingtons, in their Spring/Summer 2014 newsletter advised that stamps that are carefully stored and catalogued have resale value if they are in generally good condition (meaning there are no tears, little to no fading and the “teeth” around the edge of the stamp are in good shape, etc.). By contrast, a box of cancelled stamps that were ripped from envelopes likely provides little or no resale value since this is more of a stamp accumulation than a collection. In fact, it is rare for stamps to have value at an auction, even stamps over a hundred years old are typically not deemed rare. Additionally, used (cancelled) stamps since 1925 and “gold” foil stamps typically have very little market value.
A coin accumulation can have value depending on factors such as wear, mintage, supply and demand, even if there is not any particular rarity to the individual coins. The reason for the rise in the value of coins is today’s high precious metal prices. Canadian bank notes are one of the few collectibles on the market today, which generate substantial interested buyers in the auction market.
Coinsandcanada.com is another great resource to learn more specifically about what coins have value. The site published the news that on April 11, 2014, the most expensive coin of Newfoundland was a 1965 $2 gold coin sold at auction for more than $112,713.00.
Lesson Learned – if you have stamps and coins at home you have been keeping for future value it may be worthwhile to go have their value checked out. Why wait?
Until next time,
Revival of a Will
Summary: An interesting section of the Succession Law Reform Act
Sometimes we forget the little things. In being asked the question, “can I revive a will that I have revoked?”, we were reminded of one of those forgotten things. This question led to a review of Section 19 of the SLRA which provides:
Helen Kilitzoglou et al v. Shannon Cure et al
Summary: When is a change in beneficiary designation for life insurance valid?
In the case of Helen Kilitzoglou et al v. Shannon Cure et al (2014 ONSC 1018) there were many issues litigated, all dealing with the estate of Al Cure (“Al”) and the decisions he made prior to his death. Although, this blog only addresses one of those many issues, it is a case worth reading for the others it discusses.