Small coin collection – Deceased Client

[Andy Morris]

Morning all,

All thoughts and suggestions would be greatly appreciated here!

We have a matter where the Firm is the Executor on a deceased clients estate and a small collection of commemorative and uncirculated coins has been retrieved from the property – 62 coins with a face value of £79.

The collection was taken to a professional valuer/auctioneer who advised that it wouldn’t by viable to sell the collection at auction when factoring in the fees for valuing etc.

There are no family members who would be able to sell the coins, and the time/fees incurred by the Fee Earner if they attempted to value and sell the coins individually would far outweigh any profit made for the client, so the intent was to pay the funds into the Client account at face value.

At a quick glance the collection may be worth double the face value, but would take considerable time to research and sell individually.

Are we obliged to cash the coins for face value at the bank? Would it be unethical for a member of the Finance dept to purchase the collection from the estate, either at face value or at a benefit to the estate with the Executors approval?

We appreciate we’re also expected to pay the funds in promptly.

Thanks

Andy

[Geoff Smith]

My views –
1. Do you have anything in writing to say that the coins are only worth face value?
2. I don’t think that without a positive answer to (1) it would be ethical to allow a member of staff, especially in the accounts department, to purchase at face value.
3. Why is your firm dealing with this anyway – you refer to executors, surely that is their responsibility?

• This reply was modified 2 weeks, 4 days ago by Geoff Smith.

[Andy Morris]

Hi Geoff,

Sorry should have included that in my original question, not sure I can edit it now.

The coins are all either current 50p pieces or £2 coins, including a Beatrix Potter 50p going for £10-£20 on Ebay for example. So in theory they could be paid into the Client account as you would any other cash found at a property.

Our Firm is the sole Executor of the estate. The Will has various specific gifts of possessions, none of which include the coin collection.

Thanks

[Geoff Smith]

I wonder why an individual in the firm would want to pay £79 for £79 then unless they believe there to be an added value to the collection?

My view now is that if it is cash which is still legal tender then it should be banked in the normal way.

There are places such as Vintage Cash Cow who will give a free valuation and free postage both ways.

However what has to be considered is the cost/benefit of pursuing this any further unless there is a real likelihood of an beneficial increase in value and the bank route seems the professional way forward.

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