future 21st birthday present

phil_b21

Since my son was born 7 years ago I always wanted to save some money for him but have failed. I do put money aside but then an "emergency" arises and I use the savings.


I remember my grandmother presented 21 coins of the highest coin in circulation at the time as a gift.


As a way of saving and a and to carry on the theme I had the idea of buying gold sovereigns one a year to present to my son at his 21st birthday. I can afford one a year and I am less likely to cash them in and spend the saving as I have been doing with money in the bank.


I am unsure whether the return will match my investment but that is unimportant as the 21 sovereigns will still have a significant value and will make a nice gift.


As he is 7 I need to back date my collection a little. I intend to buy coins dated with the correct ascending years. but do I start with the year he was born or the year he had his first birthday?

7roland8

Doubt the years will matter to him as most 21yr olds would want to just cash in for the money I should think.


A nice idea though.

Sharon87

Well before you buy anything check your change first to see if you can accumulate the years. I think start from the year of birth, that's what I would do.

And remember coins do change like the current pound coin will go out of circulation next year, so if you're collecting coins be aware they may not be in use when he turns 21. Although they could probably be sold to collectors on ebay if your son wants to do that! It might not be a good way for actual savings though.

springdreams

I buy gold coins for my 16 year old son, and have done so for many years.

It will cost you more to buy for specific years. I therefore bought a Kruger Rand for the year of his birth - 2000 - and just buy the coin that is on offer at the time that I am buying one to add to his collection.