Wolfman Jake wrote:Can we PLEASE stop saying "CHUG"?
On one hand, I whole heartedly agree, and typically use "Classics" myself as the catch-all term. But I fear that, for the majority, the "CHUG" name is too entrenched. Even if it is a clunky, inaccurate, and inelegant name.
But for me, "Classics" is, in addition to the term specifically for figures from 2006's Classics toy line, also the catch-all term for figures from succeeding toy lines. If I am referring to a specific figure from a post-Classics line, I will probably try to use that figure's actual toy line. For example, I would call this Universe 2.0 Galvatron:

But
this photo, while containing two Universe 2.0 toys, a Generations toy, (part of) a Transformers (2010) toy, and
no actual Classics toys, I would refer to it as a Classics group shot:

Anyway, back to the original poster, I am confused what you are actually asking. Are you worried about having duplicate characters in your collection? Are you asking what you should do with the superfluous versions?
If so, and assuming that the figure is in decent condition, I should think the options are as follows, and you don't necessarily have to use the same option for all of your figures:
-Display both if you have the room.
-Put one in storage if you have the storage space.
-Give one to a friend if you have any friends who also collect Transformers.
-Give one to a child you know if that child would enjoy them as toys.
-Sell one. (Make money to buy more figures!)
-Donate one to a thrift store.
-Mail one to me if it is a figure I don't have yet. (I doubt you'll select this option, but can't blame a guy for trying, eh?)
If it isn't in decent condition, you could at least try selling it on eBay as scrap for parts. People are always looking to repair their own broken figures, or looking for parts for customs. So you never know, you might get lucky, make someone's day with the part they need, and make a buck or two on the side.
And what should not ever be an option:
-Throw it out.
That'd be bloody wasteful, it would be. Find another good home for it rather then sending it off to take up space in a landfill somewhere.