Having to organize and inventory your coin collection may be something you never thought you would have to do…..especially if you never set out to collect coins as a hobby.
For many folks, once the coin collecting bug bites them, they set down a path of collecting, and accumulating coin after coin after coin. Eventually all of these coins are going to need to be organized and inventoried.
By the way, did you know that individuals have been collecting coins as a hobby since about the mid-1800s. They collected based on coin designs, metal type, denominations, date of issue, mintmarks, and eventually condition. As the hobby became more popular, face values for coins went up exponentially, to the point where a silver dollar coin sold for $10 million in 2013. Coins began to be valued for their rarity and condition.
Joshua McMorrow-Hernandez from Coins.thefuntimesguide.com shares these 5 reasons you need to inventory your coins collection. You need to organize and inventory your coin collection so that you will:
- Know which coins you already have
- Know which coins you still need
- Determine the value of your coin collection quickly and easily
- Get an at a glance look at the many coins in your collection
- Document your collection for coin insurance purposes
Now that you know why you need to organize and inventory your coin collection, the next challenge becomes “where do I start???”
Coins expert James Bucki shares 4 ways in which you can organize and inventory your coin collection:
#1. If you are just getting started, or have a small collection, a simple three ring binder, paper, ruler and pen may be all you need. You will want to create some columns (which is why you need that ruler) to enter the information you want to track. Since these are your coins, your binder and your inventory log, you get to be as creative as you wish to be, as well as track as much information as you want. However some of the criteria you may want to consider would be:
- Denomination or type
- Your purchase price
- Date you sold coin
- Amount coin sold for
- Notes/Comments on the coin
- Updates on value of the coin
#2. Another great way to organize and inventory your coin collection, as well as make plans for future purchases is to use a checklist. Using a checklist has both advantages as well as disadvantages. One advantage is that it will already be organized by type, denomination, year and mint mark, unlike the notebook mentioned above. One of the disadvantages would be that a checklist won’t contain all the information you need, especially if you pass the coins along to family members or the IRS comes knocking on your door looking for further information on your coin sales.
If you like the idea of a checklist, you can simply add more information to it for each coin in your collection, to protect both you and your heirs.
Whitman, which produces the annual Guide Book to United States Coins (popularly called “The Red Book”),also publishes a spiral bound coin inventory log book.
#3. Another way to organize and inventory your coin collection, especially if you are a wizard with Excel, is to create a simple spreadsheet that will meet your needs. You can add lines and columns, or delete lines and columns. You can sort, calculate and track every coin in your collection.
There are many free templates on online to get you started. Simply google “Excel Spreadsheet Coin Inventory Templates” and find one that works best for you.
#4. If you have an extensive coin collection, then you may decide to purchase computer software to organize and inventory your coin collection. You can purchase a coin inventory software program to get you started for about $30 and up. When deciding which software to choose consider the following: how easy it is to use, how much ability does it allow you to organize your collection the way you want to organize it, does it download current pricing information as well as revalue your coin collection at current market prices.
Following the above ideas will put you on the path to having a totally organized and inventoried coin collection. The information is certain to help you when it comes to future purchases, sales or passing your coins along to your heirs.
PGS Gold & Coin’s mission is to provide our customers with “Fair Market Value” in exchange for any unwanted Rare Coins, Platinum, Gold, Silver, Diamond, Jewelry and Collectables! We strive to deliver the highest quality of customer service each and every day. PGS Gold & Coin is locally owned & family operated since 2008. PGS has become one of the most professional and trusted Rare Coin, and Precious Metals Dealers in the area. We are a Certified Coin Dealer by PCGS (Professional Coin Grading Service), NGC( Numismatic Guaranty Corporation), and PMG (Paper Money Grading). We are a proud sponsor of the ANA (American Numismatic Association) and have a BBB (Better Business Bureau) A+ rating.
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