Does anyone else not keep track of their collection?

Discussion in 'Coin Chat' started by Detecto92, Jan 10, 2012.

  1. sunflower

    sunflower New Member

    I had no idea that a hobby expenses could be a write off during tax season? Interesting.
    I keep my notes in a journal like book.
     
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  3. Kentucky

    Kentucky Supporter! Supporter

    You know they say memory is the second thing to go with age. I forgot what the first was.
     
  4. Cazkaboom

    Cazkaboom One for all, all for me.

    I keep track of my purchases and sales on different sheets of paper, then I keep a running tally of inventory on paper with values. I know, I feel like a caveman who doesn't know how to use excel... but I do keep track. I also keep track of my purchases/sales at my coin clubs. Usually I end up buying more than I sell, but I try to sell more than I buy just for coin club. So far I have done pretty well with the end of year raffles, making $40 cash just from raffles covering what I paid an $18 more than I spent on tickets, good. When I buy in the coin club auctions, I usually sell something different at the next to keep more money in my pocket.

    I have two binders for my coins in 2x2s, one for 1964-present coins, and one for silver age coins and older. Anything I do not store in those or my "Silver box" does not get recorded. I do have a bunch of untracked coins such as my rolls of wheaties (Gave up on tracking those when I sold my first collection) and the coins in whitman folders save the 20th century coins.

    In untracked coins, I have no clue what I have, but I would guess I have about $150 in coins there.
     
  5. Irish2Ice

    Irish2Ice Member

    I use a VERY simple Excel system for inventory purposes for coins that matter.

    But for what I paid, I use a simple coding system that I write on the back of the 2x2's or VERY small piece of white duct tape on the back of slabs.

    My code for example: Irish2Ice0 = 1234567890. So a $15 coin would be "Ih"
     
  6. omahaorange

    omahaorange Active Member

    I'm guilty to a certain extent. All my sets (or those in progress) are sorted into binders by denomination. I do keep a list of what I need for those sets so I can get those when I'm out and about. The foriegn stuff, for the most part, are housed in 2x2s and sorted in boxes by country and denomination. I don't sell, so I don't keep track of what I paid.
     
  7. Numismat

    Numismat World coin enthusiast

    I used to just try and commit my collection to memory. When I got a safety deposit box and cataloged/photographed everything I was putting in there, it was a heck of an eye-opener and I re-discovered plenty of good coins I'd forgotten about.
    Now my collection is better organized, but my inventory for sale is still a hot mess though.
     
  8. icerain

    icerain Mastir spellyr

    I do keep my collection updated in Excel format. I haven't put in the price I paid for the coins though. Not too sure if its that important since I'm more of a collector and don't see myself selling them anytime soon.
     
  9. -jeffB

    -jeffB Greshams LEO Supporter

    ...and, by looking at that "Ih" code, you can instantly tell that you paid either $15 or $75. :)

    A serious question for those of you who keep track of how much you pay for everything: How do you handle lots? I bought a lot a while back with pre-1933 gold, a cleaned 1878-CC Morgan, a few other nicer pieces, a bunch of junk silver, and an even bigger bunch of buffaloes and wheats. In my mind, I ignored the non-PM non-key stuff -- I don't even count it at face value -- but how would I represent my cost basis in the individual members of this lot? Take Red Book values of everything, add it all up, divide it by the lot's price to get a ratio, and divide the Red Book values by that ratio?

    It's tempting to buy a lot, sell off enough to cover the cost of the lot, and then count the rest as having a basis of zero, but I'm pretty sure that wouldn't fly in an audit.

    Guess it's easier to just never sell anything. :)
     
  10. Searcher64

    Searcher64 Member

    I work with a program, and had my collection just about complete. Then my hard drive died, and I lost all. Had not backed it up. Also, had not used a code to place prices on the items that I had/have collected. So, most of the cost is gone.
    It's a pain, but needs to be done, because my family has NO IDEA what the collection is worth. I do not really know what the collection is worth, I just enjoy collecting since I was in the Boy Scouts.
     
  11. sunflower

    sunflower New Member

     
  12. Searcher64

    Searcher64 Member

    I have MPC also. I wish I had collected it when I was in the service during that time, but was not interested in it then. Did not start collecting currency till 1993. Got alot of WEB notes, before I knew what they were. But collect fractional also, and all small size notes. I like all US coins.
     
  13. Irish2Ice

    Irish2Ice Member

    Well......that WOULD be an obstacle if that were my actual code.....lol, it was obviously just an example.

    For lots...I divide the entire lot exactly as you. But at that point, I assign a value to the non-key, non-PM stuff in bulk say at e-bay value. After that is when I look up "red book" or other value and make sure the $'s equal out in the end.
     
  14. McBlzr

    McBlzr Sr Professional Collector

    I bought the ProCoin software for $39 about a year & a half ago. It took some time at first getting the hang of using it & entering a lot of my uncataloged collection. But now I really think it has been worth the extra effort. ;)

    ProCoin_2010_snip_1-10-2012.JPG

    Even has a grading Assistant! :thumb:

    Barber Half VF-20.JPG
     
  15. gypsy_gear

    gypsy_gear New Member

    I do for sure!! Simply for insurance reasons. We end up calling the insurance place about once a week when we are buying"heavy."
     
  16. Irish2Ice

    Irish2Ice Member

    gypsy, I'll assume you have a shop.

    It's funny, my home owners insurance company said that insuring coins were prohibitively expensive.
     
  17. Traz

    Traz Card counter

    If I didn't keep track of what I had...well, it'd be a big problem. Take a look at my registry set and you'd know what I mean!
     
  18. gypsy_gear

    gypsy_gear New Member

    Nope, It is somewhat costly, but I would rather have it than not. The fact that I have been doing insurance business withthe same company for 20 years also helps. You dont have to insure "coins" to get the extra coverage, there are ways around it.
     
  19. cciesielski01

    cciesielski01 Laced Up

    i started cataligging everything i bought this year.I write it down in a notebook i put year mm and denom and i number it and write down how much i paid for it. i then put the number on the back of the 2x2.

    cody
     
  20. Johnny Ringo

    Johnny Ringo Member

    I have a red book with all the coins/grades I own highlighted
     
  21. Vess1

    Vess1 CT SP VIP Supporter

    Detailed excel spreadsheet here with about 15 separate sheets for different denominations, sets, currency, etc. I can't blame people for using the programs available out there. They look great. But excel does a good job for me. I can look stuff up and see what I have, what I paid for it and sometimes even where it came from since 2008. And earlier. Each sheet also automatically tallies up silver content just by changing/adding any number in the quantity columns.

    It's real easy to add pics anywhere you want too. I shrink them down to fit better along descriptions. If you want to see detail at any time, you expand them out. Hit undo and they go back to where they were. Only the better stuff gets photographed.

    This took long enough to do that I keep it backed up to a flash drive and an external hard drive. Took many hours to get this done. Easy to keep updated now. I used to enjoy updating it, but now it's become tedious. Although I feel it is necessary so I know what I have. In 4 years, its gotten to the point where there's stuff I don't know I have or forget about.
     
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