Proper Coin Labeling

If I want to properly label my coins, what info should be included on the holder? I'd like to label them in such a way that if I die and my wife brings them to a coin dealer, he might say, "Wow, there is very little of real value here, but your late husband was an impeccable labeler."

Seriously, tho. I plan to invest a little time in this and I'd like to do it right.

 

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I am presuming your coins are raw - are they in 2.5" x2.5" mylar flips? If so, you may want to consider copying what the third-party graders (TPGs) list for coins. Check NGC or PCGS for examples of similar coins that you own. I would include as much info as you can, including a unique ID number you create, but leave off the current value.

Then create a spreadsheet and you can list the unique ID number of the coin, all the coin info (more than you could fit on a label) along with the price you paid, the date you bought it, current market value, mintmarks, die variations, etc. Sky is the limit in the spreadsheet, as long as your ID code links back to the coin in the flip. Most important part in my opinion.

Just my 2 cents. Good luck and happy labeling!

 

Let's start with the type of holder you intend to use.
2x2?
Flip?
Airtite?
Other?

 

I would guess, although I've never done it, that you could also prepare a DVD of both text and images, make some backup copies, and update the DVD every 6 months, etc. You can also buy coin insurance from the same insuror that services the stamps of members of the American Philatelic Society, at a fairly nominal rate, and far superior to Homeowner's insurance.

 

Here is what I do with flips & 2x2s.

Date, mintmark, Denomination, special designations, etc,
an educated guesstimate of the grade.
my cost code (determined by 10 different letters of the alphabet (1 thru 0))
date acquired

A couple of members here gave me some templates for the flips insert in MS Word.

 

The code you'll NEVER forget =

E X T R A C O I N S
1 2 3 4 5 6 7 8 9 0

$3.75 = TOA

For even greater secrecy, throw in a "Q" here and there, but just ignore it.

 

The coins I currently have that aren't slabbed are in all of those, but I plan to use 2 x 2 mylar flips with the coin in one side and an insert in the other side. Then I'll put those in single row boxes.

This is all great info... thanks so much, everyone.

 

Unfortunately, if you die and your wife carts all your old coins down to the local coin dealer, first thing he's going to do is dismiss any info you have on them and offer whatever his price is going to be, information provided or not. He won't even bother looking up Overtons or VAMS or any other variety. Basically, if thats all you're preparing for, don't bother. If it's for your own referencing, then by all means, do what is most useful for you.

 

Noooo... I was just joking about that. Part of the joy of a hobby for me is the time spent organizing and caring for what I've collected, and if there's a right way to do things I like to find that out sooner rather than later. I know from 35+ years of collecting comics that you will never get the value out of them if you don't sell them to other collectors yourself.


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Think it was Mike Noodle who recommended a book called "Cash in Your Coins: Selling the Rare Coins You've Inherited" by Beth Deisher. Not trying to steal his thunder (I've never read it) but he reccomended it for collectors as a way to set up their collections/heirs for success with selling. Again, I've never read it and maybe he'll chime in here with his opinion and you won't have to take my second hand report.

 

I may as well bring this concern over here, as well, as it got no play in another thread. Someone said mylar flips should not be used because the coin can move around and it causes wear on the coin.

For coins which are stored in rows in a box or case and largely undisturbed except for occasional viewing, is wear due to movement in 2 x 2 mylar flips really a concern? It's not like I'll be lugging them around like a dealer would or something.

Will mylar flips damage mirror/proof coins?

 

Yes. Put them in airtights.

 

I've got that book and I've placed a notation in it that it is to be used as a guide in the event of my untimely demise. I also included the names of notable members of this and other forums who they should contact for advice..........

 

My modern coin labels (~1700 to 2014) include the country name, date, & denomination on the front. If it is a USA coin, the country is not listed on the label.

The reverse of the label includes the KM#, amount paid (in code), date purchased (in code), and actual silver weight (if applicable). This information is printed in three of the four corners of the label reverse.

I never listed the coin material (Aluminum, Tin, Copper, Clad, Copper-Nickel, Nickel, etc) on the label. Hindsight is always 20:20. Today, I wish I had included the coin's material composition in the fourth quadrant of the label reverse.

 

Why is it necessary to put certain bits of information in code?

 

If the coin is ever re-sold, the price I originally paid & the date I paid it is confidential. However, I might need that original purchase information to determine the capital loss/gain for tax purposes.

 

FYI

The Overton # is O-101, R-2
(note: R-2 is common)


PS: Where did you get the template?

 

I should add that ALL my labels are missing something very important.

Someday I need to place a sticker on each holder noting my grade opinion and my sell price opinion including the year of the opinion. I've put this off for 50 years so it might take me some time to complete the task.

 

Yes, and we will all tell them where the nearest Coin Star is....

 

As a collector why bother about purchase date or price paid?
I would say KM#, date & mm, variety and estimated grade are important.

Now there shouldn't be any more free space on the 2x2