For those of you that track your Inventory I'm wondering what kind of system do you use? I've created some spreadsheets for my Collection, some for inventory, and 1 for tracking my purchases/sales. I want to also mark all my coins with Inventory numbers so as to coincide with my spreadsheets. I'm sure other people must do this to some extent and I'm wondering what you use for numbering and such. Also, for those coins that are not in 2X2's (ie - Folders, air-tites, etc) how do you label them? My collection isn't huge yet, but I want to get out ahead of it and keep an accurate record for everything in case I ever need/want to liquidate or if my children inherit it.
I use an Excel spreadsheet. You’ll find a fair number of collectors who use Excel or some other spreadsheet application and others who use software of some sort.
I have a category in my excel document that says where it’s located. I number my 2x2 box holders instead of the 2x2s themselves. On my 2x2s, I have country, denomination, year/mint, KM# and sometimes metal content and/or anything specific I want to remember, like arrows pointing to errors or cracks.
I don't bother with it except for a small list/description that is in with my most valuable coins in my safety deposit boxes. Unless you really enjoy record keeping or cataloging extensively is adding to your enjoyment of the hobby I'd avoid it. Or if you plan on trying your hand at dealing and frequently buying & selling in which case you'd need detailed records for taxes. But to me it doesn't make sense time wise to catalog average coins anymore. A good experience to learn for collecting is trying your hand at just that and liquidating some coins, especially average ones. Or well at least trying too from time to time to give you sense of just how much time you could be wasting cataloging absolutely everything. Perhaps having bought and sold a few collections or looking them over to help people out has tainted my views though. I've seen examples where people kept incredibly detailed records including purchase price and their estimate on valuation. And in most cases this doesn't make it any easier for their heirs or inheritors all it does is give an often incorrect impression of how 'valuable' that collection is going to be. Until they find out that the valuation is a pipe dream and assume most dealers are crooks or people are out to scam them. But the reality is that what was paid retail for the average coin rarely equates to the true liquid value of a coin when selling. Imo I'd say a large majority of coin purchases would result in a net loss when selling for the average collector. It seems when estimating or determining value most people use the price they paid retail and don't figure in the dealers margins for the average bulk liquidation and that's if a dealer would even buy the lot contents anyways. Or use auction sales, which sure could get an amount higher but again people don't factor waiting however long it would take to find the right buyer for an average coin or the expense of taxes/sales cost, etc.
I have a drawer of records and stuff I did not buy I wrote some of it down but my system needs to be better
Sure does, although haven't done much off roading for a while. I got rid of my 95 YJ a while ago and now we just have the 2013 JKU which we're still paying for. That's something to consider I suppose, lots of those things you listed I have columns for in my spreadsheet. I figured if I could tag each coin with an inventory number that coincides it would keep it all straight. I actually do enjoy cataloging and keeping records to some extent, it's not a tedious task for me. I'm also well aware that most coins I have will not appreciate in value. That said, I don't know what the future holds and I feel it better to start now while my collection is relatively small, rather than wait until it does feel like a real pain in the rear.
I started cataloging my coins probably 25 years ago with a chart created in MS Word. Over time I've added more categories of data I want to track, which necessitated eventually changing from a portrait page set-up to a landscape set-up to accommodate more columns, but still just a variation of something that's worked for me for a long time. Updating the format is a little more labor intensive than it would be in Excel, but it's not something I have to do very often and I don't like the graphic limitations of Excel. I keep my collection relatively small (around 300 coins) so any extra work associated with updating is pretty much a non-factor for me. If I had thousands of coins, I might consider a different approach.
There is a currently active thread where someone asked similar questions, might be worth having a look: https://www.cointalk.com/threads/coin-records.314579/
Yes I'm familiar with that thread, think I even replied on it. Maybe it was the way I wrote my original post but I'm not asking how to keep record. I have a spreadsheet all setup. I was more interested in the inventory or cataloging part. How to assign unique numbers and keep track of coins. For example, just asign a number in the order they are entered such as 001,002,003 and so on? Or create a system that's more intricate such as LMC1964-A.
Yeah, I misunderstood your original post. I think you'll just need to work out a numbering system that makes sense for your needs. Everyone approaches collecting a little differently. Personally, I can't think of how inventory numbers would be helpful to me in managing my collection, but they may be to you. Good luck!
Great idea. I might even steal it. Just make sure you’re making a new column in excel for inventory number. If not, you’ll mess it all up when you sort by country later on. And yes, it’s a real pain doing it after you’ve acquired lots of coins.
I use an Excel spreadsheet, too, but only for certified coins. I don’t see the point in adding coins to my spreadsheet, which are not worth a submission to a grading service. There’s a tab for new purchases, a tab for my 7070 registry set and another for my Bustie set. Of course, links to the certification lookup, NGC registry, price guides and to variety web sites are included as well. I try to keep it basic, but with many useful notes and links.
I'll probably forgo cataloging all my circulated change that is in folders, but think it worth tracking everything I have in flips, 2X2's, etc. Just need to settle on a system of cataloging and inventorying them.
