Hi Everyone, I just wanted to ask in terms of valueing your coins, how often do you update the values? Once a year? Once a month? Once every quarter? Is there an industry accepted price guide that most coin collectors use? My collection is primarily modern US and World coins with some precious metal coins, ie gold & silver. I appreciate any advise!!! Thanks!!!
The only time I am concerned with values, is when I am buying or selling. The only reliable price guide I have found is completed auction results. Some will say the grey sheet, but it is a subscription publication. I might add that the PCGS priceguide is one of the worst to look at, generally way overpriced. ( for thier self promotion) I have also found, my 5 year old redbook isn't to bad for type coins that don't have big price swings. Current redbooks are generall overpriced a bit.
The value of my collection isnt something I worry about updating. Like the others here have said, the only time I'm concerned about prices is when I'm buying, then, a current greysheet is helpful. To be honest, the only time I'd want to take the time to value every coin in my collection is if something happened to it like a fire or theft. Then I keep a list of every coin I own and their grade for insurance purposes and I keep that elsewhere.
I'd say once a year, just before your insurance premium is due. That way you can keep your coverage up to date. I agree auction results are your most accurate guide. All publications have the same problems, some more than others: -- They depend upon results being reported to them. Even the greysheet can only go with what they know. -- They can't act on just one result. They need ? number of results before they can spot a trend and adjust their reported values.
A few here already beat me to the answers. However, with me I seldom, if ever, worry about the value of my collection. I'm pretty old so I'm not really worried about a future value of coins at all. Way, way back when I was a lot younger I used to sit down with each new Red Book and evaluate my entire collection based on those prices listed. Then as time went on and my collection grew it became a 2 or 3 year event. After about 50 years of collecting coins I realized that what time I have left should not be wasted on piles and piles of paper work for items that I'll never sell anyway. Now well over 60 years of collecting there are just to many coins to even start to consider thier value. So now my thoughts are as to who will someday get stuck trying to do this.
Interesting comments Carl. Just wondering about old timers like me & you. What would you consider (1) your best coin and (2) your most valuable coin that you have held onto after fifty years of collecting?
