Keeping Track of Every Penny

SOFTWARE OPTIONS TO KEEP RECORDS OF YOUR COINS

- TOM BILOTTA

One of the greatest challenges faced by the typical numismatist is keeping track of his or her collection. A typical coin collection often consists of thousands of individual items of many different types.

There may be coins of great individual value in certified coin holders, many individual pieces of moderate value in albums, certified holders, or flips and also bulk coins in boxes or tubes. Collections are typically acquired over many years, during which the collector is unable to apply sufficient time to maintain a comprehensive inventory.

As a result, many collectors do not have a comprehensive up to date catalog of their collection. Lack of an up to date inventory results in several significant problems. Without a detailed inventory, it is impossible to assure that a collection is properly insured (adequately covered at an optimal expense). It is also impossible to assure that items are properly protected from theft as well as potential environmental damage. Lack of a current inventory may result in the unnecessary purchase of duplicate items as well as a lack of certainty regarding financial resources associated with a collection.

These problems are greatly magnified when collectors pass on their collections to heirs who are further disadvantaged by lacking adequate knowledge to handle the collection properly.

A well-designed record-keeping strategy should enable a collector to simply answer the following questions:

• What is my collection worth?
• Is my collection properly insured?
• Is my collection adequately protected?
• Is a particular coin in my collection?
• Where is a particular coin?