Keeping Track of Every Penny
COINage Magazine|April-May 2020
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?
• What coins am I interested in acquiring?
• What coins in my collection would I like to trade or sell?
• What are the most effective means to sell each part of my collection?
• What is my profit/loss on the sale of some of my coin(s)?
• Are there any items in my collection of particular significance to my family?

Fortunately, modern coin inventory software provides an effective solution to this problem. Well-designed coin inventory software provides efficiency to the cataloging of a collection, estimates values, generates an array of reports intended to address a wide variety of needs, helps facilitate coin collecting objectives, and also provides essential guidance to heirs.

In this article, I will review some of the basic features needed to meet proper record-keeping requirements as well as developing a strategy if time is a concern.

APPROACHES TO CATALOGING A COLLECTION

Some collectors enjoy the process of recording his or her collection and are willing to spend as much time as it takes. Others find the effort of cataloging to be burdensome and would like to spend less time on the task. The approach one selects should be considerate of time and not unnecessarily cause a collector to spend countless hours performing tasks that are not seen as enjoyable.

Often, much of the time expended in recordkeeping is unnecessary and can be greatly diminished by incorporating various elements into a strategy.

Avoid detailed cataloging of low-value items. If you have hundreds of Indian Head cents of very low grades, most of which are worth a few dollars or less, it is certainly not worth the effort to record detailed information about each coin. One effective strategy would be to search the coins for the few key dates and record the remaining coins as a bulk lot with an average value.

The same strategy can be taken for common coins of mid-range value such as common date Morgan dollars at grades that place their value at less than $100 per coin. One could take the time to record each coin individually, including cost, certification ID number, and purchase history, but a lot of time could be saved by combining entries.

Coins that are worth bullion value could also be recorded in a few lots based on metal content with an average per-ounce cost to facilitate profit calculations.

Collectors will want to spend record keeping time focused on those coins that bear the highest value or other significance to a collection. Usually, the number of such coins is a relatively small portion of a collection and can be cataloged with a modest effort.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM COINAGE MAGAZINEView All

New Protection and Solid Advice in the Fight Against Counterfeit Coins Trending

PCGS Announces Groundbreaking NFC Technology Included in all Holders

6 mins read
COINage Magazine
December 2020 - January 2021

Great Coin Finds of a Lifetime

Coin Hunts Can Make Any Day a Holiday

5 mins read
COINage Magazine
December 2020 - January 2021

Golden Present

Memories of Gold Dollars for the Holidays

9 mins read
COINage Magazine
December 2020 - January 2021

Going From $1 To $10 Million

How Research and Marketing Led To Numismatic Records

2 mins read
COINage Magazine
December 2020 - January 2021

ALL-STAR RARITIES LINEUP

Dreams for Every Collector and Investor

10+ mins read
COINage Magazine
December 2020 - January 2021

COPPER

Part of a Yuletide Tradition

10 mins read
COINage Magazine
December 2020 - January 2021

COMPLETE HOLIDAY COIN Gift Guide

EVERYTHING FOR THE 2020-2021 SEASON

10+ mins read
COINage Magazine
December 2020 - January 2021

$2,100 Gold Target

U.S. MINT’S GOLD EAGLE SALES ROSE 383% IN 2020

4 mins read
COINage Magazine
December 2020 - January 2021

U.S. MINT BULLION SALES SKYROCKETED 2,000%

GOLD ROSE TO OVER $ 2,074 PER TROY OUNCE IN AUGUST 2020

4 mins read
COINage Magazine
October - November 2020

Hot On the Heels of Coin Dealers Peddling Fakes; Rare Coin Market Weathering Pandemic Well

Acting on a tip from the Anti- Counterfeiting Educational Foundation (www.ACEFonline. org), federal and local California law enforcement agents now are investigating the attempted sale of $400,000 of counterfeit coins including a fake example of the historic 1879 Coiled Hair gold $4 “Stella” that brought $300,000 at auction last year. The seller also is a suspect in an earlier case involving fakes, according to Doug Davis, director of the ACEF Anti- Counterfeiting Task Force (ACTF).

5 mins read
COINage Magazine
October - November 2020
RELATED STORIES

CHANGE FOR THE BETTER

TIME TO UPGRADE? WILL BRUTON DISCOVERS WAYS TO FUTURE-PROOF YOUR YACHT THAT IMPROVE LIFE ON BOARD – AND ARE KINDER TO THE PLANET

8 mins read
Yachting World
April 2020

Overburdened At Work? Here's Some Help

With a few smart tweaks in your routine, you can stay ahead of the curve and carve out more time for the people who truly matter to you.

2 mins read
Latina
February 2016

JUST DOGS FOUNDATION

CONTINUES WITH ITS AIM TO PROVIDE CARE AND SUPPORT TO STRAY CATS AND DOGS

1 min read
Creature Companions
November 2020

Thinking out of the box

Benjamín Calleja is the founder and CEO of Livit, one of the world’s top restaurant design firms. He shares his views with us on the role of design and technology in creating restaurants that are profitable and efficient as well as great on guest experience.

7 mins read
foodService India
March - April 2020

Chillies a passion for parrots

Ever had that burning feeling when your parrot pecks you affectionately on the cheek?

3 mins read
Parrots magazine
May 2020

Automation in the Food Industry

The automation of manufacturing food has been actively pursued for more than 50 years. And it will continue to be so, even more aggressively, during the next 50 years.

4 mins read
Food Marketing & Technology - India
March 2020

Making Restaurant a Sustainable Business

Restaurants, Bars, Clubs, Lounges, Banquets, whatever type they are, they have now become a community center of this century

7 mins read
Hospitality Food & Wine
Mid Feb 2020 Year 3 Issue 2

New trends in kitchen fittings and supplies for the restaurant industry

Kitchen fittings are the unsung heroes in a restaurant as they look small, nondescript and are often overlooked; however they are vital to the functioning of a well equipped and efficient kitchen and need as much attention and precision as the food and drinks prepared in any commercial establishment.

4 mins read
foodService India
January - February-2020

MÖVENPICK KUREDHIVARU MALDIVES WITH GO AIR

When Go Air announced its winter schedule for Malé, Maldives, timed ahead of the upcoming holiday and wedding season in India and with fares as low as INR 9,999 all-inclusive, anyone would be enticed…so why blame me?

3 mins read
Hospitality Food & Wine
Mid January 2020 Year 3 Issue 1

Must We Always Win?

Many years ago I attended a seminar by Robert Kiyosaki.

2 mins read
SME Magazine Singapore
November 2019