Coin Inventory - benefits of...

[MikeKing]

I generally log every coin I buy, dealer, cost, date, grade, date of purchase, in a quicken file. Generally by year. I mean, I'll have one file for 2007, another for 2006 etc... and when I sell something, I'll figure out for the year (in another file) how much I've either lost or gained for that sale. Wow...I'm so organised, aren't I???

 

WRONG@@@@!!!!

 

For some strange reasons, my entire collection ended up in my house, which just doesn't happen, and I got lazy and let it sit around here and there till I figured either I'm going to lose something or somethings going to get stolen or who knows, there could be a fire...whatever...I decided to gather everything up, organized them by date and kind, and bring them back to the bank where they belonged.

 

I was feeling so organized that I figured I should do a hand written inventory of everything that was going to the safe deposit box and even thought to myself...well..I've got it all in quicken...why bother? But I did it anyway.

 

OK...I'm feeling more industrious. I actually counted the number of coins I had.

Whelp...I shaw 'nough didn't even KNOW how many coins I had.

Then, I cross referenced my hand written inventory with every coin I had in quicken and the numbers didn't match.

 

So much for obsessive compulsiveness. Didn't work for me!!!

 

Well, it turned out I didn't log a few that I purchased and logged a few in the wrong file and whatever, but finally got it all together in one neat file, what coins I had, when they were bought and how much I paid for them!!! FINALLY!

 

So what good is all of this?

 

1. I know what I have (did you ever try to write out a whole inventory list from memory? might not be a bad idea)

2. If there was an insurance claim, I've got quick access to the data (the original reciepts is another story...but that will come at a later date!!!)

3. If something happened to me and a family member accessed my safe deposit box, they'll find an inventory list as well AND know what I paid for everything.

 

Just my thoughts, and since I'm in such an ambitious mood (which has been pretty rare of late), I figured I'd post this post.

 

 

[cpm9ball]

Since you're feeling so industrious, why don't you come to Southwest Florida and do the same for me?

 

Chris

[rbrown4]

The benefits of a detailed accounting and inventory of my collection are endless. I am forever tweaking and adjusting the format and contents in order to capture as much info as possible. A definite necessity for many reasons and a proper and smart way to manage it.

[MikeKing]

Since you're feeling so industrious, why don't you come to Southwest Florida and do the same for me?

 

Chris

 

I'll hop on the next plane

[MorganMan]

I have just completed inventorying all of my coins with CoinManage software.

 

Even though it has it's little quirks, and has a cost (49 bux), it has done all I have wanted.

 

Like you, I have some coins here and some in safe deposit boxes.

 

Coinmanage let me specify a location for each coin, and I can even get a total value for each safe dep box or what I have here, just by doing a location report.

 

It is amazing at all the info you can put in for each coin. And for slab collectors, you can even setup a barcode reader to scan the slabs.

 

It also makes categorizing them easy by letting me create different collections.

 

I WEEKLY backup the database, and write it to a CD, then it goes in a fireproof safe. (Cuz, I sure do not want to re-enter all that info again).

 

I will have to say, I have worked with free spreadsheets, and other programs, but this one does what I want. It also has the added feature of a World coin database with photos for a lot of them, or you can insert your own photo.

 

The drawbacks I have found are that the database can get screwed up if you reload a backup on top of another, (you just do not do it), and the tech support is not very fast at all from what I have seen. But, with a good weekly backup, these are not problems....and the program has a backup utility.

 

They have a free trial download, which is how I started. The thing I liked about the trial is that when I bought it, I could keep all the info I had put in with the trial.

 

I will say, it does take some time to learn and get setup, plus all the entries to start with, but when you do.....it is great! Adding new stuff now takes just a minute to load.

 

Added: One big feature I forgot to mention is that it is also "drag & drop". Lets say you have an 1853 half in the "loose coin" collection, and want to move it to your "7070 set". You just drag it to the other collection, and all the info entered with it goes right over also...

 

 

MM

[EZ_E]

Thanks, Mike, now I feel guilty. I try to save most of my receipts but they are here and there and I definitely couldn't find them in the spur of the moment. I think I need some software for accountability. Also, when it does come time to sell, it would be nice to have such info for the friendly IRS in case there is capital gains or not.

[cpm9ball]

I won't have to worry about it when it comes time to sell.

 

Chris

[World Colonial]

I have done the same as you except that I do not have all of the receipts. I have kept images of many purchases on Ebay though and my records have references to the public auction source where this applies.. I also had a dealer perform an insurance apprisal a few years ago. It was not itemized but it is something.

[TomB]

I've been keeping detailed records using Excel for over a decade and cannot imagine trying to recreate this data without using some sort of software.

[astrostu]

I'm with Tom. And while there is some new stuff I want to add to my spreadsheet, I'm not doing it because I'm still working on my own version of a coin inventory app (for the Mac, but don't bother PMing me about it since it's no where near done, and since I'm working on my Master's thesis now, I won't be working on it again until late December).

[MikeKing]

Thanks, Mike, now I feel guilty. I try to save most of my receipts but they are here and there and I definitely couldn't find them in the spur of the moment. I think I need some software for accountability. Also, when it does come time to sell, it would be nice to have such info for the friendly IRS in case there is capital gains or not.

 

You really need those receipts Victor, even if there is no capital gain.

[Houston Investor]

I use excel estensively for linked inventory - rare coin accounting. I keep all receipts and purchase reciepts are kept in one file.

 

In setting something like this up I would suggest separate excel worksheets for: Main overview page, inventory detail, sales journal, purchase journal, general journal, and financial statements.

 

If you also keep separate worksheets for markup factor calculation, you will want to have these cost drivers linked to your retail sales price in your inventory detail.

Consequently, any change in bullion prices (inventory master) or CDN bid (inventory detail) will update your asking prices. From a rare coin accounting theory point of view I would view CDN Bid as standard inventory cost and CDN ask as replacement cost. Consequently Sales price should be CDN Ask (Ask)(replacement) times markup factor (MUF). MUF is either a planned factor from your planned profit model or can be derived from a spreadsheet based on published dealer selling prices vs CDN Bid or Ask. I keep extensive data in a spreadsheet calculating dealer markups both an overall average and average for that dealer. Some dealers I have analyzed and disected their entire inventory in this manner. In that way I know both on a macro and micro basis exactly how they price their coins. Certainly this will vary based on the quality of the individual coin. The final play call you make on the field after you have analyzed the play book and what the assistants upstairs in the pressbox say is up to you.

[bsshog40]

I use my pro-coin and everytime I get a new coin I add it straight into my program. I usaully try to take pics so I can add the photo, purchase info, dates, etc...I stay on top of it pretty good. I do a backup everytime I add a coin to my hard-drive and also to a cd. This proved to be well worth it as to my pc crashing a couple weeks ago. I was able to re-install my pro-coin and then I uploaded my disk back in and everything was there and accounted for. Inventory to me is a must.

[James_OldeTowne]

I do an inventory every couple of months or so of my coins, and am surprised at how accurate it stays. I'm very fastidious when it comes to tracking my coins, though.

[MorganMan]

I am seeing two different needs for the type of coin guy you are.

 

 

From what I read, the "dealer" types need accounting related stuff such as quicken, or an Excel spreadsheet.

 

Others, like me, that just collect, are better suited with something like pro-coin (I have not used) or Coinmanage, although these do let you keep up with buy and sell amounts. But they are NOT accounting friendly, just hobby oriented.

 

MM

[xJack]

I keep all my stuff plugged into the MyCollection feature on Heritage.

 

It's not the be-all end-all, but the pop data, auction prices realized and export functions are pretty good!

 

Plus, I can print a list with Numismedia numbers on it (and Heritage header) that the insurance man is happy with.

 

As for "those guys" knowing what I've got - it doesn't bother me a bit. My stuff is pretty unimportant to them at this stage of my collection.

[ldhair]

I started a ledger back in my early days at the hobby and have done a good job of keeping it going. It takes a lot of discipline to be sure every coin is listed as soon as it's received. When computers became so important the ledger worked out really well as a load sheet for entering the coins into a program.

 

Even with great records, there is something that really worries me.

I was never good at asking dealers for a receipt and someday the IRS will come knocking on my door. From what I understand, ledgers and computer printouts are worthless as far as determining the basis for tax purposes. I'm better at asking for a receipt today.

 

 

[michael]

i think this is a great thread and the importance of documenting your coins is reaLLY IMPORTANT

 

mike king i like the idea of spme sort of spread sheet showing the coin description and date and price paid and from whom in some kind of order and you can quickly look things over and in another file you got all the paid receipts for the coins bought and sold traded etc.

 

but it is important to be able to see at a glance what you paid when from whom and the coin with some sort of basic description....................

 

 

[physics-fan3.14]

I use excel, and love it. I have it all categorized, so I have one file for US stuff, and separate sheets in that file for each denomination and specialty (for example, Franklin Halves have their own page.) I have another file for my world coins, since I have just as many of those as US coins. I have another file for my other stuff, tokens, medals, bullion, errors, and anything else that doesn't fit. It might sound silly, but I like to keep a catalog of my books too, just so I know what I have. A well organized excel spreadsheet is marvelous, and I can instantly find any coin in my collection.