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Mike 's Blog

27 Jul 2022

INVENTORY !!!!!!!

Coins | Mike

Hi everyone hope all is well. I believe one of most important thing in collecting is doing inventory. Whatever you do don't do what I did. I waited to long. Now there is soft where for this. I hope those that use it will list it below and the benefits of what they have.
Now I have been collecting 30 years. All my coins are protected that's another thing you should do. My coins are in metal boxes with foam that holds slabs. Now after thirty years I know were most of my coins are. Some I find I don't remember that I had it.

I started doing my inventory a few months ago. I'm old fashion I bought an accounting book and it works out great. Everything about the coin goes in one line across. Even how much I paid for it. That's important. Would you believe I still have about three or four months to go? That's because I waited to long.

Start with your first coins. Do not wait. Eagles with eagles Franklin's with Franklin's. I even have the amount of silver in ever coin I then add it up on the bottom of the page. This is not fun. However its easy to use. I have a picture of every coin in my registry . So that's taken care of. Putting coins in date order takes time.

You don't have to go thru what I'm going thru. Start now. Don't wait. I mean I enjoy it because I like looking at my coins. Soon I will know where every cent is .I open the book to the table of contents. Cents are on page one. Slabs start on page five. So you see it does pay off. The only thing is finding time to do this. I have to make time be wise I didn't do it when I should of.

Even my books are in order . I'm at the point were I can open the book and go to any slab any date and grade. Yes I should of started years ago. But when I'm done I will make a copy of every page and keep that in the safe . I hope your getting the idea of how important this is. If you want to sell your collection and the buyer comes over and says do you have the 2013 reverse proof set. Open your book and right away you say yes or no.

Sets I have in another section. Year grade what TPG how much I paid and the cert numbers. Not in that order. Everything on the label goes in the book. And I check every cert number twice. That's important.

So you have an idea what has to be done. Either with soft where or by paper and pen. Its not easy. That's why I suggested you start from the time you start collecting. It will save you the time and energy later when your done or go to sell your collection. So if you haven't started I suggest you start. It will make life easy for all. Thanks for taking a look I hope you start today!



P.S. You can also put were or who you bought it from!!

Comments

TCHTrove

Level 4

Totally right!! I’ve waited WAY too long! Unfortunately, the majority of my collection was inherited from my mom, and I should have started way back then, but she had SO MUCH! Have started recently with some spreadsheets, but haven’t gotten that detailed. Probably should though. Thanks Mike!

CC

Level 4

Great advice! i've been really busy so I haven't done that yet, but hopefully sometime!

Doug S.

Level 4

Great advice Mike. I started early on to keep from buying duplicates...which I did of course! I started a spreadsheet to keep myself straight, nothing more deflating with a new purchase than discovering later that you already have one. LOL Regards Doug

Long Beard

Level 5

I need to do an actual written inventory myself. For years I've been doing a spread sheet for each year listing the coin, it's grade, from who it was acquired, date of purchase and cost. My collection is either in an album or ring binder by denomination/series or in plastic boxes, like my sets and commemoratives. These are labeled for quick access. However, I believe I'll look for a software program that allows photographic images to be added along with the description.

AC coin$

Level 6

Your essay, made me think about how each of us can greatly contribute into a larger reference for all collectors. I like very much your being assertive and how we as numismatists can create a wider and highly constructive communicative medium for many. As I enjoy what every member writes or expose while bringing up his/her collected items we strive to recap and do our best. An inventory of experiences is a valuable asset. Thanks.

coinsbygary

Level 5

I use a few web-based and software databases to keep my inventory up to date. Both sources allow me to generate reports organized in any way I choose. I also have most, if not all, receipts for the coins I bought. That way, I can track how much my coins increase in value. That is very convenient when it comes time to sell.

AC coin$

Level 6

Good blog . Really important

I. R. Bama

Level 5

No matter how you choose to do it, do it. It's really important

Jackson14

Level 4

I have all of my coins cataloged on a website called numista. Thanks for the blog.

Longstrider

Level 6

Yep, I'm way behind. Soon. I swear, soon.

Kevin Leab

Level 4

I like your idea Mike. I keep my inventory in a ledger book... sometimes I fall behind keeping it up to date. ...which I want to do tomorrow. I'm not very knowledgeable about computer software, this is just the way I've always done things.

Rebelfire76

Level 4

Just updated my inventory after about 6 months since the last update, and it took me a few days to get it all straight. Crazy how quickly an inventory can change while you are actively collecting. I have an app called Lucky Coin that I use on my phone. I also maintain a hard copy inventory just in case electronics go awry. It’s a simple word document that lists coins by denomination, year, mint, condition, and location. Totally agree with you Mike, if you haven’t done an inventory, don’t wait.

Kepi

Level 6

All great ideas! This is something you need to keep up with otherwise time goes by and it can get kinda crazy! haha ; ) Thanks Mike!

"SUN"

Level 6

Good advice. Every time I acquire something , it is recorded.

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