Keeping Records?

GottaGetCoins

I purchased most of my coins (many coins, different types etc) at an estate and I do not have an itemized pricing. I have no way of knowing what each coin costs.

Recently, I began collecting and have accurate records on the last 5 coins I bought.

Any advice? Does it matter? Im not selling them.

I also have a few un certified gold coins, shoulsd I get them certified?

relayer

Does it matter? Only if it matters to you.

Before the days of computers, I used to keep all my receipts so I would know how much I spent.

Since I had the information, years ago I put it into Excell to track. Today I use my coin tracking program which imported the Excell data.

So now I know my "Anceint Roman Coin" I bought in 1984 cost me $39.95 (and I would be lucky to get $1 for it on eBay).

I like knowing what I've spent for my collection, but it's a personal preference. If you don't care, then don't bother keeping records. Maybe one day you will want to sell and you'd like to know what you paid.

If I had bought coins in a lot, I'd allocate what I thought each coin was worth as a proportion of what I paid (unless it was 5000 wheat cents). Doing that would make you more aware of what you bought.

As far as the gold, I would take them and show them to your local coin shop and see what they say about them, otherwise it will cost you $30 a crack to find out they have possibly been cleaned (or my favorite - not genuine).

Hedger

You should keep as many records (i.e. reciepts) as you can and in a safe place. The value of a coin I think (and this is my opinion only) is the price a dealer or private buyer will pay you for it. For exaple if you have a coin that trends for $150.00 and you want to sell it outright privately, such as in an auction, you may get that price or more depending on the demand, popularity and grade. However, if you sell outright to a dealer you may get 10-15% less. Most dealers will give you more $ on a trade for your coin toward other coins he has in stock sometimes close to the trend. So many factors dictate the value of a coin such as grade, poularity, rarity and the stock market. If you going to keep your coins you may consider at least certifying the gold. A certified coin is easier to sell and will bring higher prices if you decide to sell later. Certifying instills buyer confidence. Hope this helps.

Betta285

i have a detailed catalouge of my collection through Heritage's "My Colection" thing..and i also have a spreadsheet document which i first used and i update it as well.

ldhair

Records can become more important to you in the years to come.
Someday we all have to sell or pass it on.

Let's saw that over the years your collection grows to have a very large value.
You start selling it off and you have a problem with the IRS.
With no records or idea what you paid for each coin your basis is $0.
Not sure but I'm thinking 20% goes to taxes.

I set a goal for myself to not leave my family in the dark on the value of any item
in my collection and where to find it by location.

Just my thoughts

fcloud

Wouldn't cost basis be face value? I know it isn't much different.

BeeMan

I used to use one of those Whitman checklist books. Now I use the Collector's Assistant software. I use it to keep track of how much I paid for my coins and to write brief descriptions of the coins. I never figured out how to use report functions. I don't really have any use for them.

EVillageProwler

I think it is always a good idea to keep careful records of your numismatic purchases. For one thing, it helps you be more organized and maybe you'll put together a better collection that way. Also, *your* estate may need the information. Or, your accountant for appraisal purposes. You never know, and it's better to try to be as prepared for the unforseen than just to assume that life won't throw you any curves.

BTW, I use an excel spreadsheet and also keep every receipt.

Regards,

EVP