Where Did My Money Go?
Barndog
Posts: 20,515 ✭✭✭✭✭
for lack of anything better to do, I just accounted for my numismatics-related expenditures for the last 365 days.
I've categorized my expenditures using the following "chart of accounts" and have described the percentage
of my total numismatic expenditures for the last year associated with each account. I never tried this before
and figured the results would be interesting. The percentages have been rounded to the nearest tenth (thus,
the percentages don't add exactly to 100%).
Coins (purchase of actual metal disks): 68.8%
Books (numismatic literature): 2.2%
Imaging (shipping coins to photographer and paying his fee): 2.5%
Grading (PCGS was only service used): 2.3%
Exonumia (medals and so-called dollars, mostly): 19.5%
Societies (JRCS, EAC, and similar organizations): 0.9%
Insurance (specifically for coins): 4.0%
Supplies: 0.1%
I've categorized my expenditures using the following "chart of accounts" and have described the percentage
of my total numismatic expenditures for the last year associated with each account. I never tried this before
and figured the results would be interesting. The percentages have been rounded to the nearest tenth (thus,
the percentages don't add exactly to 100%).
Coins (purchase of actual metal disks): 68.8%
Books (numismatic literature): 2.2%
Imaging (shipping coins to photographer and paying his fee): 2.5%
Grading (PCGS was only service used): 2.3%
Exonumia (medals and so-called dollars, mostly): 19.5%
Societies (JRCS, EAC, and similar organizations): 0.9%
Insurance (specifically for coins): 4.0%
Supplies: 0.1%
0
Comments
What would frighten ME is seeing the average rate of returns on the coins I've purchased
Part of me regrets not keeping better records on my purchase patterns, but the other part is happy with the decision since it should be discretionary spending anyways!
<< <i>It's interesting to see the book/coin ratio of an advanced collector. I would think newer collectors might have more in the "library" column. Do you track "new" funds into this potentially closed system. ie separate purchase from existing sales vs totally new purchases? Advanced collectors might not be exposed to that sort of thing.
What would frighten ME is seeing the average rate of returns on the coins I've purchased
Part of me regrets not keeping better records on my purchase patterns, but the other part is happy with the decision since it should be discretionary spending anyways! >>
All of the data used to develop the percentages were just expenditures without regard to the purpose of the expenditure (for example, I have purchased coins for the sole purpose of trading or reselling). This was the first time I ever attempted or cared to attempt creating the "report" on my expenditures. If I kept better records from here on in, I could learn some interesting things about my hobby habits. I doubt I will keep better records though. Too much record-keeping to do for Uncle Sucker's purposes.
For me, lately, the local coin club is taking up more money. Dues, raffle tickets and buying snacks all add up over time. Have to say the local club is more fun than paying to go to most coin shows though. I only go to Long Beach about once a year now, even though it is a local show, because the fun is mostly gone from those trips. The smaller shows tend to be even less fun for me, so I don't go to those either.
Coins: 76%
Training (grading classes, books): 6%
Acquisition costs (travel, meals, postage, etc. related to buying coins): 14%
Grading: 0.1%
Societies: 0.1%
Insurance/storage: 3%
Supplies: 0.1%
Selling costs (fees, shipping. etc.): 1%
Acquisition costs seem high because I've gone to some shows out of town and bought next to nothing. I probably should categorize some of it as "vacation".
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>Dang, I only got 2.5%, gotta raise the prices
It could be that he uses more than one photographer!
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>
<< <i>Dang, I only got 2.5%, gotta raise the prices
It could be that he uses more than one photographer!
nope!
I guess if I tried this again, I could add in "acquisition costs" too. I didn't count my lodging or airfare costs for the LA ANA and the January FUN
a good exercise for any collector and is a sound basis for record keeping.
This information may be needed if your pursuits change over time, or
may be used by family should you no longer be around.
Other catagories to consider may be:
Buying fees ( auction, commissions, etc. )
Selling fees
Travel & lodging
Legal fees
Storage costs
Divorce settlement costs
Equipment
Security costs
R.I.P. Bear