Tracking What You Paid For Coin?

Thanks to all for your response. Here is reason I asked this question. About a year ago, I got a questionare from my home owners insurance. It was asking about home improvements, additions and coin,stamp,gun - collections. I gave it some thought, but later trashed it. Now with a recent break-in two doors down, I thought again about calling my insurance agent. Have no clue what they would require or ask as proof that I even have a coin collection, but was thinking - I really don't know the value of my collection or how to determine value. I don't keep up with value or amount paid - as stated, I only keep inventory of date/mint/quantity/grade.

I have my database set up to include price paid. I like to see little things like how much I have paid, as to how much I figure it's worth, or how much I have paid per dealer, and various other ways to use it. Like some others, I don't plan on selling my coins, so it is all for personal use, anyway.

As for the fair market value.. I do it every couple of years, and base it out of one of the Red Books. I figure that if I update it every 5 or 6 years, it keeps it enough up to date. With over 3000 coins in my collection, in my opinion, it isn't worth updating more often than that.

And besides, that is what makes me happy about my collecting, and isn't that why we all do it?

Also use Excel, log every purchase, but don't keep the current value up to date, because of grading variability.

I keep track only on the coins that go into white cardboard 2x2's. I code it on the back of the card like many coin dealers do. I also put the date I acquired the coin, and the source (initials of coin shop, GS for garage sale, FM for flea market, CRL for Craigslist purchase, etc). The only one that really matters to me is the purchase price and it only matters if I am going to resell it.

I would be carefull with that. Many years ago you knew your insurance salesperson personally. Your info was just info in their local records. Today things are a little different. Your personal info goes into a computer and the entire insurance company has access to that info. Note the turnover in insurance personal is also something to worry about. You have no idea of who has your personal info on what is in your house. Anyone working in an insurance company with your personal info and get layed off or fired could be using your info for other reasons you wouldn't really like. It not only could, but does happen.
I remember walking into a local rep for my Auto insurance and asked the lady at the front desk to discuss adding on another auto. She simply opened my account in her computer and there was my name, address, age, driving record, phone number, quantity of cars, their ages, milage, payment types, dates, how paid, check numbers and bank name, etc., etc., etc. And she was just the receptionist.
So be carefull of who you tell anything to about a coin collection.
The best insurance for a coin collection is keep your mouth shut.

I really don't want to open this can of worms, but if your collection becomes sizeable (and worth some serious money), and you want to sell it, it really helps to have records for tax purposes.

Unfortunately, that would probably be more than a spreadsheet. I try to keep my receipts and just throw them in a jar I have. I do nothing else with them, but I know they're there in case, one day......

YES YES YES, keep track. Just in case of a fire, loss, theft.
You need to ensure you have a copy off-site of your list. Ensure that you also keep records of the condition along with photo's. You want to ensure home owners insurance will cover any/all loss.