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 Replies: 19 / Views: 2,250 |
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Pillar of the Community
United States
608 Posts |
Has anybody else tried to figure out what the cost was in putting an Album of coins together? What you pay for an individual coin is very straight forward, but how to you figure the cost when the coin comes from a set?
To break down the cost of a single coin, within a proof or mint set, I did it this way: Example 2009 Clad proof set, Cost $29.95, Face Value $7.19 (dollars 5ea, half 1ea, quarters 6ea, dime 1ea, nickel 1ea, cents 4ea).
Cost / Face Value = $29.95 / $7.19 = 4.17 cents per cent of Face Value.
So to place the Kennedy Proof Half in my Album it cost: Face Value $0.50 X 4.17 or a cost of $2.09.
How do you calculate your cost? Should I include other factors?
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Moderator
 United States
187834 Posts |
That is pretty much how I have always done it.  I also include shipping because it is not a trivial amount of money. |
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Pillar of the Community
 United States
608 Posts |
I thought about shipping,and about shows and dealers and the cost of travel, gas, car insurance, and decided it was just a part of living and so only figure the cost of the coins.
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Moderator
United States
187834 Posts |
Good point. I never count gas because it is difficult to calculate since I share a ride and we often are doing other things that day; I feel it would be a trivial amount. However, $4.95 is more than any single coin in the set!  |
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Member
United States
917 Posts |
Depends which album doesn't it ? I've seen some peoples 7070 with a value that could buy a house.
I stopped counting long ago for my humble albums.Ive 5 danscos now , dimes,halfs,silver dollars,coins of the world and jeffersons.
You would think the silver dollar would be the most valuable..its not.
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Pillar of the Community
United States
608 Posts |
jbuck, If you travel to a show that's 20 miles away the cost for the round trip, at $0.50 per mile, would be $20.00. So the cost is not minor.
However, you also get the enjoyment and the excitement of the hunt at the show, which is a reason enough to go even if you don't buy something.
Postage is cheaper then traveling, and to me is part of the hunt for the coin so I don't figure it in the cost.
Edited by bill069
06/29/2009 1:44 pm
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Moderator
United States
187834 Posts |
More good points! I always forget that some people have to travel a lot further than I do for coin shows. This is like the decision on whether or not to included the tax when calculating a tip.  |
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Pillar of the Community
United States
3294 Posts |
$0.50 of gas should get you a lot further then a mile unless you are driving a tank or a semi. Even my gas-hog V-8 car is about $.25 a mile. Still, I would say that gas is not trivial for a trip of 40 miles. Of course, outside the US, gas costs a lot more.
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Pillar of the Community
United States
608 Posts |
$0.50 a mile includes gas, insurance and depreciation. this rate comes from your IRS! As a matter of fact it may be $0.52 this year.
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Pillar of the Community
United States
3294 Posts |
The IRS and most other government entities are pretty clueless when it comes to $, seeing as how insurance and depreciation are not really a function of driving your car for the most part. You have insurance and depreciation whether you drive your car, or it is sitting in the garage.
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Pillar of the Community
United States
608 Posts |
nod2003, I was talking about the cost of using your car as opposed to paying postage to purchase a coin. This is one rate that can be used.
I'm not looking to discuss the IRS. You're welcome to figure your cost any way you would like.
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Bedrock of the Community
United States
20753 Posts |
Kind of an interesting topic. I never really thought about all the miscellaneous costs involved in coin collecting. For example how much money was spent on coin collecting items such as 2x2's, plastic rolls, Albums, Folders, those long two row boxes for 2x2's and lots of other items. Then of course all the coin shows I go to. Usually about 2 to 4 coin shows a Month. One has an entrance fee of $5 and parking is $11/day. Most shows are free but the gas for your car getting there? Of course no one ever thinks about wear and tear on your car either. How about the coins given away to someone as a gift? Usually I give away 10 to 15 sets of either Uncirc or Proof coins for Christmas and a Ringed Red Book too. Then of course there is the coin books. I've got all the Red Books from 1 to present. Now if you really want to get picky, think about the food and or coffee spent at a coin show that wouldn't have been spent if you didn't go. Of course for those that insist on cleaning a coin, there it that Acetone from Walmart. So now there is those safe deposit boxes that could be much smaller if no coins. Someone should really make a list of all the things involved with this hobby. Might be a little scarry. |
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Pillar of the Community
United States
608 Posts |
just carl, you bring up a lot of good points. But when I started this topic I was only thinking about the cost of putting an album together, the cost of each coin put into the album.
To me, the cost of every thing else is just a part of living and enjoying your life and hobby.
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Pillar of the Community
 Canada
9862 Posts |
Don't forget that your time and energy are worth something too.Vigorous coin collecting can burn up to 10 extra calories per hour and if fueled by beer can add about 4 cents per hour to your cost.
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Pillar of the Community
United States
608 Posts |
 Its beer that limits the amount of funds I have to purchase coins!  |
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Bedrock of the Community
United States
20753 Posts |
And too what about the electrical bill from posting on this forum?
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Replies: 19 / Views: 2,250 |
Posted 06/29/2009 11:54 am
