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 Replies: 6 / Views: 1,521 |
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Valued Member
United States
420 Posts |
Hello, So, in my last post I asked about inventory. Well after getting a lot of feedback and ideas I decided that the when, where, who, and price paid are unimportant and just tedious stats to put in a spreadsheet. I may sell a coin or set or even my whole collection one day and when I do it may be on ebay. I did a Buy it Now on ebay once and it was awesome and my bottom line (and this may because I'm still a beginner) is I did not overpay. I have never bought or sold anything at auction before so, what is a reserve? The reason I do not worry about what I paid for a coin and just list the coin stats (year, mint mark, description, etc) is because I can look current values up online or even The Blue Book if I ever want to sell. Also, as of now my entire collection is common. I have a whole stack of Proof Sets I haven't even looked at yet that I got for dirt cheap at a coin show because the dealer wanted to get rid of them and again I did not overpay. I would pay a little more for a coin I really, really, REALLY like. My collection's "retail" value is under $500. So, am I a "weird" type of collector? I'm still new at this and people in my family and friends don't "get" why I would pay $40 for a Commemorative Silver Dollar with a $1 face value and when I sell it I may only get $25 or $30. Should I just quit while I'm ahead?   |
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Pillar of the Community
United States
2150 Posts |
Quote:
what is a reserve? From Wikipedia: Quote:
In microeconomics, the reservation (or reserve) price is the maximum price a buyer is willing to pay for a good or service; or, conversely, the minimum price at which a seller is willing to sell a good or service. Reservation prices are commonly used in auctions |
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Pillar of the Community
United States
1450 Posts |
In other words, you"reserve the right" to not sell the coin,etc. if a satisfactory price is not offered in the auction. On ebay,you set your reserve when you post the item and if the auction exceeds your reserve you are obligated to sell the coin. If your reserve is not met, you can choose to sell the coin at the offered price or you can choose to keep it rather than sell it. |
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Pillar of the Community
United States
2520 Posts |
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Well after getting a lot of feedback and ideas I decided that the when, where, who, and price paid are unimportant and just tedious stats to put in a spreadsheet. I agree that the when, where and who are pretty much unimportant (unless later you discover you purchased a counterfeit). I would however include the price (wouldn't take much time). If, at some point in time you needed to sell a coin fast, at least you would know how much you have into it and maybe sell it for less than book and still turn a profit. |
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Valued Member
 United States
420 Posts |
Hello, If I did not record a price and forgot what I paid am I screwed? What do I do? Can I just put in what the Red Book says? Also, for Proof Sets do I go off the high price or low price? Thanks, Rich |
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Pillar of the Community
United States
1745 Posts |
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If I did not record a price and forgot what I paid am I screwed? Of course not, your spreadsheet is for you to do what you like. Some of us keep track of prices paids, etc. To me I like to know what I paid, it doesn't mean I don't ever "overpay". I am an Engineer, so keeping my database updated is part of the fun I get from collecting. Duke |
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Bedrock of the Community
United States
20753 Posts |
I USED to try to record all that silly stuff too. Who I got what from and how much I paid and what it should have cost and on and on and on. Then that one day came when I said to myself, SELF, and I answered so I knew something was wrong right there. So to avoid an argument with SELF, I just went into my computer and brought up those spread sheets and looked for and found a button called DELETE and hit it. Not really hit it, but did press it down.
When you have a small amount of anything, it is relatively easy to keep track of. As time goes by in collecting coins, most accumulate to many to even consider all that info that you will never care about nor use.
Now I just keep track of the amount of Albums, quantity of Rolls, estimates of 2x2's and anything else is also an estimate. Since I don't sell any coins, that too is one less bit of information I can avoid.
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Replies: 6 / Views: 1,521 |
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Posted 01/29/2010 11:20 pm
