Hello chaps.
Like a lot of members here, I have a sizeable coin collection. I also live in a high bush fire zone.
My problem is I am lazy when recording my coins. I buy, leave them in an inappropriate area, eventually move to the safe if there is room.
Long story short, I've got coins everywhere. I don't know what I actually have, and if the worst were to happen, insurance won't actually cover my assets.
I need to record everything with photographs, and catalogue what I have, and where it is located.
I was wondering how the more organised do it.
- Do you use a scanner? Or a camera on a tripod?
- If using a camera, do you turn the flash off, but have strong external lighting?
- What software do you use to keep the records? Is it just excel? (How do you link to the photograph? ... filename of photo?)
- Do you regularly update the market rate for these coins in your records?
- Do you barcode/asset manage each coin?
- Do you tell your insurance company? (I can only imagine this would smash my already ridiculous premium - I pay over $7k per annum just to insure the house)
Any other thoughts and advice would be appreciated
Thanks.
Quote from: 'seedyrom' pid='126718' dateline='1660074483'Hello chaps.
Like a lot of members here, I have a sizeable coin collection. I also live in a high bush fire zone.
My problem is I am lazy when recording my coins. I buy, leave them in an inappropriate area, eventually move to the safe if there is room.
Long story short, I've got coins everywhere. I don't know what I actually have, and if the worst were to happen, insurance won't actually cover my assets.
I need to record everything with photographs, and catalogue what I have, and where it is located.
I was wondering how the more organised do it.
- Do you use a scanner? Or a camera on a tripod?
- If using a camera, do you turn the flash off, but have strong external lighting?
- What software do you use to keep the records? Is it just excel? (How do you link to the photograph? ... filename of photo?)
- Do you regularly update the market rate for these coins in your records?
- Do you barcode/asset manage each coin?
- Do you tell your insurance company? (I can only imagine this would smash my already ridiculous premium - I pay over $7k per annum just to insure the house)
Any other thoughts and advice would be appreciated
Thanks.
:scratch_one-s_head: Hmmm, I seem to remember reading somewhere that normal Insurance doesn't cover coins or other collections. You should check with your Insurer before doing anything else. Premiums may be prohibitive.
I upgraded my camera a few years back , and use a tripod and a light ring now. Have a majority of my really unique items and some of the bulk items backed up on a hard drive. I also utilise the photo gallery storage here and also on the PCGS site, mainly for the important items. The mass produced RAM items, I must admit I haven't done a lot with yet. I usually take a few different angled shots as well. I also take some bulk pictures of mint sets etc , pnc's etc in there storage cases. It's an ongoing process and I enjoy taking pics now as well. :) I have a rough idea of my purchase prices on some of my top stuff, the rest would be original buy prices of the usual RAM items.
Quote from: 'Nevol' pid='126720' dateline='1660087278'[quote pid='126718' dateline='1660074483']
:scratch_one-s_head: Hmmm, I seem to remember reading somewhere that normal Insurance doesn't cover coins or other collections. You should check with your Insurer before doing anything else. Premiums may be prohibitive.
[/quote]
Yes,but every Insurance Co. is different.Back in the 1990's my Home Contents Ins. did not cover my Coins/Stamps for whatever reason.
Barry Cooper,Coin/Stamp Dealer in Ballina,did Insurance Asessments for Co.'s back then so it is possible to Insure collections but IIRC they have to be stored in a Fireproof Safe and the fine print of the Policy closely read/examined.
Also if you are buying or selling,even on Ebay,to make a profit, that brings different clauses of a Insurance Policy into play so again the fine print needs to be understood.
Scanning,IMO,is the quickest and easiest method of recording Coins,if i had to photo my Coins i would be busy for years.
I scan to computer then copy to USB stick.
I use a spreadsheet but don't photograph. I also have lots of junk coins (modern world stuff from change etc) that I don't have recorded which I probably should.
With regards to insurance, you'll most likely need to pay more (depending on the total value of the collection of course) but I think the insurer should keep the price reasonable as long you do things like have deadlocks on your doors, bars on your windows, store your coins securely etc.
Insurance for collections is excessive. You have to be prepared to specify the amount of insurance you want. Collections over either $1000 or $1500 will not be covered by contents insurance.
Generally to insure collections, coins, stamps, paintings etc you can expect to pay 10% of the value in the first year with the premium increasing each year and in total loss won't get market value from your insurer unless you have VERY specific records.
Also you can't get insurance on financial assets like gold or silver bullion, same as you can't get insurance on cash. (Except for some policies that will cover a minimal amount in your contents, ie $200).
So after insuring for ten years you will have paid more than the value of what you have insured.
If you are concerned about bushfires you'd be better off getting a fire proof safe (which are only fire proof for a few hours of burning by the way) or storing your valuables in a safety deposit box in a bank vault. That costs a lot too.
If you get a fire proof safe and you do have a fire don't open the safe until the heat has dissipated because paper inside will combust when it is still hot with the introduction of oxygen.
Business insurance is different but also more expensive. You might be able to negotiate.
I just use round stick on labels with the price I payed for the coin or banknote..As for insurance I have a $50,000 rated 250kg safe,fire alarms,extinguisher,big nasty dog and baseball bat..
Quote from: 'seedyrom' pid='126718' dateline='1660074483'Hello chaps.
Like a lot of members here, I have a sizeable coin collection. I also live in a high bush fire zone.
My problem is I am lazy when recording my coins. I buy, leave them in an inappropriate area, eventually move to the safe if there is room.
Long story short, I've got coins everywhere. I don't know what I actually have, and if the worst were to happen, insurance won't actually cover my assets.
I need to record everything with photographs, and catalogue what I have, and where it is located.
I was wondering how the more organised do it.
- Do you use a scanner? Or a camera on a tripod?
- If using a camera, do you turn the flash off, but have strong external lighting?
- What software do you use to keep the records? Is it just excel? (How do you link to the photograph? ... filename of photo?)
- Do you regularly update the market rate for these coins in your records?
- Do you barcode/asset manage each coin?
- Do you tell your insurance company? (I can only imagine this would smash my already ridiculous premium - I pay over $7k per annum just to insure the house)
Any other thoughts and advice would be appreciated
Thanks.
Hello, Your standard contents insurance will not cover collectables over a few hundred dollars in vlaue. If you want to insure your coins or collectables, jewellery etc you need to have them professionally valued and have this added to your contents insurance. It will not be cheap. Then you need to have the valuation certificate updated every couple of years. Valuation certificates are not cheap and the person may need to come to your home to do the valuation certificate. I use excel to list all my coins and have the workbook password protected. You can add photos and just reduce photo image size. I don't know how many photos you can add into an excel workbook. There is software you can purchase and I have seen a coin program in Microsoft access for sale on Ebay in the past. Ask a reputable coin dealer they should be able to assist with software options.
Quote from: 'Pattern penny' pid='126749' dateline='1660684874'Hello, Your standard contents insurance will not cover collectables over a few hundred dollars in vlaue. If you want to insure your coins or collectables, jewellery etc you need to have them professionally valued and have this added to your contents insurance. It will not be cheap. Then you need to have the valuation certificate updated every couple of years.
Good to see you posting Pp,good advice but i may add a few extra caveats.In the 1990's,pre Internet,i went into detail about Insurance coverage of my collection which had been growing since the 1960's,mainly Coins/Notes but a few valuable Stamps.
Every Insurance Co. was different with not only cost but also the fine print especially when you get into a Insured value in the Thousands of A$.Storeage was a big one,a fireproof safe big enough to house my collection was in the $2000-5000 range back then,Bank safe deposit trays,without buying the Bank,were too small,also Flood/Bush Fire prone areas also affected the Premium cost.If there was a hint of running a Business,registered or not,ie buying/selling selling coins for a profit also invoked clauses in the Insurance contract.
Anyway a few points to checkout,i'm over 20 years out of date but i feel nothing much has changed so do your homework thoroughly and remember its easy to Insure any collection but its when you have to claim,after a burglary or fire etc,the fun starts.
Also if trading on Ebay to any great extent get a PO Box so buyers don't know your home address.
Just my thoughts/opinions on the OP.
I own a number of quality safes, I keep my eye out and snap them up. They are ex government and ex commercial and I pay around 4-500 each. You need muscle to move them as half ton each. Then bolted to concrete. Far cheaper than insurance and would protect against most fires.
Add in CCTV, a couple of security dogs and a couple of us handy with rifles and handguns and insurance isn't worth it.
I keep lists of any half decent coin, bullion coins and graded coins. Sorted by date, denomination and variety. All on paper records and stored elsewhere. Most of the good stuff also has records of purchase date and price plus sometimes the seller. Shocking sometimes as you see what an equivalent coin goes for and knowing there is no way you could outlay that kind of money now.
If you are really concerned about the fire risk perhaps invest in a basement or bunker and ensure your storage containers and safes are also waterproof.
All coins in my collection are scanned onto my computer.
My house hold insurance company has a copy of a backup hard disc for security.
I used to have my collection in a security company box in the CBD but the cost was getting rather heavy so I now keep the coins in safe and 24 hour video camera.