Coin collecting has a lot more to it than just getting a few coin sets and keeping them on display or in a drawer somewhere.
The most adept coin collectors want to catalog their coins properly.
A written record of your coin collection is what makes you a true collector, instead of just an accumulator of coins.
And it's also important so you can always keep track of what you have, bought, and sold over the years, as well as changes in value.
A catalog of coin sets and collections is important for a variety of reasons.
One, it makes it easier for anyone whom you may pass your collection down to, to understand the value of it and liquidate it easily if they aren't going to keep it for themselves.
You also want a catalog because the IRS requires information that supports purchases and sales of coins, as well as any received as a gift.
Cataloging means you'll be taking note of a few things.
You need to write down the coins name, how much you originally paid for it, as well as its current value (which will be ever changing and is good to keep updated as often as possible).
You'll always want to note other things like any deformities, unusual traits, and general condition.
There are several ways you can start a catalog of your coin sets and you should probably use more than one.
Handwriting it in a notebook is a must.
There's a ton of electronic ways to record your information, but nothing is a better backup than a hand written log.
You can also use a checklist to catalog.
There are many to be found online and print out, which while not as free form as a notebook, may give you a better comprehensive list, as well as give you ideas of coin sets you may want to acquire in the future.
A spreadsheet is also a good tool to use and can be fully customizable to your needs.
It can match your notebook catalog a bit better, so it may be smart to have a notebook and a spreadsheet on your computer so you can have two different backups.
Software is another choice and most can be found for any budget.
They range from inexpensive to a bit more pricey, depending on the features and extent of the coin information it contains.
It can be helpful for those who don't want to have to do too much work on their own, but can just input information easily.
No matter what you choose, having a catalog of collectible coins is one of the most important things you'll do as a collector.