One of the exciting things about having a coin collection is getting to add to it. You can do this in a number of ways, but a popular favorite among most coin collectors is to head out to coin auctions or general auctions with featured coins. When you’re first starting off with your collection, it’s not too hard to add to it. After all, you’re just beginning, and so you have lots of coins to choose from. But things can get a little trickier once you start adding coins in or if you decide that you want to sell one.
One of the best ways to make sure that you don’t wind up buying duplicate coins is to maintain accurate inventory management. It’s not difficult to accomplish this with Asset Panda. By doing this before you go to a coin auction or coin show, you’ll be able to keep track of precisely what you own. You can also show other collectors and get input on what you own and what you should invest in next. Often times, collectors have to rely on the information kept in their notebooks or memory to discuss all their coins with the exception of a few special ones. Thanks to your smartphone’s technology, you don’t have to worry about that.
Update with Each Coin You Purchase
When you purchase a new coin, make sure that you add it into the Asset Panda for inventory management right away. This will help you to maintain your information without making the work back up. If you don’t do it right away, then make it a priority.
Vital Information to Include
Since the primary benefit of these inventory management solutions is to make sure that you have an accurate list of your coin collection available on your smartphone to share with fellow collectors and purchasers, you need to make sure that you provide sufficient information. Otherwise, the usefulness will be limited.
The first and most important component is to take a picture of the coin. Make sure that you take pictures of the front and the back. The coin should be on a contrasting surface. White or black is best, depending on the color of the coin. Make sure that the camera is in focus. If you see that there are any particular imperfections or flaws in the coin, then zoom in and take pictures of these.
The second part of your asset’s update needs to include details about the kind of coin, its mint location, its overall condition, and any other key details. Information about the place you purchased it should also be included. Specific imperfections need to be listed as well, even if you include a picture of the referenced flaw. If you know the precise composition of the coin, then include this as well.
Using the Inventory Features to Make Your Life Easier
It used to be that if you wanted to get other collectors’ opinions on your coins, you had to haul the coins with you to the coin auction or the fair. This was and remains quite risky. You never know whether you’re going to get robbed, and thieves do like to target high value events like that. But when you keep an online inventory, you don’t have to bring your coins with you. In fact, unless you’re planning on selling the coin, you shouldn’t take it with you. It’s far too easy to lose the coin in some way.
For increased safety, though, don’t advertise that you’re on your way to a coin auction, particularly if your coins are in your home. Even though you are making your trip safer, you don’t want to let potential thieves know that your valuable collection is up for grabs.