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3 years ago

US Mint Proof Coin Sets – Why Cataloging is Important?

Oct 12th 2013 at 5:41 AM

Passion for coin collection does not mean to collect few of the old ones, but it is much more than this as it is not just a hobby or art but also a very beneficial business. Someone who knows the importance would catalog them properly and carefully. He/She also likes to keep everything in writing so he/she does not get confused and this is what actually makes him/her a real coin collector. The passionate collectors also keep the record of every sale and purchase and know exactly what changes took place from time to time in value. In this connection, US mint proof coin sets are very popular.

Is Cataloguing Really Important?

Cataloging may not be important for some causal collectors, but it is really important and there are a number of reasons which are mentioned here, so you can understand why it is essential and useful.

 It makes it really easier for everyone to understand the actual values.
 If one does not want to have a certain sets and would like to sell them, he/she can liquidate them.
 It is also required by IRS whenever it is needed to get information about the sales, purchases and gifts.

How to Catalog Your Coins?

It is not something very difficult or you don’t have to take classes to understand how to write about your coin collections, but it is actually quite simple and you just have to jot down the following information;

 Name
 Type
 Metal type
 Mintage
 Weight
 Diameter
 Thickness
 Design credentials
 Front & back images
 Description of images
 Date & place of minting
 Translation of inscriptions
 Orientation
 Description
 Grades
 Shape

You can also mention the defects, quality, popularity, general condition, unusual traits, deformities, current value and how much you paid. Though the value can be changed periodically, it is good to be updated with it as much as possible.

Various Ways to Catalog

Cataloging can be done with the help of various ways such as keeping the record in your computer or writing everything in a register or in a notebook. However, more popular option is writing in a register. Cataloging can also be done with some of the websites that also allow users to access user forums where important issues are discussed.

Another way is the use of checklist which can be found on the internet and you can download or print it for use. Though the printed checklist may limit you to certain points, it will really give you a good idea on how to keep everything in perfect order so you may not waste your time.

Creating Backup

Writing in a notebook is always good, but you can also use a spreadsheet in your computer which you can customize to use as a backup in case you lose your written data. Various software and applications are also available for this purpose and you can buy them by paying a small amount in terms of fee.

Where to Invest Your Money?

If you are interested in this business, you should invest some money in US mint proof coin sets which is the collection of coins designed, produced and released by US Mint in a single year and this is believed to be the longest-running series designed with the help of proof striking methods to keep US coins proof sets preserved for long-term.

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