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How do you track the value your collection / stack of silver and gold and keep a record?

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I been busy lately getting ready for end of year accounts. Whilst doing so a friend called round that also collects sovereigns but only sovereigns. We got chatting and he asked me how I keep a track of current values. I thought he was asking for insurance purposes but no. He said his accountant asked him to try to keep a record. Whilst I do keep records of purchase cost, date purchased and if eventually sold, the price along with any profit or loss. I don't have a way of estimating current value other than the spot price of the weight of the metal. 

I all honesty I can't see why an estimated value would be needed unless he treats his collection as stock and not a personal collection. It got me thinking. Does any one else do this and what premium would you assign to each coin. I have bullion, proof, some have been through a fair few hands and are dinged up. Others are near mint condition along with the rarity from common to rare +. My accountant has never asked and I'm not sure how I would realistically do it as in my view, any proposed value would be subjective. I did ask him and he just said 4% over spot for them across the board. that wouldn't work for me. I do have the average cost per sovereign which I try to keep below the price of best value sovereigns, but I have some that have a larger premium than others for the numismatic value. 

I suppose, I'm just interested if any one else does this and how? or even if it's worth the bother. 

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I keep track two ways. First is for all the bullion, regardless of what it is, I tie it to current metal price to give me a ‘melt value’ and the collectors stuff (slabbed mainly) I just use my purchase price. Not perfect but gives me a rough guide to current value

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I keep track of mine in 2 excel sheets first is the financial sheet that has, Coin Year, Obverse, Reverse, Weight, Date Bought, Cost. This is split into 4 blocks Sovereigns then Half Sovereigns. Underneath them are the other 22 carat and other then any 24 carat coins. Each sovereigns and half's have a total cost and average cost per coin. With some thing similar for the Silver and Platinum. Then I have a master block that has the Total Cost, The Actual PM Weight, Spot price for the Gold, Silver and Platinum. 

My second sheet is solely for the sovereign collection and logs the Year, Variety or variation, Mintage, Rarity, Qty then condition or remarks. No financial data on this.

I don't track any expected value at all unless it happens to coincide with spot price. I'm at an average of £386.10 for full and £189.66 for my half sovereigns. Whilst running at an average cost per gram of £51.89 for Gold, £0.62 for Silver and an embarrassing £38.32 for Platinum. I suppose a current spot price value could be derived from these figures, but these figures make no account for any premium or in the case of Silver and Platinum, VAT. 

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For accounting, take the 5 biggest gold and silver merchants in the UK and use the average price (in stock) to determine FMV

For insurance, I take pictures and use the FMV plus a healthy margin to account for appreciation and adding more metals during the year. Always better to be over-insured than under-insured

It's impossible to keep accurate records unless you want to update them as frequently as spot and dealer premiums update. It's not really about "what they are worth" as that's subjective but the objective cost to replace. Insurance and accounting records should be identical, right? Otherwise that might be suspicious to an investigator if one were needed

Mind is primary and mass-energy is derivative

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30 minutes ago, HonestMoneyGoldSilver said:

It's impossible to keep accurate records unless you want to update them as frequently as spot and dealer premiums update

I suppose that's my point. My friend, I think just adds 4% to spot price to come to his value. However, a current value Is not really a practical metric to track with my collection as I have a much more varied collection than him. The best I can do is track any purchase cost and description of the coin. Any replacement value, For insurance purpose, Would have to take in to account condition and description of the coins at the time of replacement. But he was talking about tracking a resale value at any given point, such as end of year accounts. Also he implied that his accountant asked him to do it. I was just wondering if this was something anyone else did and if so how, as my accountant has never asked for that and I have no idea how I would. So I was wondering if there was a formula out there and if anyone else does it. However, The more I think about it the more I think it must just be something he likes to think of or his accountant see's them as stock and see's it as a stock taking exercise.


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