How Do You Account For Your Coins In Your Balance Sheet?

That is fair push-back @frog. Not a lawyer or insurance expert, so I can only speak to my own experience with my own coins.

I keep track of everything on spreadsheets with market values. I use purchase values for some items that rarely come up for sale. I then take a very rough estimate and discount the total by 40% to come up with an overall value. Probably some items will sell for close to or above the assigned value and other more common items will sell for 50% or less of market value, especially if I or my estate are in a rush to sell. I maintain a separate document for my family if something were to happen to me. It outlines what items are the most valuable (don't just take them to the bank!!), what items can be spent or sold for melt and what items I would like them to keep for future generations.

While I have a pretty nice collection, my coins are not considered an asset. They are pretty much an expense.

Can I sell them if I need money?

Of course, yes and I have sold many to get other coins.

But they are part of my hobby. Like my meteorites and my telescopes. They are assets but they don't factor into my networth. Even at the currrent value they are less than 2% of my assets. Just my wife's and my car are worth more than the coins.

If I sell them before I pass they will be assets to my kids, luckily my daughters long term boyfriend is a collector, I'm pretty certain he would enjoy getting them.

Thank you for adding that.