How to enter a purchase price when stamps are purchased in a set?

[meccadom]

Please excuse if this has been covered in another post as I cannot find an answer:

I purchase a set of stamps for X cost.  When entering the individual stamps in the set to the database, how do you properly allocate the single price paid to the individual items for amount paid?  Do you just create an entry for the set?

Thanks

Dom

[Stephfie55]

Hi, I've run across this issue many times. I just divide the price by the number of stamps in the set and assign that as the cost to each stamp. If there is a remainder, say the division doesn't end in a round number, add the remainder to one of the single stamps so your total cost is represented. For example, if I purchase a set of 5 stamps for $3.93, I would divide the $3.93 {cost} by 5 (the number of stamps) which would equal $0.786 or $0.78. Then $0.78 times 5 = $3.90. So I would add a penny to the three highest values of the set or just add three pennies to the the highest value of the set. Then my whole cost of $3.93 is represented. I hope I didn't confuse you. I found this to be the easiest way instead of having to create a new number for the set. But if you want to do that, I think Scott considers it a lettered number ie 540-5 would be 545a in block or strip format. You could check the catalogue to see if a number has already been assigned to it in that format also. I hope this helps. Be safe, stay healthy and God bless!

[DLauben]

Hi Dom,

I concur with Stephfie55's method.  I do the same thing.  To add to what's been said, for an assortment of stamps that each cost a different amount, I use the stamp's CV value as a baseline, and multiply that amount by a scaling factor.  Call the scaling factor SF.  SF is the amount you paid for the lot (X) divided by the sum of the CV's for the purchased stamps.   Ideally the SF will be less than 1.0 (otherwise you paid more than market price).   This method gives a reasonable estimate of each stamp's purchase price.

Hope this helps,

Dave

[meccadom]

Thanks to both fro responding

Dom