Whether you consider yourself an avid coin collector or you've recently inherited an impressive collection from a loved one, getting a coin appraisal can help you gauge the value of the coins you own.
Certain coins hold varying levels of value that can often depend on a variety of factors including the age, rarity, and condition of the coin. When you get a coin appraisal, you'll have a much clearer picture of what your collection is worth if you ever decide to sell it on the marketplace.
Read on to discover more about the importance of a coin appraisal and why you should choose a professional coin shop to help you determine the value.
There are plenty of reasons why you need to get your coin collection professionally appraised, but those reasons can vary depending on your particular circumstances. Many people want a professional appraisal to determine the market value of their coins. Once they have this number, it gives them more control and information about the asking price if they plan to sell.
Not every coin owner or collector wants to sell their coins for a profit, however. Many people need an appraisal to help them determine the insured value of the collection. Once you get an official appraisal, you can report this value to your insurance company who will add it to your policy.
Having your coins insured will protect you if you're ever a victim of a break-in and someone steals your coins. This appraised value helps the insurance company give you a check to cover the replacement value. It's never the same as replacing the coins themselves, but it will at least give you some peace of mind.
Avid collectors enjoy trading coins among other enthusiasts. If you have your collection officially appraised by a professional, you will have a lot more bartering power.
Finally, some people would like to donate their coins to a charity and need to know the amount they claim as a deduction. Others may want to place a value on the coins before passing them down to the next generation.
Once you've decided that a coin appraisal is necessary, it's crucial to find a reseller or dealer you can trust. Some people opt to put photos of their coins on the Internet and ask for an opinion of value, but that's certainly not the same thing as physically taking your coins to a professional.
A true appraiser is professionally trained and knows exactly what to look for when assessing the value of your coins. Seeing someone in person allows them to physically touch and look at the coins to give you a much more accurate valuation.
One crucial thing to consider is the reputation of the coin dealer. Look for customer reviews from others and make sure you only take your coins to a business that has a reputable background in your local community.
A brick and mortar storefront is your best option to get the most accurate appraisal. Look for a coin shop near you that offers appraisals for a low rate or free of charge. Make sure you schedule an appointment in advance if you have a large collection.
A true numismatic expert will know exactly what to look for when they determine the value of your coins. They should also never pressure you into selling them if you don't want to. Their job is to simply examine the coins and then give you an official opinion of the value.
Make sure you can find coin dealers who have testimonials from other customers so you know you're getting an accurate appraisal from someone you can trust. These testimonials play a huge role in how trustworthy they are, and they'll give you a much better representation of what you can expect.
Once you've found a reputable coin dealer and you're ready to get your collection appraised, the appraiser will examine each coin carefully. They'll first look at the year in which the coin was produced, which plays an integral role in its value.
Next, the appraiser will look at the condition of your coins and make sure that they are easy to read in terms of the design, the year, and other important information. If your coin collection is pristine, the value will most likely be higher unless you have a few rare gems in the mix.
Any errors on your coin such as misspellings or incorrect dates could make the value skyrocket. The appraiser knows what to look for and will help you determine if any of your coins stand out in terms of value or rarity. The rarer the coin, the higher the value in most cases.
Before you bring your coin collection in for an appraisal, try to sort them out based on things like the year, the condition, or the type. This will make it easier to gauge the value of each coin and will help you keep track of the value of each item.
A reputable coin dealer will take their time and examine each coin carefully. They will jot down the coin's name, year, and value so you have a record of what each item is worth. You can use this information later if you plan to sell, trade, or donate your coins.
Some of your coins may be in mint condition which means that they've never been touched by human hands. Others could have some wear, but they should still be easy to read. Anything that is severely damaged may only be worth its weight in metal.
Coins made of solid gold or silver will usually be worth at least their metal weight, sometimes much more. The coin dealer can test each one to make sure that it's real and made of legitimate materials. Unfortunately, fakes can get into the marketplace which is why it's so important to have a pro help you determine that every coin you have is authentic.
With countless books and online resources dedicated to coins, you might be able to get a general idea of what your collection is worth. However, a true professional can tell you much more about your coin if they can physically see it in person.
Feel free to start your own research and create a coin catalog before you take everything in to be appraised. This can help you compare what you've found against what the appraiser determines as far as the value.
If you're inclined, join a numismatic group where you can talk to other coin enthusiasts. They can help you with information about your coin and give their own opinion of what they think the value might be.
Remember that coins can often go up and down in value much like other commodities. Attend some local trade shows and bring your collection to ask questions from other collectors. True coin enthusiasts are familiar with the basics of coin values and rarity, but they're still no replacement for a professional appraiser.
When it comes down to the benefits, a real coin appraisal will give you the most accurate reflection of value possible. The appraiser should be unbiased and have no intention of buying your collection unless you tell them that selling your coins to them is your goal.
It can't hurt to get several appraisals from different coin shops or other organizations. The more information you have, the better you can make an educated asking price or insurance value to protect your investment.
If you have a particularly large collection, keep in mind that the appraiser may not go through every single coin. Instead, they could give you a general valuation based on the quantity and other factors. That's why it's important to group your coins together based on year or other factors to make it easier for the appraiser to determine value.
Pull out any coins from your collection that you think might be unique, rare, or exceptional. These coins could hold higher values, and it's much easier for the appraiser to look at the stars of your collection one-by-one. As long as you choose a reputable coin dealer or use a professional appraiser, getting an accurate value should be easy.
Whether your collection is large or small or purchased or inherited, there are many benefits to getting a professional coin appraisal. Make sure you do your homework and choose a coin dealer or coin exchange who has a good reputation in your local community.
After you have the value of your coins, you'll be able to decide if they're something you want to sell, trade, or simply insure. These values will vary greatly which is why it's crucial to enlist the help of a professional numismatist.