How To Get Your Coins Appraised
Coin appraisal is the most reliable way to determine how much your coins are worth. We'll explain how to get your coins appraised and what to expect from the process.
Why Get Your Coins Appraised?
It's worth considering what the benefits of a coin appraisal are.
The appraisal will give you a general idea of the value of your coins. This is important because it will help you avoid accepting a lowball offer from any potential buyer. In this case, the adage that "knowledge is power" absolutely applies.
There is an unfortunate reality in the numismatic industry: if you don't know what you have, someone will surely try to swindle you. So arm yourself with an accurate valuation of your coins before you attempt to sell them. The best way to do so is with a professional appraisal.
Moreover, getting an appraisal of your coins is always going to be more up-to-date and reflective of the current market than merely looking at comparable coin listings on retail websites or other non-professional resources.
Appraisals are often done for collections of coins.
What to Expect from a Coin Appraisal
Here's something a coin appraisal cannot do: tell you the precise value of exactly how much your coins are worth. Their final sale price will always depend on unpredictable factors such as the buyer's tastes, and the relative availability of similar coins on the market.
Instead, you should expect the appraisal to give you an approximation of the value of the coins. This is a useful baseline to start negotiations from if you do choose to sell. Even if you ultimately don't sell your coins in the immediate future, having a gauge of the fair value of your coins is still good to know. It will additionally give you a reasonable idea of how the coins would be graded.
You also shouldn't expect to get a free appraisal from every coin dealer or numismatic expert. They have no obligation to do so free of charge. Yes, some will gladly do so, but that is an unlikely perk. Since you are similarly under no obligation to turn around and sell the appraiser your coins, doing the evaluation for free doesn't offer them any tangible reward for their time. Bear in mind that some local coin shops don't do any coin appraisals, so check beforehand to confirm that they offer this service.
Even after you receive an appraisal, it's best to keep your expectations modest. You may not quickly receive the best offer for your coins, depending on how in-demand they are. It can also take a long time to find a willing buyer, which may require you to sell a coin collection piece by piece.
Next we'll look at what steps to take prior to getting an appraisal.
How to Prepare and Organize Your Coins
The appraisal process will go more quickly and smoothly if you take the time to organize your coins beforehand. This will save a lot of time—and your appraiser will be quite happy, as well.
Many times the need for a coin appraisal arises from the inheritance of a collection or a purchase from an estate sale. In that scenario it's unlikely the seller will be familiar with all the coins they have. Even the task of identifying them can be overwhelming. If you don't know where to start, the easiest things to do is simply group your coins by denomination. Older collections from before the 1970s are sometimes already be divided into paper envelopes that used to be distributed by the United States Mint.
A simple option that will ease the process is to use coin albums or folders. Companies such as Dansko and Whitman have been making these organizers for decades. They allow you to safely store all of the coins of one particular type and denomination. For example, there are albums for Washington quarters, Lincoln pennies, Mercury dimes, and so on.
Resist the temptation to clean any coins you want appraised. This will invariably destroy their value because coin collectors prefer coins to have their original surfaces. Avoid storing the coins in PVC or other soft plastics, as these can cause damage and discoloration to the surfaces of the coins.
Organizing your coins makes them more easily identifiable. Knowing that this Seated Liberty quarter is a "Type 1" has an impact on its value.
In Person vs. Online Appraisals
Whether you choose to have your coins appraised remotely (through email or text message) or in person, both options can provide you with high-quality service.
Receiving your appraisal face-to-face has the advantage of letting the appraiser handle and physically inspect the coins. This is more comprehensive than sending photographs, but most appraisers can still make a reasonably accurate evaluation using high-resolution photos. Dealing with someone in person also allows you to quickly ask follow-up questions and get a direct explanation from the appraiser.
Some coin appraisers are willing to come to your home to conduct the appraisal, although they rarely do so for free. Alternatively they may prefer you to bring your coins to their place of business instead.
Online appraisals are potentially more convenient, especially if you lack transportation or have mobility limitations. The appraiser will likely ask you to send clear photographs of both sides of each coin via email or text message. This type of remote evaluation might be less comprehensive than one done in person, but at minimum it will help identify your coins, which is a valuable starting point.
Next Steps
Once you have a clearer view of how much your coin collection is worth, you can decide between three options:
- Seek a second opinion from another appraiser.
- Hold onto your coins and wait.
- Sell your coins.
If you're ready to sell your gold and silver coins, follow the link to the Gainesville Coins website
Read more advice on buying and selling coins from the experts at Gainesville Coins:
How to Store Gold Safely: 7 Best Options for Gold Storage
Top 13 Error Coins Worth Money - Price Guide With Pictures
A Guide to Coin Grading (With Chart & Pictures)
American Gold Eagle Values: How Much Are They Worth?
How To Sell Coins: The 5 Best Tips
How Much Is a Gold Plated Quarter Worth?
Everett Millman
Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.
In addition to blogging, Everett's work has been featured in Reuters, CNN Business, Bloomberg Radio, TD Ameritrade Network, CoinWeek, and has been referenced by the Washington Post.