Appraising coins can be a unplayful undertake. After all, if you ’ ve got a lot of valuable coins, you need to have some reasonably accurate information on how much they ’ re worth.
Unless you ’ ve got a small coin collection and you truly know what you have, then getting your coins appraised can be a bite of work. here are 5 tips that will go a retentive direction in making the coin appraising process go more smoothly for you…
#1 – Know What Coins You Have
While this may sound simpleton enough to many mint collectors, knowing something about the coins in your hand can leave some novitiate coin collectors and most non-coin collectors clueless. In fact, many people not involved in mint collect credibly wouldn ’ metric ton know a rare coin if they were holding one ! Buying a standard coin price guide like the Guide Book of United States Coins ( besides popularly called the ‘ Red Book ‘ ) can give you some estimate as to what coins are rare and how much they ’ rhenium worth .
#2 – Separate The Good Coins From The Not-So-Good Ones
When I mention ‘ full, ’ I ’ m not necessarily referring to grade — I ’ molarity talking about coins that have nice eye entreaty and those that are problem free. You can pretty much expect any coin that has a fix, is bent, or is cleaned to not receive angstrom eminent a value as exchangeable ones without the problems. indeed, before getting a mint appraised, it ’ mho going to save you a bit of time if you can separate into at least 2 groups the high gear quality coins from those that are damaged. You ’ ll still want to get all of your coins appraised, but it will be a much smoother process for you if you have the decent coins separated from the less-desirable ones. If you ’ rhenium sell, it can be unmanageable to sell common, discredited coins individually. You might be able to liquidate them more cursorily as a “ lot ”, however .
#3 – Authenticate Your Rare Coins
If you have any rare coins, your future authoritative move will be to get those rare coins authenticated, graded, and slabbed.
While forgeries and counterfeit coins have constantly been a concern, they have become tied more of a threat as of late. Between a number of highly convincing hurl counterfeits and Chinese-made counterfeits entering the grocery store, knowing which coins and avoiding fudge ones is more of a concern than ever before.
many knowledgeable coin dealers can tell a imposter coin from an authentic one reasonably well. however, some of the best forge coins even deceive the eyes of even progress coin collectors, mint dealers, and numismatists. This makes many mint dealers and early tire about buying rare coins that haven ’ thyroxine been professionally authenticated. What to do ? Get your coin slabbed by a 3rd-party coin grading company. They will authenticate your coin, grade it, then place it into a piece of plastic referred to as a slab — for a fee. The high degree of assurance had with getting a mint authenticated by a major 3rd-party mint grading company is backed up by the accumulative decades of experience held by the staff of these major firms.
#4 – Choose The Right Coin Dealer
When it comes clock time to get your coins appraised, you ’ re going to want to go to a mint dealer that does a good job of appraising coins. many coin dealers know what they ’ rhenium doing, but fewer possess the years and years of coin buy experience that goes behind making a in truth effective mint appraisal.
Do some research and look for a coin dealer who has been in the business for a long time.
Read more: Possum Magic Coins
If you live in or near a big city, finding a professional coin dealer that has been in the mint business for a retentive time may not be excessively hard. silent, choose the best of the best. Call around or do some web surfing to get the details of the mint trader ( s ) you plan on working with for your mint appraisal. If you ’ ra be in a modest township, finding any coin dealer can be tough enough. Finding one that ’ second well skilled may be unmanageable. There are many major online mint dealers who are quite reputable and will do coin appraisals and buy coins through the chain mail. The key here ( as you ’ vitamin d ask ) is to find an online or mail-based mint dealer that does the job well and is honest. No count what coin principal you settle on working with, doubling see with the Better Business Bureau to find out if the mint dealer has had any complaints ( and the nature of those complaints ).
You ’ ll besides want to consider doing business with coin dealers associated with respected coin organizations, like the Professional Numismatists Guild, the American Numismatic Association, and the Professional Coin Grading Service .
#5 – Turn Your Coin Appraisal Into A Coin Sale
While many people seek a mint appraisal for policy purposes, the majority of those getting their coins appraised do then to find out how a lot they can sell their coins for. If you ’ re getting your coins appraised because you want to sell them, you may want to take the excess steps ( and pay any excess fees ) to get a second public opinion on value — specially if the beginning appraisal resulted in an measure amount figuring into the high hundreds or thousands of dollars. You may wind up getting a moment figure that brings a higher value. many coin dealers will to give appraisals are besides likely to offer to buy those coins from you.
One samara thing to remember when getting an appraisal : there’s the replacement value of coins and there’s the bid value of coins:
- Replacement value is what it would cost you to literally replace a said coin if damaged or lost due to natural disasters or burglary.
- Bid value is how much you’ll be offered by a coin dealer to buy a coin — bid value is virtually always lower (by 20% or more) than replacement value.
If you ’ ra concerned in selling your coins, you ’ ll want to call the mint dealer before going to the shop to see if they buy coins. There ’ s truly not much of a point in going to one invest for an appraisal and another seat to sell coins unless you want a party not involved with the mint sale to estimate the value of your coins .
Numismatic Value vs. Bullion Value Of A Coin
Every coin has 2 different values :
- Bullion value – the value of the metal composition inside the coin itself
- Numismatic value – the nostalgic value of coin, based on how popular it is as a collectible
broadly speaking, whenever a coin is appraised those 2 values are combined to form the ‘ appraised value ’ of the coin. The bottom line is all silver, gold, and platinum coins are worth their bullion value ( an amount based on the current price of the metallic element ) plus their numismatic prize ( an come based on the collectibility of the mint — autonomous of its alloy prize ).
The Difference Between Bullion & Numismatics: Bullion is basically raw gold or silver in a mint or stripe form. These items are valued at the point price, plus a small premium for production at the mint and, most likely, a dealer markup. Numismatics, on the other hand, are collectible coins. Since the collectible value has more to do with nostalgia than the value of the gold itself, it ’ second highly immanent and much harder to evaluate the market value. source
Must read: What ’ s The Difference Between A Numismatist And A Coin Collector ?
Please leave this field empty
Don ’ thyroxine miss the latest tip !
Stay up to date with everything about U.S Coins
I ’ m the Coin Editor here at TheFunTimesGuide. My beloved for coins began when I was 11 years previous. I chiefly collect and study U.S. coins produced during the twentieth century. I ’ m a member of the American Numismatic Association ( ANA ) and the Numismatic Literary Guild ( NLG ) and have won multiple awards from the NLG for my work as a coin journalist. I ’ m besides the editor program at the Florida United Numismatists Club ( FUN Topics magazine ), and writer of Images of America : The United States Mint in Philadelphia ( a bible that explores the colored history of the Philadelphia Mint ). I ’ ve contributed hundreds of articles for assorted coin publications including neologism, The Numismatist, Numismatic News, Coin Dealer Newsletter, Coin Values, and CoinWeek. I ’ ve authored closely 1,000 articles here at The Fun Times Guide to Coins ( many of them with over 50K shares ), and I welcome your mint questions in the comments below !