How Do Coin Appraisals Work?
The first step in getting coins appraised is to find a dealer you trust. Many choose to find someone local or within a reasonable driving distance and take their collection to them personally. In-person appraisals have their advantages, including being able to ask questions more readily and get advice on how to make the best choices for you and your family. You will also know on the spot how much your collection is worth and whether or not you have the option to trade for higher potential rarities. There are companies, however, to which you can send your coins out. Be cautioned though to do thorough research before dropping in the mail. You’ll want to check references first and when you do mail your collection, be sure to send it as registered/insured mail and get a receipt. For appraisals in Pittsburgh, you can trust our professionals at ONR. Call them today at 1-844-667-2646 or fill out their online form to schedule an appraisal.
No matter who you choose to do the appraisal, make sure you are both in agreement on the type of appraisal you wish to have done. There are two basic types and they differ in results. If you are looking to have an appraisal done for insurance purposes, replacement value for the collection is usually given. These types of appraisals represent the retail value of the coins. If you are choosing to have the appraisal done with the intent of selling the coins, however, the appraisal then is the amount a dealer would pay for the collection. Depending on the type of coins, dealer bids are normally between 80-95% of the retail value.
Many people wonder how to prepare for a coin appraisal and the answer is that not much preparation really needs to be done. The #1 thing to remember is to never clean your coins. Some may think that shining up the coins and making them look prettier to the eye will enhance the evaluation and hopefully increase the appraisal price, but nothing could be further from the truth. Cleaning coins will remove its original coloration and can sometimes even remove tiny bits of metal from the coin. Abrasive cleaners may even remove the entire surface of a coin, leaving it in a damged and unwanted state. To prepare for an appraisal, leave the coins in their original condition!
The evaluator will determine which coins are worth mere pocket change and which have a higher value. He or she does this based on criteria such as date, mint mark, type, variety, and overall condition. After appraising your coins, the evaluator may offer you money for them if you are looking to sell. He or she may also advise you to have some coins certified by a third party grading service and can seek out those services for you. One thing to keep in mind is to ask questions and if you are uncertain or uncomfortable with any part of the appraisal, get a second opinion. You have taken time in building a valuable collection and therefore deserve honesty and integrity. Our staff at ONR promises both of these and welcomes the opportunity to serve you. Don’t hesitate to contact us with any questions or concerns.