How to Appraise Coins to Find Real Value: DIY Tips to Getting Coins Appraised
If you have a collection of coins, whether they are American coins or perhaps coins from around the world, you should certainly have them appraised. You may have a lot of questions about where the coins came from and how much the coins are worth. If you inherited a coin collection, or a few coins, from a family member or friend they may have a lot of sentimental value for you, but you still need to determine the true value of the coins. Even if you don’t want to immediately sell them, it still important to know the antique coins value and have them insured. In this article we will explore some DIY tips for getting coins appraised.
Tip #1- Get to Know Your Coins
You have to begin with identifying the coins you have. Go through your collection and identify each coin and check the value. This is not always as easy as it seems. In particular, new collectors and non-collectors may not be sure where to begin. A great place to start is with a standard coin price guide such as the Guide Book of United State Coins (affectionately called the Red Book). Such a guide will give you an idea of antique coins value. There are also websites that help identify coins.
Tip #2- Separate Your Coins Into Two Groups
You don’t have to be an expert to get a feel for which coins will be more valuable by looking at them. One of the most important factors in antiques coins value is based on appearance. Generally speaking, the better a coin’s condition is, the more value it has. Look at your coins. Do they have holes, scratches, or other damage? Have they been cleaned in a way that caused them to lose the luster of freshly-minted coins? If so, their condition is not that good. You will want to separate your coins into one group of coins that are in good condition and another group of coins that are in just fair condition. It may also help to separate American coins from non-American ones. You should get all of your coins appraised, but separating them in this way will make it an easier and faster process, particularly if you have a lot of coins.
Tip #3- Get Your Rare Coins Authenticated
Here is a pro-tip for you- buyers for antique coins are leery of buying coins that may be forgeries. It is a problem that has only gotten more prevalent with the rise in the number of highly convincing counterfeit coins and Chinese-made forgeries that have been turning up in the market. Even experienced coin buyers sometimes have trouble identifying fakes. That is why it is crucial to have your rare coins authenticated, graded, and slabbed by an expert. A third-party coin grading company will authenticate you coin, grade it and place it into a piece of plastic (called slabbing). This gives buyers a high degree of confidence in the authenticity of your coin. At AntiqueCoinBuyers.com we are reputable coin dealers with the knowledge and skill to help you authenticate your coins and get the best possible price for them.
Tip #4- Find an Expert Coin Dealer to Authenticate Your Coins
There are a lot of a coin dealers out there and more all the time. With the rise of the internet, it is easier than ever to find a coin dealer to authentic your coins. It is important to note that not all coin dealers are equally expert. Some are good but not all that experienced. It is crucial that you do your research before trusting someone to establish your antique coins value. Start by looking for an established coin dealer who has been in the business for a long time. Call around and do some internet searching to get the details on the dealers you are considering. There are many online dealers who will do authentication by mail. Of course, that means you have to mail them the coins, making it even more important to check them out before dealing with them. You will always want to check with the Better Business Bureau before working with a coin dealer. You will also want to see if the are associated with respected organizations like the Professional Numismatists Guild, the American Numismatic Association, and the Professional Coin Grading Service.
At AntiqueCoinsBuyers.com, we have an A+ rating from the Better Business Bureau and we have been accredited since 1977. Our experts are ready to help you authenticate your antique coins.
Tip #5- Consider Combining Your Coin Appraisal and Coin Sale
You might be having your antique coins appraised because you want to insure them. On the other hand, you may be looking to sell. If your appraisal is for an extremely high number, you may want to get a second opinion, even if you have to pay a fee to have another expert appraise your antique coins value. When you get an appraisal done the dealer will likely make you an offer to buy them.
Keep in mind that you will probably get two values in your appraisal. The first is the replacement value for insurance purposes. It is what it would cost you to replace the coin if it was damaged or lost to natural disaster or theft. The second is the bid value- what the dealer will offer to buy the coin. Bid value is typically lower (by 20% or more) than replacement value. If you want to sell your coins immediately after the appraisal you should check with the coin dealer in advance to see if they buy coins. That will save the time and effort of going to a different place to sell the coins after the appraisal.
At AntiqueCoinBuyers.com, we are reputable coin dealers with the knowledge and skill to help you evaluate the true value of coins and get the best possible price for them. Our highly-trained professionals are here to help you. Contact us today.