Not only is collecting coins fun, but the coins that you acquire can become a valuable investment. Coin appraisals are estimates of the value of your coin currency collection. Coin appraisals may be performed on coin currency that is both from the United States as well as from other countries around the world. While you may pay for a coin appraisal simply to verify the value of your coin collection, there are many other reasons to do so. Below is a summary on not only why you should have a coin appraisal, but also when to have coin appraisals performed, how to find a coin appraiser, and other important information.
Although it is always interesting to remain aware of how much your coin collection is worth, you may find yourself in need of a coin appraisal if you decide to have your collection insured. While an informal appraisal will tell you whether or not you need to pursue a formal coin appraisal, it is a formal coin appraisal, which is written and signed by the appraiser, that will prove the value of your collection for insurance purposes.
You also may want to have your coin collection appraised either in total or by coin if you are considering selling your coins. After all, it is important to know whether you are getting a good price for your coins if you do not know how much money they are worth!
Regardless of whether you have any immediate plans for your written coin appraisals, it is important that you treat them as you would any other important papers. This means that your appraisal documentation should be kept in a fire safe or safety deposit box in a bank. Should tragedy strike, such as a house fire or burglary, you will then be able to easily cash in your insurance policy on your coins. In the event of a burglary you will also be able to provide your written coin appraisal to the police to be included in the description of the missing property.
Important Terminology In Coin Appraisals
Coin Appraiser: This is a professional, typically also a coin dealer, who has years of experience in examining coins closely to consider the currency’s mint, grade, strike, and any other markings.
Mint: The mint refers to which U.S. mint each coin was made at. While each U.S. mint routinely churns out new coins, each mint manufactures different amounts of each coin each year. The fewer of a coin that are available, the more each coin is worth. This means that if you have a dime that was minted at the Denver mint in a year that fewer were minted there than at any other U.S. mint, then your Denver dime will be worth relatively more.
Grade: The grade of a coin refers to the condition that a coin is in. Grades range from uncirculated coins that have never been used to basal, which is a condition so poor that it essentially means that it is a coin – barely.
Strike: This refers to the actual stamp of the metal by the mint machines. Because the U.S. mints are supposed to remove any coins that were struck in such a manner that they are errors, those coins that were struck incorrectly are often worth considerably more than those which were done so correctly.
Protect Yourself During Coin Appraisals
Prior to paying for a coin appraisal, you should do your due diligence. Call several coin appraisers in your area to find out the going rate for this service. While some coin shops will offer coin appraisals as a free service in order to entice new customers to visit them, you should be wary of any professional coin appraisers whose services are significantly lower or higher than others.
Ask coin appraisers how much experience they have doing coin appraisals. Since you are relying on the coin appraiser’s judgment, knowledge, and experience to render you with an expert opinion of your coin collection’s value, it is essential that the coin appraiser truly be an expert.
What Took Look For In Your Coin Appraiser
Since 1989 all coin appraisers offering services as such must be licensed. Although the name of the exact license varies on a state-by-state basis, all licensed appraisers must provide their services in accordance with the Uniform Standards of Professional Appraisal Practices (USPAP). These are especially strict rules and regulations governing the practice of coin appraising which have been drafted by the Appraisal Foundation, a nonprofit foundation.
If your coin appraiser is also the employee or owner of a coin store, then it is important that the coin store be a reputable place of business. Visit the Better Business Bureau website and look for their official sticker on the store’s front door.
The coin appraiser that you hire also should be a member of the Professional Coin Grading Service. The PCGS site lists more than a thousand different dealers across the world who are certified to appraise your coins.
How To Find Coin Appraisers
You can receive an informal coin appraisal from a more knowledgeable coin collector, such as someone who is a member of your coin club. However, for a more formal appraisal, which is likely to reflect current market values accurately and will be written so that you can you can then use it for insurance purposes, you will need a licensed professional coin appraiser.
Visit the Professional Coin Grading Service’s website to peruse a long list of different coin dealers who have been authorized by the Professional Coin Grading Service to appraise your coins. Although the list is constantly growing, and includes dealers from all over the world, you may not find anyone within driving distance of your home. If this occurs, then you can submit any number of coins to the Professional Coin Grading Service to be appraised. Fees vary depending on the number and type of coins that you have appraised, however the knowledge that coin appraisals provide is worth the cost.
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