How To Get Your Coins Appraised

 

How to Get Your Coins Appraised 

Appraisal is usually the first step taken by coin collectors who want to buy or sell a rare coin. Coin appraisal is a process when an expert attests to the approximate value of a coin. Knowing how to get your coins appraised is an important skill for any new investor to learn. But even if you’re a veteran coin collector with decades of experience, knowing how much your investments are worth can save you hundreds of dollars or more when you decide to buy or sell. 

Typically, coin appraisal makes the most sense for extremely valuable, rare, or high-grade coins. For less expensive coins, you can always get an approximate appraisal for your coin by taking advantage of online resources to do some of your own research. If you’re set on getting your coins appraised by a professional, the good news is that many local gold and silver shops offer free coin appraisals to help you get a better idea of how much your assets may be worth. 

Wanna learn more about how to get coins appraised? On this page, learn everything coin collectors need to know about how to get coins appraised, how much coin appraisals cost, and more. 

What is Coin Appraisal?

Coin appraisal refers to the process of determining the approximate value of a coin. Coin appraisals can be either informal or formal. A formal coin appraisal is typically employed for extremely valuable coins, should cost a fee, and will result in a written document detailing the coin’s authenticity and potential value by an expert in the field of numismatics. 

Informal coin appraisals are far more common. When you get an informal coin appraisal, an expert will take a look at the coin and give you a rough (usually verbal) description of its authenticity and approximate market value. This is the type of coin appraisal you’ll usually receive for free when you bring coins into your local coin or bullion shop. 

How Does Coin Appraisal Work?

If you want to get your coins appraised, you have three main options: 

1. Appraise your coin at home.
2. Get a (usually free) appraisal at a local coin shop.
3. Pay for a formal appraisal from an industry expert.

Let’s take a look at the three main methods used to appraise coins. 

Appraising Your Coins At Home

At-home coin appraisal is the easiest and most affordable option, but it also tends to be the least reliable. To appraise your coins at home, your best friends are online pricing guides. Coin collecting organizations like the American Numismatic Association (ANA) and grading companies such as the Numismatic Guaranty Company (NGC) or the Professional Coin Grading Service (PCGS) offer coin pricing guides, tools to track coin mintages, and more. 

The main problem with appraising coins yourself is grading. The value of a coin hinges largely on its grade, which is an expression of the condition of your coin. Some numismatists train for decades to be able to quickly and reliably assign a grade to a circulated coin. While you might be able to grade your coins at home to get a relatively accurate appraisal, it’s not something we recommend for new collectors dealing with valuable coins.

When To Pay For Coin Appraisal

If you’ve decided to enlist the help of a professional, you have two main options for appraising your coins. 

An informal appraisal is the most common way coins are appraised, and we recommend getting an informal coin appraisal if you’re dealing with coins that aren’t worth a lot of money. For standard or key date Morgan dollars, Peace dollars, pennies, or other relatively common circulated coins, an informal appraisal might be all you need to get the most value out of your coin. 

To get an informal appraisal for your coin, look for a coin shop in your area that offers free appraisals. If you’re interested in a verbal appraisal instead of a written one, most coin shops will provide you one for free. Generally, a short verbal appraisal of a coin isn’t worth paying for unless the coin in question is extremely valuable or rare. 

Formal appraisals are another story. A formal or paid appraisal may be necessary if your coin is extremely valuable, very rare, or if you believe it might be in uncirculated or mint condition. Coin shops or numismatists may also charge you for a coin appraisal if you’re dealing with a large collection rather than just a single coin.

Formal appraisals provide more insight into a coin’s history and will generally be more reliable and helpful to potential buyers, especially if your coin is rare or very valuable.

Where To Get Silver and Gold Coins Appraised

If you’re planning on getting your silver, gold, platinum, or rare coins appraised, the good news is that you have several options. Typically, coin collectors either appraise their coins at home, receive a free informal appraisal from a local coin shop, or pay for an expert coin collector to provide them with a formal, written coin appraisal. 

Tools For Appraising Coins At Home

It is possible to get a rough appraisal for your coin(s) at home. To do this, you’ll need to take a look at some of the online resources provided by major companies in the coin collecting community. PCGS and NGC both offer coin value guides that can give you an approximate estimate for how much your coin could be worth. For U.S. coins, various websites track mintage figures over a coin’s history, which can help you identify whether your coin is a rare or key date. 

Appraising your coins at home can be tricky, since the value of a coin can vary considerably depending on its grade, or condition. To get the most of your at-home appraisal, you’ll need to develop a keen eye for estimating the grade of your coin. The coin value guides on PCGS and NGC include images of graded coins from historical auctions, so these guides can be helpful as you try to grade and appraise your coins at home. 

If your at-home appraisal suggests that your coin may be extremely rare or valuable, it could be time to reach out to an expert. 

Professional Coin Appraisal – Costs and Benefits

A formal, written coin appraisal can be costly, depending on the size of your collection and the value of the coins it contains. However, getting a professional appraisal could end up saving you thousands of dollars, since an expert’s seal of approval can go a long way in convincing a buyer that they’re paying a fair price for your coin later on down the line. 

The cost of a professional coin appraisal will vary depending both on which company you work with and the estimated value of your coin. You may also need to pay more money for your appraisal if you’re looking for a second opinion, or if your coin is from a rare niche on which very few numismatists are experts. 

To get your coin formally appraised by a professional, you’ll either bring it into a physical store or ship it in the mail. Both options are safe, so long as you’re working with a reputable appraisal company. The most valuable coins often go to auction through companies like Heritage Auctions or Stack’s Bowers. Both of these companies are highly respected in the coin community, and Heritage Auctions even offers a free auction appraisal on qualifying coins.

Pro Tip: Some Shops Appraise Coins For Free!

If your coin is moderately valuable, you may also consider taking advantage of free appraisals at your local coin shops. Many coin shops fill their shelves using coins brought in from customers like yourself, so they benefit from offering reliable, free appraisals on most coins and collections. You typically won’t receive a formal, written proposal for free, but many coin shops are happy to give collectors a quick appraisal on most coins. 

To get your coins appraised, look for local coin shops in your area that offer free coin appraisals. Hero Bullion’s Local Dealer Directory can help you find dealers in your state that provide appraisals at little or no cost. 

Final Thoughts: How To Get Your Coins Appraised

Getting your coins appraised can be a great way to ensure you get the most out of your next purchase or sale. Whether you have an ultra-valuable coin or a relatively common circulated Morgan dollar, you have quite a few options if you want to approximate the value of your numismatic item. It is possible to appraise coins yourself at home, and online price guides and other resources can help you estimate how much your coin(s) may be worth. 

Local coin shops often offer free appraisals for most coins, and you might consider investing in a paid, formal, and written coin appraisal from a certified expert if you’ve got a truly rare coin on your hands. In any case, it never hurts to get a professional opinion before selling a valuable asset! 

You might also be interested in: 

• How to Grade Coins At Home
• What is a Restrike Coin?
• Does Cleaning a Coin Decrease Its Value?