As a coin collector, knowing the value of your coins is important before you try to sell them. Knowing your coin value will allow you to get the best deal during sales. This is accomplished by doing a coin appraisal. Coin appraisal is the process of getting to know the value of your coins. It involves employing a numismatist to grade the coin in terms of its bullion and numismatic value.
The value of a coin is influenced by various factors, including its condition, age, material, and market demand. To help you deal with appraising your coins before selling, this article will introduce how to appraise your coins and why you should appraise your coins. It will also show you the necessary steps to sell your coins. Read on!
How to Appraise Your Coins Before Selling
Appraising your coins might look challenging due to the need for finding an authentic and trustworthy coin appraiser, and knowing the different types of coins you want to appraise. However, coin appraising is a simple procedure. Below are two steps you need to follow on how to appraise your coins before selling:
Prepare your coin for appraisal
First, it’s incredibly important to prepare your coin for an appraisal. You can organize your coin collection according to each coin’s mint year, image, currency, face value, or coin type. Below are some tips you should follow on preparing your coins:
- If your coins are already in albums, leave them there. DO NOT try to remove them. This could damage them, which in turn will depreciate their value.
- If your coins are in 3 ring binders and filled with plastic pages, leave the coins there.
- Do not clean your coins if they are dirty.
- If your coins are in hard plastic or box holders or labeled rolls, leave them inside.
Find yourself a coin appraiser
The second step is to find a certified appraiser. If you have a coin dealer you trust, they can help you appraise your coins for free. You can also find a licensed appraiser on the professional coin grading service or organization around you.
While getting a coin appraiser, it is important to note the following:
Area of expertise
Before selecting the right numismatist, you must make sure that they deal with the kind of coins you have. There are many types of coins based on value, age, rarity, etc. Consequently, there are many numismatists with different experiences in different types of coins. Therefore, you should carefully select the right one before choosing. Selecting the right one depends on the following
Their charges
Experts in one area tend to charge more since they are more knowledgeable and widely
The type of coins you have
If you already know the type of coins you are dealing with, you should go for a numismatist that is an expert in such coins. However, if it is the opposite, you should go for generally specialized ones. Since the analysis of the numismatists is subjective, you can further
Coin appraiser bias
After checking their experience level, you should watch out for possible bias or motivation when the numismatist is dealing with you. There is no foolproof method of detecting this. However, if the numismatist will buy your coins after appraisal, there is a high tendency for a bias which is majorly evident as a lower appraisal value. Therefore, it is better not to go for numismatists that will deal with you in terms of buying or selling coins after appraisal.
Contact multiple coin appraisers
You must also get multiple coin appraisers, as each one will have a different view on the value of your coins due to several factors. The value of the coin is the combination of the bullion value and numismatic value. The bullion value is constant, while the numismatic value is based on the coin appraiser. Therefore, you can confirm the exact value of the coin by using multiple coin appraisers.
Charges
Another important factor is the charges associated with coins appraising. Do not choose a numismatist that wants to charge for their services based on your coin value. Instead, work with a
Why Do You Need to Get Your Coins Appraised before Selling?
Coin appraisal is an important step to take before selling your coins. Below are a few important reasons that deem the step necessary:
Appraising your coins get you a fair selling price
As a seller, unless you appraise your coins, you would not know if you got the fair price after you sell them. This is a common issue many coin collectors face after selling their coins. An appraisal by a professional numismatist can help you get the correct coin value of your collection and how much you should sell them.
Appraising your coins can also help you get higher profit when sold, as it will uncover the untapped profit potential of the coins you have.
Numismatists know the right selling process
There are many ways you can sell your coin collection. You can auction it, sell it in local stores, or sell it online through an ecommerce platform. Some coins will fetch a high price during auctions, while some will do well when sold in local stores or ecommerce stores. Therefore, with the analysis provided by the coin appraiser, you can often decide on the right selling process for your coins, thinking through which you think will fetch the best price.
Numismatists will have an idea of the newer services offered by PCGS and NGC, influencing the price. Therefore, appraising your coins before then will help you get the best in terms of profits.
To assure buyers of coins’ quality
Having your coins appraised will remove any doubt about the coin’s condition or authenticity. This goes both ways (seller and receiver). It removes the doubt on the value of the coin in terms of originality. For example, it will show whether the coins have been touched or not.
How to Sell Your Coins?
After appraising your coins collection, the next step is how to sell your coins. Below are the three common methods to sell your coins:
Local stores
This is the most common way of selling coins. There are a lot of local stores that deal with the selling and buying of coins. However, do note that local stores buy at a lower rate than others to make a profit. Therefore, they are the right options if you are trying to get rid of your coins fast. However, if you have valuable coins after appraisal and there are plenty of selling options, do not go for them.
Physical auction
Another way you can sell your coins is during a physical auction. However, this method of selling your coins is subject to the commission system. This means that the auctioning house will charge a percentage of the selling price (based on agreement) after a successful sale.
Ecommerce platforms
The rise in the use of ecommerce has led to a massive rise in online selling coins globally. Therefore, you do not need to worry about meeting the requirements of a local store and physical auctioning system before you sell your coins collection. Selling your coins using an ecommerce platform such as Ecwid, or eBay, is the most profitable method of selling. All you need is your laptop or phone and an internet connection to get you started.
Final Thoughts
Coin appraising can be a challenging step when selling or buying any coin collection. However, it is an important step that provides many benefits before selling your coins. Therefore, this article discussed how to appraise your coins and the benefits of coin appraisal. Selling your coins using local stores and an auction system is good. However, for the best shopping experience, ecommerce platforms offer the best way of selling and appraising your coins. Based on this knowledge, you can easily appraise and sell your coins without ease.
