Should I get my coin appraised?
When to Seek an Appraisal
If you have a coin that might be rare, key date, or in exceptional condition, an appraisal is wise. For example, a 1909-S VDB cent or a 1916-D dime should be appraised. Also, if you're buying or selling a high-value coin, an independent appraisal ensures a fair price.
Appraisals are also needed for insurance, estate planning, or tax purposes. If you inherit a collection, an appraisal establishes the value for estate taxes. For coins worth under $100, an appraisal may not be cost-effective; you can research values yourself.
- Suspected key date or rare mint mark
- High-grade or uncirculated coins
- Insurance or estate planning
- Buying or selling expensive coins
- Inherited collections
Choosing an Appraiser
Look for appraisers who are members of professional organizations like the American Numismatic Association (ANA) or the Professional Numismatists Guild (PNG). They should provide a written appraisal with a detailed description, grade, and value. Fees may be hourly or a flat rate, typically $50 to $150 per hour or $25 to $50 per coin.
Avoid appraisers who offer to buy your coin immediately; they may have a conflict of interest. Get multiple opinions for high-value coins. Also, consider third-party grading from PCGS or NGC, which can authenticate and grade your coin for a fee, often $20 to $100 depending on service level.
Common mistakes
- Using a free online appraisal that may be inaccurate or a scam.
- Selling to the first appraiser without a second opinion.
- Assuming all appraisers are experts; check credentials and experience.
