When a coin is appraised, an expert estimates its value. The world of numismatics is highly specialized, so while many dealers are qualified to give a ballpark estimate, few are qualified to provide an authoritative appraisal of old or new coins.
Why Is It Important To Get Old Coins Appraised?
Whether you are a collector or have inherited a coin collection, you likely want to know the value of what you have, for both insurance purposes and if you intend to sell. If you want to sell your coin collection, the simplest process involves finding a quality auction house after appraisal to list your coins. For insurance or legal purposes, a professional numismatist is your best bet to get a written appraisal that is valid in a court of law.
Understanding the Value of Old Coins
There are essentially four types of value that apply to old coins. They are:
- Buy price: the price a dealer is willing to pay should you sell them your coin; dealers usually offer a buy price that is lower than a retail price.
- Retail value: the price a dealer would quote when they sell the coin to you.
- Book or catalog value: the averages of dealers’ retail prices for specific coins, or the average amount a dealer would sell it for; this is usually found in published books like the Standard Catalog of World Coins.
- Wholesale value: the price a dealer would offer to another dealer; this can be a discounted price if the buyer is purchasing a large number of coins.
Factors that affect the value of a coin include rarity, demand, and condition. Rarity involves both the amount or mintage of coins that were originally produced and the number of those coins that are still around today. The demand for a certain coin varies depending on the availability and popularity of the coin. It may be higher or lower in different places in the world or during different years. The price of a coin will go up if more people want to buy it. Finally, the condition of the coin is very important. A coin in mint (very good) condition is worth more than one in poor condition (one with signs of wear and use). A coin that is too worn or damaged to be a valuable collectible may have a basal value based on its metal content, which is the amount of silver or gold in the coin.
A professional appraiser can assess your old coins for each of these factors and let you know the value of what you have.
How to Get Your Coins Appraised
The best way to get your old coins appraised is by going to a professional, experienced numismatist in person. You can trust appraisers that are members of the Professional Numismatists Guild (PNG), which follows a strict ethical code when buying and selling coins. Dave Wnuck has a record of honest and fair dealings with hundreds of clients. When you bring your old coins to him, he will be able to tell you the accurate value of your coins and help you decide what to do next, whether it is to keep your collection or sell it.
Contact Dave Wnuck Today
We are experts in coin collection appraisals, including US coins and currency collections, rare silver and copper coins, colonial coins & currency, world coins and currency, bullion, and 90% US silver collections.
Let us work with you to help you realize the greatest value of your old coins.