How to choose a coin appraiser
Before discovering how to choose a coin appraiser, it might help to understand what an appraisal is. Simply put, an appraisal is an unbiased and independent report regarding the value of an item. It could be an appraisal of a property, a vehicle, a business, jewelry and of valuable coins. Appraisals are often key to the concluding of transactions. When people buy such items they will feel much better if they have a honest appraisal of that they are buying. Appraisals are very useful in the case of coins as coins can be rare and can be of immense value in some cases.
Appraisals can be used for a number of reasons such as tax deductions, selling, purchasing, divorce settlements, insurance, inheritance and other reasons. If you have a collection of rare and valuable coins, it is a good idea to make sure that you have an appraisal of your coin collection. For peace of mind it is nice to know what your coins are worth.
You should be aware that appraisals are a serious matter and there are some tips that will help you to get a good coin appraiser. Coin collectors can collect substantial worth over the years and it is only right that they are valued correctly. If you get the right person to appraise your coins, you could be in for a pleasant surprise when you discover the value of the coins.
Preparing for coin appraisal
You should ensure that you know precisely what kind of coins you have in your possession. While this may sound like stating the obvious, you will be shocked to learn that many collectors would not know a valuable coin if it bit them on the hand. One way around this problem is to obtain a coin catalogue (coin price guidebook). You will then be able to find out the estimated worth of the coins and also know which coins are valuable and which coins are not.
Within your collection, you will have some coins that are worth more than others, you should separate these. Things to look for in the coins include the grade, coins with no blemishes and those that are really pleasing to the eye. Coins that are bent or have a hole in them will not be worth as much as other coins. Separating the coins into two groups of better quality and not so good quality will be very helpful. You can still get all the coins appraised; however keep the good coins separate from the tarnished coins. If you intend to sell the coins, you will be able to get a far better price by doing this.
Rare coins should be authenticated, graded and slabbed. Currently there is much fraud going on in the rare coins market and this could be a problem for many coin collectors. There are floods of Chinese counterfeit coins that are flooding the market at the moment. It has now become much more difficult for people to distinguish the genuine item from the fake items. Some counterfeits are so good that they can fool the best of coin collectors. Coin dealers and numismatists are even fooled by some of the fake coins that are entering the market at the moment.
Coin collectors have now become more wary about buying coins and this is why you should get them authenticated as soon as possible. Have the coins slabbed by a coin grading company. The process involves authenticating the coins, grading them and the placing them into a piece of plastic otherwise referred to as a slab. It is important to use a 3rd-party coin grading company and make sure that the company has got much experience in this regard.
Now that you have got the basics in order, you will want to know how to choose the right appraiser. You have to prevent any conflict of interests as this could lead to an appraisal of dubious veracity. The appraiser should not have a vested interest in your coins as he may undervalue them so that he can buy them for less than they are worth. He or she needs to have much experience in the field of appraising coins and he should have a good knowledge about coins.
Finding an experienced coin appraiser
It is advisable to obtain the services of a coin appraiser who is affiliated with an appraisal society. Such coin appraisers have been tested and certified and therefore know what they are doing. There are a number of such societies that you can look up. Even after finding such a coin appraiser, ask to see his or her CV.
While most coin appraisers know how to appraise coins, fewer of them have years of experience. The more experienced ones have been buying coins for years and they are very equipped to give the right coin appraisal. Look for a coin appraiser who has been in the game for many years. This should not be too difficult if you live in a big city.
Since your coins could be worth a substantial amount of money, you owe it to yourself to get the best person possible. If you know other coin collectors then ask them for referrals or search the Internet for suitable coin appraisers. If you live in a small town, you may need to rely on the Internet quite a bit or you might have to travel to a big city where there is a reputable coin appraiser.
If you are going to work via the Internet, you must certainly check the coin appraiser out with the Better Business Bureau and appraiser affiliations that he or she might belong to. Remember that in this case the transaction is going to be via mail and this can present some element of risk. Apart from belonging to coin appraisal affiliations, they should also belong to a professional coin dealer association.
Lastly, the coin appraisal will contain the condition of the collection, your name and your contact details. The coin appraiser will give a detailed summary of your coin collection on the appraisal form. It will also highlight the reasons for the coin appraisal. His or her CV will be detailed on the appraisal form as well.