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Gold Export
Knowing the coin value before you sell the entire collection is of utmost importance. You could lose many profits if you turn to a local coin shop to determine the price.
That, among other things, is why you need a coin appraisal.
Also, how should you go about selling coins?
Read our article to find out more!
How to Perform a Coin Appraisal?
Appraisal of coins can be daunting because you will need to find a licensed, good coin appraiser. Also, you will have to know all the coins you want to appraise.
As for the appraisal itself, it's a straightforward task - and you will have to do two things before you appraise your coins - prepare the coins and find a coin dealer.
Preparation of Coins
The most important part of appraising the coins is properly preparing them. The point is to organize your coin collection according to the mint year, currency, appraised value, type, and image.
For example, if your coin collection is organized into albums, do not remove your valuable coins from the album. Removal of rare coins could damage them, resulting in poor coin appraisal.
So, if your coin collection is organized into 3-ring binders with plastic pockets, keep them for the coin dealer to appraise. The same goes if your coins are stored in box holders or rolled - don't remove the world coins from the chosen storage place.
Also, refrain from cleaning any dirty coins. Just leave them be - their cleanliness won't affect their appraised value.
Finding a Coin Appraiser
Once you prepare your coins, it's time to find a reliable appraiser. If you have a good coin dealer you have worked with and can put your trust in, they can help you appraise the rare coins.
When you are looking for an appraiser, it's important to look at the following:
Level of Expertise
When looking for the right appraiser or numismatist, you must ensure that the chosen professional coin grading service can help you. Different appraisers perform coin appraisals, and they can specify different coins - based on their value, rarity, age, etc.
So, check if their license exists in the American Numismatic Association and whether they work with your coin type. Even the largest auction houses work with specific coins, so you must check what they commonly work with.
The analysis is subjective - keep that in mind, which is why you should get a second opinion to get an accurate appraisal.
Beware of Possible Bias
Once you have established that your chosen professional appraiser has the expertise to do an accurate valuation, you need to keep an eye out for potential bias. There is no adequate way to see if there is bias.
However, if the coin shop wants to buy your coins after appraising the mint condition, they likely lowered the appraised value. So, it's best to find numismatists that will do the appraisal process but won't participate in the sales of your coins - no matter what kind of gold coins you bring.
Try Multiple Appraisal Companies
Our advice is - never to settle for the first appraisal company you come across. We strongly recommend getting multiple appraisals from different appraisers, as the gold coins can have a different value for each.
Gold coins are appraised on a combination of numerous factors - their numismatic and bullion values. The bullion value is constant, but the numismatic value can vary depending on various things. That is why you will need a couple of appraisers to determine the value of your gold or silver coins.
Appraisal Costs
You must appraise your coins before selling, but you must also consider the costs as a coin collector. Coin dealers and appraisers charge paper money to determine the value of a rare or foreign coin.
We advise you to skip a professional numismatist who charges on the coin values - pick the ones that charge a fixed fee for the coins appraised or an hourly rate.
Why Should You Appraise Your Coin Collection Before Selling?
Before you pick a website or coin shop you will be selling coins, you will need to find a numismatist that will do a good coin appraisal. The appraiser will determine the coin's value and its price.
Going to an appraiser can have many benefits, as the appraisers can tell you where it's best to place your coins for selling purposes. With the appraisal document, you can prove the quality to your customers, and there are several benefits to it, such as:
Appraisal Ensures You Get a Good Selling Price
With an appraisal for your collection, you can be sure you are getting a fair market price. Many coin collectors face this issue after closing their coins' sales.
An appraiser can tell you what prices you can expect for your silver and gold coin collection, along with verifying their origin and quality.
The appraisals can also reveal if the coins are worth much more than expected, allowing you a higher profit.
Appraisers Can Help You Find the Right Process
There are several ways to sell your coins. You can sell the coins at an auction, go to coin shops, or use online platforms. Some coins may perform better at an auction or a local business, but the appraisal can help determine what works best for you.
A numismatist can help you determine if you should sell to PGS Gold or NGC - but to know that, you must get an appraisal for the coin value.
Appraisal Proves the Quality
The appraisal may give you peace of mind regarding the value of your collection, but it will also give some peace to prospective buyers. The appraisal document removes the doubt about whether your coins are genuine and valuable.
Final Thoughts
Now you know how crucial it is to get an accurate appraisal and how to do one. It's important for you and your buyers, and it will have multiple benefits in terms of profit.
If you want to sell gold coins, you can always turn to The Bullion Bank, and we can take care of the entire process for you!
