Whether you are an avid coin collector or you’ve just inherited a coin collection from a loved one, coin appraisals play a major part in the coin trading industry. They are the base of every transaction, and their purpose is to educate both parties on the pieces in the collection and the value of their coins.
If you’re reading this blog, the chances are you might be new to the world of coin trading. This can be daunting as potential pitfalls can result in not getting the correct valuation for your coin collection. Your lack of expertise could lead you to be taken advantage of by an opportunistic expert, or you may do something that could decrease the value of your collection, for example, cleaning dirt off coins which can damage them in the process.
So, we have compiled a list of the best ways to appraise your collection, covering their advantages and disadvantages.
What are your options?
Online coin appraisal:
This is arguably the easiest way to get your coin collection valued. This can be done from the comfort of your own home, and often only requires you to take a few photos of each coin and write a short description of them. Some coin traders like Coinfully offer low-pressure coin appraisals that avoids awkward over-the-counter conversations with a sales clerk making a low offer for your coins. Some online coin appraisals, like that provided by experienced traders like Coinfully, are free of charge and save you on fuel costs and time spent driving to your nearest coin shop in the process.
When you’re considering an online coin appraisal online, one of the concerns can be the accuracy of the valuation, so always check whether the service has a reliable and transparent verification service. For example, ask what their process is if the coins are more valuable than their numismatist initially anticipated. Trustpilot and Google reviews are great places to check for this, as they will give you insight into the service experienced by other coin collectors.
Some online coin traders have access to a much wider pool of potential buyers than a traditional coin shop. As such, there is more potential demand for your coins which usually drives up the offer price for your coins. This is a distinctive advantage some coin sellers have benefitted from by using an online coin appraisal service.
In-person coin appraisal:
Some coin collectors looking for a more personal sales process prefer the face-to-face approach to coin appraisals. If you have a large coin collection to sell, this can be the most convenient way to get a coin appraisal, especially if the numismatist is offering to appraise your coins at home.
One of the biggest advantages of an in-person coin appraisal is the fact the coin expert can closely inspect your collection and give you an on-the-spot idea of its worth. They’ll be able to appreciate the fine details close-up and point out any flaws or features you might not have been aware of.
In-person coin valuations can vary in terms of the quality of the offer you receive. Some coin shops have been known to offer 40% less than the true market value, with oblivious coin sellers accepting a low offer under pressure – because it’s harder to back out of a deal when someone has taken time to go through the detail in front of you.
You can avoid this by researching the coin buyer first to avoid scammers – check out what their customers have to say about the service they’ve received, make sure you get a detailed written appraisal that will allow you to walk away and get a second opinion, and NEVER pay for a coin appraisal. Reputable coin traders will offer this service for free, without any obligation.
Coinfully is one such trader, with customers raving about their ‘thorough’, ‘professional’ and ‘informative’ appraisals on TrustPilot. While Coinfully is better known for its highly regarded online coin appraisal service, their team offer at-home appraisals for large and historically significant coin collections, with all travel expenses covered by them, which some numismatists will charge for.
Selling coins at auction:
Selling your coin collection at an auction can be an excellent way to get it in front of a large audience of collectors. There is also the possibility of them getting involved in a bidding war that could significantly increase the price your collection could sell for. You can usually agree on a pre-sale valuation before you put your coin to the auction.
Yet this is a riskier way to sell your coins, as equally, your coin may not be of interest to the collectors at the auction on the day and may only attract low bids. There will also be handling and auction fees that will consume a considerable portion of your profit. The typical auction process can take anywhere from 3 to 6 months from when the company receives your consignment until you receive payment. Online auctions on sites such as eBay pose similar issues and leave you with the hassle of despatching the coins to your buyer in a secure way.
Finally, coin shops are perhaps the most well know way to sell your coin collection. If you have one close by they can be convenient to drop into if you have a small coin collection. For larger collections transporting your coin collection becomes more or an issue.
You can see first-hand your coins get valued and ask any questions to the expert that may arise, however, bear in mind the coin trader has a vested interest in offering as low as possible for your coins.
There are other drawbacks too, for instance, most shops will charge to have your coins appraised and they will take a portion of the profit. Once you’re in the store, it’s often more difficult to walk away from a lowball offer.
Finally, it’s worth considering the risks of damage to your coin collection in transporting them to the coin shop. It’s so easy to drop a coin and cause expensive damage to your collection in transit, that could knock lots of value off of the offer price. If you are considering a coin shop, check first what the process is for payment – will you receive this instantly, or do you have to wait months for your check to emerge – every buyer has a different policy, so be sure to choose a buyer with an instant payment option.
Our choice numismatist: Coinfully
At sellcoinsnearme, we only recommend the best, experienced numismatists that offer excellent customer service and provide an educational appraisal service that leaves all parties happy.
At Coinfully, both their online and in-person appraisals are well thought through.
Their simple online valuation service involves uploading photos of your collection with a short description. An initial value is given, and if customers want to proceed, they send over the collection (via an insured postal service) where the collection is opened under 4k cameras, before a final examination is carried out. Coinfully offer an instant payout service where a check is issued on the same day.
If you would prefer an in-person appraisal, Coinfully has numismatists based across the US who come to you or meet in a neutral location. Their refreshing zero-pressure policy is winning favor with coin sellers across the US right now with a no-obligation policy for their coin appraisals, you could do worse than check these guys out first.
Visit Coinfully’s website at: https://www.coinfully.com