Tallying Your Treasures: How to Prepare For Coin Appraisal
Numismatology is the study of money. Coin collectors know some coins are worth quite a bit more than the amount stamped on them.
The beauty of this hobby is rare and coins can appear anywhere. A valuable treasure could be in your cupholder or stuffed beneath the couch. So, if you are interested in putting together a collection, it’s time to crack open your piggy banks.
Once you find some noteworthy coins, an appraisal is in your best interests.
However, there are a few things to keep in mind before you have a coin appraisal done. Read on for some tips on how to prepare.
Investigate Your Coins
There are many nuances with coins. Year, mint, and material are all factors in discovering what you have. The more time you spend at the hobby, the better grasp you will have labeling and grading. But, for beginners, it can feel daunting.
A smart decision for collectors is to purchase a coin pricing guide. The colored pictures, minting data, and historic information in these guides are integral in making heads or tails of your coin’s value.
There are many guides available, but Whitman’s Red Book is an industry-standard for numismatists. A coin price guide will give you a good idea of the value of your change.
Consider Coin Authentication
Some coins have astonishing value. For example, a Liberty Head nickel recently sold for $4.5 million at auction. Because of their value, counterfeiting exists in the world of rare coins.
As such, if you think you have some real treasure on your hands, have an expert authenticate them. An authentication firm will determine the legitimacy of coins.
You can ship your coins and have them safely and expertly authenticated. If they find authenticity, they will grade and encapsulate your collectible coins.
Think about using the best authentication companies. When returned, your coins will have a trusted seal of approval. This backing will help will the appraisal process.
Research the Right Buyer
Once you know what types of rare coins you have, it’s time to think about the appraisal. However, not all buyers are equal. It is critical to do your research. If you don’t have any in mind, ask around.
If you are part of a numismatology club, the members should have recommendations. Another option is using online coin collecting forums and message boards for ideas.
Avoid pawn shops and fly-by-night operations. Like the authenticator, look to use a buyer who has a history of expertise and honesty. Take a look at American Precious Metals to see how the appraisal process works.
Of course, if there aren’t any brick and mortar coin buyers near you, there are online appraisers.
Is Coin Appraisal In Your Future?
If you are a beginner coin collector, keep this guide in mind before your next coin appraisal. Who knows, you may just be holding on to the next multi-million dollar coin.
If you enjoyed this article, keep an eye on the blog for more hobbyist tips.
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