How does a coin appraisal work, what kind of appraisal do I need, and what happens if I decide to sell?
The process is more straightforward than most people expect, but there are a few key things to understand.
First off: There is really no such thing as a “free appraisal.” Either you’re paying for a professional, completely objective valuation that is not tied to an offer or any obligation to sell; or you are getting an offer that is packaged as an appraisal, or a percentage of one. We are happy to perform either service, placing a high importance on meeting your needs, and disclosing the terms of the arrangement clearly.
The meter won’t start on our time until we have a clear discussion about your options and YOU make an informed decision about what you are getting into. We only charge for appraisals when it makes sense and we discuss that up front.
What an Appraisal Really Means
An appraisal is a valuation of something: an item or items in logical lots (E.G., Wheat Cent; 20th Century Type Album), which may also take into consideration the need for a service (E.G.. repair, certification, representation). Not all appraisals are the same.
Step 1: Identifying Your Needs
We typically start with a conversation — by phone, email, or text. We ask questions about your goals, it’s not to pry or feel out your wallet! It’s simply to make sure we’re giving you the right kind of information. We make no assumptions about your financial or family situation; you should feel in control over everything at every point in the process.
Our questions are aimed at determining the type of appraisal you may need depending on your unique circumstances. Appraisals usually fall into the following categories (from high valuation to low):
- An insurance or replacement value
- A fair market value
- A wholesale (cash) value
- A liquidation value
A formal appraisal is not always needed and we can often give a general idea of value from photos or a description. If needed, we’ll schedule a consultation to review the collection in more detail.
Step 2: Determining What You Have
After determining the type of appraisal you need, the second step is determining exactly what you have in your collection.
- Is it common or rare?
- Are there precious medals?
- Are coins and currency raw or certified?
- Are they in books or loose change?
- Are they proof, circulated or uncirculated?
- Is it authentic, a restrike, altered or counterfeit?
- Are there key dates?
We start by sorting into logical lots and verifying authenticity. Unfortunately, many of the most well-known coins are also the most commonly faked. We regularly see items that were purchased in good faith years ago that turn out not to be what they appear. That’s why proper identification is critical before anything else.
Step 3: Grading (Determining Condition)
Condition plays a major role in value. Coins are graded on a scale from 1 to 70, and small differences can mean large changes in price. A coin that appears “nice” to the untrained eye may not be worth as much as expected if it has been cleaned, damaged, or altered.
Step 4: Valuation
Once we know what it is and what condition it’s in, we determine value.
This is where expectations don’t always match reality – grandpa may not have told you there was gold in his collection and you are pleasantly surprised, or he may have told you never sell this because it’s rare and worth a lot of money and unfortunately it’s not.
Coins that seem rare may actually be quite common in higher grades. On the other hand, certain coins become valuable because collectors need them to complete a set.
Value is driven by demand, not just rarity. And rarity is not driven by age.
What Happens Next
The final step depends on your goals. If you needed a formal appraisal to settle an estate or for insurance purposes, we’ll provide a written appraisal and charge based on our time which we agree to early in the process.
If you are ready to sell, we will review the logical groupings and discuss your options:
- Immediate purchase
- Consignment
- Auction
- Sending for third-party grading
- Keeping certain items
In many cases, we make offers on the spot.
A Simple Reality About Selling
It’s important to understand how the market works.
If you have one coin worth several thousand dollars, an offer will typically be slightly below retail value to account for market risk. Larger collections with many lower-value items may sell at a greater discount, simply because of the time and effort required to sell them individually.
We are wholesale dealers, and our goal is to be fair, transparent, and efficient.
Our Approach
We treat appraisals and purchases as separate processes so that everything remains clear and objective.
Our goal is to help you understand what you have and give you the information you need to make the right decision — whether that means selling now, selling later, or holding onto certain items.
If you have questions or would like us to take a look at your collection, we’re always available.
— Marc Alan Rosner
Hudson Valley Numismatics