How to Become a Coin Appraiser

While many people enjoy coin collecting as a casual hobby, it's serious business to others, and many coin enthusiasts employ a coin appraiser to help them judge the value of their collections and determine the market worth of particular pieces. To become a coin appraiser, you'll need to spend a good deal of time gaining practical experience in the coin collecting game, as well as official training as an appraiser.

Instructions

Difficulty: Challenging

Things You’ll Need:

• Formal appraisal training

1. Start by getting a job working for a rare coin dealer, or an auction house that specializes in or frequently deals with the purchase and sale of rare coin collections. Learn as much as you can about each nation's history of coin minting.
2. Familiarize yourself with the different grades of rare coins. The condition of a coin is the most important single factor in determining its value, other than its rarity. You'll need to know what to look for in order to judge a coin's condition (mint, near-mint, excellent, very good, good, fine and poor is the standard progression). A good, comprehensive book to rare coin grading will be a good place to start. Then proceed to apply your knowledge to practical examples.
3. Learn about the production histories of various mints, and the mint markings that can make one coin much more valuable than another, similar coin. The smaller the coin's production run, the more valuable it is to collectors. Misprints and very old coins are also generally highly valued.
4. Obtain a good, comprehensive guide to rare coins. These will list the coin denominations produced by mints around the world, usually organized by year. They will include a price range for each coin, which is intended as a guideline rather than a hard-and-fast rule.
5. Take formal appraisal training from an accredited institution. The American Society of Appraisers can help you find an educational institution that will help you become a rare coin appraiser (see Resources below).
6. Expect to become a coin appraiser on a part-time basis. Supplement your income by continuing to work in the coin collecting industry, so that you're attuned to the market forces that will have a direct effect on the value of specific coins and sets.

Tips & Warnings

• While there are no state licensing bureaus which oversee the standardization of the coin appraisal industry like those that apply to, for example, real estate, it's still necessary to complete formal training as an appraiser. At minimum, you need to know how to protect your legal rights when performing an appraisal.

Who Can Help:

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