How to Estate Appraisals for Rare Coins

All too often, estates include rare coins that need to be appraised for probate purposes. There are different types of appraisals, make sure you get the right one!

Difficulty: Easy

Instructions

1. Seeking an appraisal for a coin collection? Make sure you get the right kind. There are 2 kinds of appraisals; one is for replacement purposes as would be used for insurance and the other is a fair market appraisal with would be used for estate purposes. Since the price you can get for something is often very different that what it would cost to replace it, you need to know what you would get should you sell the collection.

2. Therefore, you want the fair market appraisal. Also, ask the appraiser if he would be willing to purchase the items for the appraised value. If he says no, then you want an appraisal for what he would pay or what you should expect on the fair market.

3. Unfortunately, not all appraisers are equally qualified. Seek out a specialist in rare coins, not art or jewelry. Professional numismatists are more in touch with their fields regarding current values and market demand. Not that other appraisers are not, they may be, but why take the chance of getting an appraisal that is too high? Remember, whatever the appraisal says is what is considered an asset of the estate!

Tips & Warnings

• Be straight up with the appraiser. Explain that it is for estate purposes.
• Also explain that the collection may be available for sale and that he will given a chance to purchase it. If you like who you are dealing with, you will probably return to him.
• Don't expect to get a formal written appraisal for free, it just doesn't happen. Some dealers charge by the hour while others charge a percentage of the appraised value. The hourly rate usually works best for small collections.