How to Get a Coin Graded by the Numismatics
Along with age, rarity and bullion content, the grade of a coin--its condition--is one of the most important factors in determining its value. But unlike other factors, grade is a matter of opinion. It's important, therefore, that you go to someone who not only knows what he is talking about and understands the U.S. grading system, but whose opinion and objectivity will be respected. Unless you happen to be on nodding terms with an expert numismatist, your options are either to take the coin to a dealer or to send it to a body that offers a professional grading service.
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Instructions
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Check the Yellow Pages under the heading "Coin Dealers and Supplies" for a list of local dealers. Visit their stores and try to learn more about them. Look for an established dealer who has been in business a long time and who is affiliated with the American Numismatic Association (A.N.A.) or the American Numismatic Society (A.N.S.) Alternatively, go to the A.N.A.'s website for a directory of affiliated dealers.
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Take the coin to the dealer and make it clear that you are looking for a grading service only. Rule out any suggestion of selling the coin at this stage, because it will only muddy the waters. He may perform the grading service in-house or, in exchange for a small handling fee, pass on the coin to a professional grading body. If you do wish to sell the coin, take it elsewhere once it has been graded. If you are unhappy with your local dealer, either with his qualifications or his choice of grading body, move on to Step 3.
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Go online and type "coin grading service" into your search engine. This will bring up a list of specialist grading bodies, as well as other dealers offering a grading service. Look for an affiliation with the A.N.A. or A.N.S., as well as a track record of grading rare coins for high-profile sales. You may find that you can't contact your body of choice directly, in which case you may have to go through a dealer or one of the societies mentioned above. Once the coin has been professionally graded (usually by a team of several experts,) it will be returned sealed in a plastic capsule and with a certificate. Depending on the value of the coin, as of 2010, expect to pay between $15 and $30 for this service.
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Tips & Warnings
As the value of the numismatic market has increased, grading has become more of a science than an art. Originally making do with broad categories such as Good, Fine and Uncirculated, coin collecting in the U.S. now follows the complex Sheldon numerical scale, invented by Dr. William Sheldon in 1948.
Unless you happen to be completely au fait with the Sheldon Scale, don't even think about grading a really valuable coin yourself prior to selling it on an Internet auction site, because you'll be held responsible for any ensuing differences of opinion.
References
Resources
- Photo Credit fine silver one dollar image by kernel from Fotolia.com
