Coin Collection Appraisal

Maybe you should consider a career in therapy if this coin thing does not work out. As for me, I have no glasses that are rose colored. I am simply looking to get my collection in order. A little story: Back in the early 90's in a very desperate moment I had my coins looked at by a coin collector (he did not own a store that I know of). This was before I had added any proof sets, silver proofs sets, or sets of any kind, just raw coins. He came in to my apartment and we layed everything out on the table. We totalled up the face value at $714.00. He layed out 7 $100's and 3 $5's and said that we had the face value covered. He pulls out 2 $100's and lays them down and says lets do it, cash right now. I said no but I really didn't know how to negotiate back at him. He works his calculator a bit and then he pulls the $15 off the table puts another $100 down...$1000 total. He says that 40% over your face value. I almost took it but I resisted and then I told him I'd call but never did. Since that time I have added 30 or 35 us mint sets and maybe another $600 in loose coins (almost all of it in the late 90's). I don't think I'm sitting on a gold mine here and I do understand people tend to over value everything they have but I am thinking I have maybe $3500 to $4000 and just wanted a more definitive idea. I called my banker this morning and he recommended an antique appraiser that also knows coins. Not sure if an appraisal by him would be considered by an insurance company but I will make that call tomorrow. In the meantime I ordered 1000 2 x2 coin holders and 12 coin boxes as I think that is where I need to start this process.

 

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First off, I was speaking in general terms and not specifically.

Would you take anything of value to a newbie to appraise for you?

The TPGs are considered by many to be professional at what they do, and there are some dealers, who have been in business for many years, that would also fall under the term professional as well.

 

I think it was to mean to get an appraisal from a professional (someone like a coin dealer or an educated, experienced coin aficionado). Professional appraisers are usually those associated with auction houses. They will estimate the value of the contents of an estate without giving definite prices for individual pieces.

 

That is exactly how I intended the comment when I wrote post #14, in addition to comparing an actual appraisal to what people see on the reality shows on t.v.

 

The following article may be somewhat illuminating for the OP:

Coin Appraisals Serve Varied Purposes

 

what i would suggest is you post some pics here inorder to get an idea of what you have .. and catalog everything...

 

Yes, I think cataloging what I have is the place to start. I really haven't spent any meaningful time with my collection in at least 10 years and now is the time. Lately I have been doing copper sorting and roll searching and I'm getting back into this coin thing! I have much to learn as most of the terms used in this hobby /profession I am not familiar with.

 

just planly the truth and done often look at these companies like sgs grading (aboncom on ebay() crap slabbing companies...

 

i advocate learning to grade yourself .. programs like photo grade or books like making the grade give you a base line..

 

i would gladly help you if you want help we could skype.... i would suggest you get a digital scale tho.. and a test kit , if you want.. but def a scale..

 

Thanks for the offer of help. I agree I need to learn the grading and such but as far as putting an insured value on it you still need a professional appraisal correct? I likely have only a couple dozen that I think would be worthy of a grading companies service but from I what I read that gets very expensive in itself. Am I correct that you can take coins to coin shows and have them "slabbed". Is this reputable grading, at a coin show? Is it the same as sending away or having a local guy look at it. Can anyone slab a coin? Once they are graded (slabbed or otherwise) is it just a matter of looking it up in a book (in terms of value) to appraise a collection

 

Yeah, you can get stuff graded at one of the big shows. The reputable grading companies only go to the larger, national shows (that I'm aware of) and it isn't automatic that they will be doing on site grading. I crossed over a coin at a show this summer and had it re-graded. That was with NGC. I dropped it off in the afternoon and it was done late morning the next day. That's about as fast of a turn around as there is and saves a lot on shipping. It cost $60 to do that one coin, so there's definitely a value limit to what you would want to submit.

As for using 1000 2x2s, I'd recommend you save your time because for one thing they aren't that good for coins, besides as temporary holders. And honestly, it probably isn't worth it. I keep a lot of stuff in rolls in tubes. IMO, it's just not worth it to fool around documenting (in high detail) or storing separately, coins in the $1 to $20 range. These become just too numerous to mess with individually for most of us.
It's complicated enough documenting the valuable stuff. I've got rolls of Buffalo nickels I keep in square tubes. Worst case scenario, they're probably worth $1 to $2 a piece for F-XF commons. Some more, some less. So bottom value, I'd put a roll at about $40 to be conservative. You still have a general idea of value if you need it. I don't think I even have these documented on my spreadsheets. I've got a box of old wheats, and IHC too. It's a small pile. Some early decent stuff. Might be worth $80 to $100 in total. I don't have any of this documented. I have mint sets that aren't documented either.

In other words, I'd combine smaller stuff. Stick with mid range and higher value stuff or you might become overwhelmed and get burnt out. It's a daunting task starting from scratch. I fear starting over to the point where I've got my spreadsheet stored on three different sources. I've only been seriously collecting for 4 years. Good luck with it.

 

I did a little research and thought these were the most affordable way to keep them. Since I already spent $60 bucks I'll probably still do it. I agree most coins probably wont merit the time invested in stapling the holder shut but from what everyone has been saying no one wants to sift through bags of coins either. Appreciate your insight

 

Well I'm glad you didn't get upset over my post. I really don't mean to trash your idea. I was just sharing how I stream line things so it doesn't get too ridiculous. It seems we have both extremes here. Some people don't document anything. Some collections are so extensive, people don't even know where to start. Others are probably overly documented.

I agree that a whole bag of coins isn't the greatest way to do it. The square coin tubes are really nice if you ever want to try one. There's 50 dimes to a roll, 40 nickels and quarters to a roll and 20 halves make a roll. It's a great way to organize and they're stackable.
For nicer stuff, Intercept shield makes really nice plastic 2x2s and boxes for them. I know at least one of the 1804 dollars (multi-million dollar coin) is stored in an intercept 2x2 case. Saw it with my own eyes. I love them.
Air-tite capsules work great as well. Some people like 2x2s because you can write on them. I admit, some stuff I have left in cardboard 2x2s but not much. I've never used one myself. Good cases do take up more storage area and cost more though. I do have a few nice looking coins that aren't that valuable that I put in good cases too. For example, a pristine 1964 quarter isn't worth that much but I feel like I have a responsibility to keep it that way. Hard not to use a good holder.

 

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I hate the idea of stapling all these little white things ( I hate staples) but what must be done, must be done. My original question was about appraisals and I don't think anyone on this forum has apparently ever had one done! I find this quite surprising!

 

Just haven't gotten around to it.

 

Really? The only reason someone would obtain an appraisal is to sell their collection? Hmmm...I think not.

 

The need for a formal appraisal isn't required that often. Perhaps more of a legal thing when the collector passes on and the division among the hiers is based on value. Those collections are usually sold through auction houses unless one individual buys out the other shares. I use the Heritage Spreadsheet Program which automatically assigns wholesale values to the collection. This can be printed out, and for insurance and my trust purposes, is more than acurate enough. I also feel I can evaluate currency grades so I can properly identify them in the program. If you can't do this, then you have painted yourself into a corner. If you use the right spreadsheet program, you won't need much better. My thoughts are, if the collection doesn't exceed $5000 at wholesale, then you need to ask yourself if it is worth doing. And that's in collectables, less bullion. Anyone can figure out their bullion values.