We are moving so I get to deal with my collection. Checking and updating my inventory. ASSUMPTION: For insurance purposes I need to value a coin at what it would cost me to replace it. That leaves the Coin Dealer Newsletter (graysheet) out as a source since I cannot buy at those prices. Although recent auction results would be the most accurate, searching up several hundred coins is too laborious. That leaves me with catalogs that are in print or online. I looked at several published sources and found many lacking the necessary detail. Here's my assessment: -- Coin World (magazine): Some common varieties are not included; many common grades are not included; many copper colors are not included. Overall too many gaps which would result in too many estimates. -- Numismedia (online): Better than CW but still too many gaps. -- NGC (online): Better than Numismedia but still too many gaps. -- PCGS (online): The best source I looked at AND the most complete (fewest gaps). So I used PCGS as my pricing source. Comments, criticisms and suggestions greatly appreciated.
What you price them at is pretty much meaningless to an insurance company because they will be the ones, the only ones, who determine what the payout will be should a claim be filed. So you can use anything you want for a source. It works the same way that the TPG guarantees work. If you submit a coin for grade review or authenticity review and the TPG determines that yes the coin was over-graded or that it is indeed a fake or problem coin of some kind, the TPG and only the TPG determines what the value of the coin is. And you have no say in the matter. The only time that your pricing or value determination matters is when you set the policy limit so they can set the premiums.
I've always used Redbook values for insurance purposes. To me the values listed in the Redbook are high retail, which is what I believe it would cost me to replace them if I had to go out and buy those same coins. The insurance company bases the premium charged on the value of coverage in the policy. So while I might pay a slightly higher premium doing it this way, but I figure they are more likely to pay the full amount claimed if you've been paying premiums commensurate with the total value insured. I think those other sources you cited are fine to use as a reference though. And of course Redbook really only works for US coins. So if you're a world or ancient collector, you might need to look elsewhere.
