Megan Brooks
While some banks may offer appraisal services for old coins, it is not a standard service provided by all banks. In some cases, banks may only provide basic evaluations and may not offer detailed appraisals for rare or valuable coins. It is recommended to seek specialized coin dealers or appraisers for a more accurate and comprehensive assessment of old coins. These professionals can provide guidance on proper storage, preservation, and the potential value of your coin collection. Online resources and communities can also offer valuable insights and referrals to reputable appraisers in your area.
| Characteristics | Values |
|---|---|
| Banks may not provide appraisal services for old coins | Banks may accept deposits of old coins, but individuals will likely only receive the face value of the coins. |
| Coin dealers | Coin dealers may attempt to pressure individuals to sell and may not provide fair appraisals. |
| Professional appraisers | Professional appraisers can be found through the American Society of Appraisers and International Society of Appraisers. |
| Online appraisal services | Some online services offer free appraisals for rare coins. |
| Coin grading guides | Coin grading guides, such as the Red Book, can be purchased to help determine the value of coins. |
| Online marketplaces | Online marketplaces like eBay can be used to look up completed sales of similar coins. |
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What You'll Learn
Coin grading guides
Coin grading is a complex process that involves authentication, condition assessment, and market standardization. While some banks may accept deposits of old coins, you will likely receive the face value of the coins and not their collector's value. For this reason, it is recommended to get an appraisal from a professional coin grading service. These services use advanced authentication equipment and expert graders to assess the condition and value of your coins.
There are several reputable coin grading companies, including:
- Numismatic Guaranty Company (NGC): This company uses the internationally accepted Sheldon grading scale of 1 to 70, which is considered the industry standard. NGC also employs a numeric grading system, with higher numbers indicating better coin conditions. They also use two-letter codes to describe the method of production and overall appearance, such as MS for Mint State coins and PF for Proof coins.
- Professional Coin Grading Service (PCGS): PCGS is another well-known company with four decades of experience in the industry.
- Littleton Coin Company: Littleton has over 75 years of experience serving collectors, and its grading standards are widely recognized for their stringency. They provide visual tips and information to help identify the grades of coins and paper money.
- PGS Gold & Coin: PGS offers free evaluations, estate and insurance appraisals, safe deposit box appraisals, and coin grading submission services. They also provide advice on how to properly store and preserve valuable antique coins and old paper money.
In addition to these companies, there are other options for coin grading and appraisal, including local coin dealers and online sources. However, it is important to stress the importance of dealing with reputable sources, as some dealers may try to low-ball offers. It is recommended to have a basic understanding of coin grading and valuation before seeking an appraisal, which can be achieved through online research or by purchasing a coin grading guide, such as the Red Book.
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Coin dealers
There are several reputable coin dealers who will buy an entire collection, such as PGS Gold & Coin, which is located in the Chicago suburbs. They are certified coin dealers, appraisers, and precious metal specialists. They offer free evaluations and can advise on how to properly store your coins to maintain their value.
Southern Coins & Precious Metals (SCPM) is another reputable coin dealer that has been a leader in the numismatic community since 1977. They specialize in world coins and platinum bullion coins.
In New Orleans, there are several top-rated coin shops, including The Coins & Collectibles Shop, New Orleans Silver and Gold, and Blanchard and Company, Inc. These shops are known for their knowledgeable owners and wide selection of coins.
When choosing a coin dealer, it is important to look for someone who is reputable and honest. It is also crucial to properly store your coins before the appraisal, as some containers and old coin holders can damage the coins over time.
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Online appraisal services
While banks do not typically offer appraisal services for old coins, there are several online appraisal services that can help you determine the value of your coins. These services are often provided by reputable coin dealers and auction houses, and they can give you a professional opinion on the worth of your coins. Some services even offer to buy your rare coins or refer you to potential buyers.
One such service is PGS Gold & Coin, which provides free evaluations, estate and insurance appraisals, and safe deposit box appraisals. They also offer coin grading submission services and can advise you on how to properly store and preserve your antique coins.
Another option is coinappraiser.com, which provides a coin value guide with pictures and prices for thousands of rare U.S. coins. They also offer direct access to their coin experts, who can advise you on the worth of your coins, whether they should be graded, and if auction is the best route for selling.
Value My Stuff is another online appraisal service with renowned experts who can assist in appraising your coins. They offer expert-authored guides on coin appraisal and provide comprehensive insights into the process.
Additionally, you can consider using online platforms like eBay to research the value of your coins by looking at completed sales data. While this method may not provide a formal appraisal, it can give you an idea of the market value of similar coins.
Lastly, some auction houses, such as Stacks Bowers Coin Auctions, offer free online appraisal services for rare coins. They may request that you upload photos and provide descriptions of your coins to facilitate the appraisal process.
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Coin collection evaluation
When preparing your coins for evaluation, it is essential to handle them with care and avoid removing them from their existing placements, such as coin albums or protective containers. Proper storage is crucial for preserving the condition of your coins over time.
There are several options for coin collection evaluation:
- Professional Appraisal Services: Reputable companies like PGS Gold & Coin offer free evaluations and have certified coin appraisers on staff. They can provide guidance on proper storage and help you understand the value of your collection.
- Coin Dealers: Local coin dealers can provide appraisals, but be cautious as they may pressure you to sell at a lower price. It is recommended to research the dealer's reputation and prioritise those associated with organisations like the American Numismatic Association or the Professional Numismatists Guild, which uphold strict ethical standards.
- Online Resources: Websites like eBay can provide insights into the sales prices of specific coins. Additionally, online communities such as r/coincollecting on Reddit offer advice and guidance on coin evaluations.
- Auction Houses: Some auction houses, such as HA.com, offer free online appraisals for rare coins. They may provide estimated values for auction inclusion, but these appraisals may not be suitable for insurance purposes.
- Reference Guides: The Guide Book of United States Coins, also known as the "Red Book," is considered the standard reference for U.S. coin values. The American Numismatic Association also offers a Coin Grading brochure to help you understand the grading standards and values of your coins.
It is always advisable to research multiple options and seek out reputable sources to ensure you receive a fair and accurate evaluation of your coin collection.
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Numismatics
The study of currencies and their history is called numismatics. Numismatists are people who study currencies, often specialising in specific types, regions, countries, or historical eras. Determining a coin's value is a critical part of numismatics, and it is probably the most difficult aspect. The value of rare coins can fluctuate depending on supply and demand, economic conditions, and historical events. Coin values are also based on scarcity and condition.
There are several online resources for numismatics, such as numista.com, which provides a coin, banknote, and exonumia catalog, online collection management, swaps, and a forum. Numiis.com is another website that offers a numismatic database with information on coin values, mintages, and rare coin prices. PCGS also offers a coin price guide for determining the values of rare United States coins.
If you are looking to have your coins appraised, there are a few options. You can take them to a professional coin dealer or a local coin club for evaluation. However, it is important to be aware that coin dealers may "low ball" you on your coins and pressure you to sell. Alternatively, you can look for a local numismatist or coin appraisal shop, such as PGS Gold & Coin, which offers free evaluations and advice on how to preserve valuable antique coins.
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Frequently asked questions
There are several options for getting old coins appraised. You can take them to a local coin dealer or a professional appraiser. Some sources recommend buying a coin grading and valuation guide, like the Red Book, to get a better understanding of your coins' value. You can also upload photos of your rare coins online to receive an estimated value.
Banks do not typically provide appraisals for old coins. However, you can deposit your old coins at a bank and receive their face value.
The value of an old coin is determined by its scarcity and condition. The country that issued the coin and the date (year) of issuance are also important factors in determining its value.
