Finding and utilizing a coin appraiser

Mogadeet · May 29, 2004 6:07AM

Greetings!
How does one determine whether a coin appraiser is good or bad? What are things one can look for? Any "Red Flags" to watch for?

Also, I'll be looking in the Kalamazoo/Battle Creek Michigan (USA) area. If one of you already knows someone who is reputable in that area I would appreciate it enormously.

And finally, how should a quantity of coins of presented to an appraiser? Should they already be in the coin equivalent of a photo album (I think I've seen those)? Should they be grouped/sorted etc. I assume that I should go over them with the redbook in hand first, but the best way to present it would be appreciated.

Thanks!

Mogadeet

RYK · May 29, 2004 6:09AM

I think jaderarecoin, a member here, may be in that area. PM him. He would be a good resource for you.

Pistareen · May 29, 2004 6:18AM

I'm afraid I have more questions that answers for you:

What has you interested in using a coin appraiser? Insurance, or possible sale, or curiosity, or an estate situation? There are only a handful of "appraisers" who are actually well-versed in numismatics, i.e. members of the American Society of Appraisers who specialize in the field. Other appraisers are usually antiques specialists who are sometimes pressed into working on coins -- their pricing information comes from standard references rather than an in-depth knowledge of the marketplace. I've seen these sort of appraisers misidentify red and brown copper coins as lead, silver coins as copper, and (inevitable) fake ones as real.

If you are interested in the names of a few ASA appraisers I know who are also numismatists, I would be happy to supply them via PM.

Most appraisers are not able to talk about sale value, but specialize in insurance or replacement value -- a very different number, and a figure that is sometimes discussed on Antiques Roadshow. If you are interested in sale value, such an individual may not be of much assistance.

In the efforts of full disclosure, I do work for an auction company, but in my experience a local coin dealer, a nationally known professional numismatist, or any one of a number of well known auction firms will know the market value of a given coin better than an appraiser. Such individuals are often able to write appraisals for insurance or estate purposes for a fee as well, and their credentials and experience often carry as much weight as an ASA affiliation. Should ASA membership be required for your purposes, be sure to seek one out who is known to specialize in numismatic objects.

John K.

JadeRareCoin · May 29, 2004 6:19AM

Mogadeet,

Are you looking for an appraisal for insurance or estate purposes, or are you interesting in obtaining bids for the outright sale of your collection?

Assuming that you are interested in obtaining a professional appraisal of your numismatic holdings, you should interview prospective coin appraisers, just as you would for any other professional service. Here are some questions to ask of the appraiser:

1) what's the hourly rate on which you base your quotation?
2) will you provide a quotation that defines the range of services and the MAXIMUM cost for the appraisal?
3) will you provide a written estimate, or only a verbal?
4) do you have trade references (i.e. banks, attorneys, etc.)?
5) where will you do the appraisal? In my home (preferable) or do you need the coins in your possession?

We offer appraisal services to banks and attorneys state wide. Our standard procedure is to provice a written quotation for the appraisal services. Our appraisal is in the form of a written inventory which defines the value per the requirement of the client. In other words, sometimes we provide the replacement value, other times we provide the realistic selling value of the collection. Sometimes we give both the full retail value (Red Book or Trends) and the wholesale value (Greysheet)......just depends on the client.

The most important thing is to check references. Also, don't always go with the lowest quotation, since we all know that you "get what you pay for".

Good luck!

Dennis

Mogadeet · May 29, 2004 9:24AM

Thank You!

Mogadeet

nwcs · May 29, 2004 9:32AM

Grading is ultimately an opinion so it's a bit hard to give good rules. But even though it is an opinion, some opinions are worth more than others. The best way to determine the quality of an appraiser is to get second or third opinions and comparing them. I believe the best way to have coins ready for evaluation is to have them in 2x2 cardboard holders or flips. They are very cheap and available at most coin stores and even bookstores.

JadeRareCoin · June 17, 2004 5:55AM

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Finding and utilizing a coin appraiser

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