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What would be fair compensation for an appraisal?

airplanenutairplanenut Posts: 22,398 ✭✭✭✭✭
in U.S. Coin Forum
I am hoping to be able to meet with someone this week who has some coins they want me to look at. From what I can gather, some gold, lots of morgans, and hopefully more. Even if I wanted to buy, the liklihood that I could afford what they have (if they're even selling) is not too likely, so I'm going in knowing that I'm really just giving my opinion of what they have--not with the intention of buying. Right now, I'm not sure if they'll want me to go over the coins alone or sort of walk them through as I look through what they have.

So the question is, what is a fair compensation for the work? I've never done anything of the sort, so I've got no idea of numbers to use.

Thanks,

Jeremy
JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research

Comments

  • LongacreLongacre Posts: 16,717 ✭✭✭
    An hourly rate, but I have no idea how much a numismatist charges. Is it similar to what a lawyer charges per hour?
    Always took candy from strangers
    Didn't wanna get me no trade
    Never want to be like papa
    Working for the boss every night and day
    --"Happy", by the Rolling Stones (1972)
  • XpipedreamRXpipedreamR Posts: 8,059 ✭✭
    You could just do it for the love of the game. Or pocket a few while they're not looking image
  • airplanenutairplanenut Posts: 22,398 ✭✭✭✭✭


    << <i>You could just do it for the love of the game. Or pocket a few while they're not looking image >>

    I was thinking of doing it for the love of the game... but what if they're all boring coins? image
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • ss350camaross350camaro Posts: 4,529
    How confident are you in your ability to provide current and complete numismatic knowledge and opinion?


  • amercoinamercoin Posts: 350 ✭✭
    50.00 per hour and tell them if they sell to you you wave the charge.
  • pharmerpharmer Posts: 8,355 ✭


    << <i>An hourly rate, but I have no idea how much a numismatist charges. Is it similar to what a lawyer charges per hour? >>




    Numismatists routinely get more than $5/hour
    Quis custodiet ipsos custodes?

    Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."

    image
  • airplanenutairplanenut Posts: 22,398 ✭✭✭✭✭
    ss350,

    I'm pretty confident. What they described to me sounded like generic pieces that should be pretty straight forward.

    Jeremy
    JK Coin Photography - eBay Consignments | High Quality Photos | LOW Prices | 20% of Consignment Proceeds Go to Pancreatic Cancer Research
  • jayboxxjayboxx Posts: 1,613 ✭✭
    I like amercoin's suggestion
  • JadeRareCoinJadeRareCoin Posts: 2,768 ✭


    << <i>50.00 per hour and tell them if they sell to you you wave the charge. >>



    Bingo.
    www.jaderarecoin.com - Updated 6/8/06. Many new coins added!

    Our eBay auctions - TRUE auctions: start at $0.01, no reserve, 30 day unconditional return privilege & free shipping!
  • coynclectercoynclecter Posts: 2,111
    If they are looking to sell never make an offer. They will just assume you are low and then shop around. It usually means a free appraisal. Let them set the price.

    If you are doing an appraisal Id say 50 an hour is low but acceptable. No appraiser in any field works for less than that.

    If you do appraise make sure they understand that value depends on the effort they want to spend. For example:

    These are worth about $15-20 each if you take the time to sell them on ebay seperately, as a group you'd probably only get about 8 bucks each. A dealer would take the group from you for about 4 bucks each.

    So they understand there is a wholesale and retail.

    Good luck and have fun
  • BlindedByEgoBlindedByEgo Posts: 10,754 ✭✭✭✭✭
    Depends on how big a collection. A full insurance appraisal with photos and spreadsheet - $500 to $1000 dollars.

    For my friends, or friends of friends, I'll look at a small collection for "fun".

    I've ended up buying some nice stuff that way, and always get nice referrals.

    Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1

  • TorreroTorrero Posts: 205
    I hve been researching on who to get to make an appraisal. In some state, there is supposedly a law that in a legal probate case, the person who does an appraisal must be excluded from making a bid for it as well.

    Jake
  • DNADaveDNADave Posts: 7,308 ✭✭✭✭✭
    Do it for free.
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    Jeremy

    When all is said and done....the only thing you have in life is YOUR TIME

    Never undervalue it.
    Have a nice day
  • 291fifth291fifth Posts: 24,707 ✭✭✭✭✭
    You have to decide whether you are going to be a paid appraiser or a buyer. You can't have it both ways. If he wants a formal appraisal, quote an hourly rate and make sure you get at least 50% of the estimated total charge up-front.
    Make it clear that if you are a paid appraiser you will not be buying ANY of the coins, nor will you take coins in payment. Also, make it clear that you will not act as a broker if you are a paid appraiser. It is simply a matter of ehtics...something the coin field could use a lot more of.
    All glory is fleeting.

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