Staying with your Collection - Appraising Your Coin Collection

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Copyright 2015 by Kevin Flynn, All Rights Reserved

Whether having your coins appraised or have an estimate done, it is best not to leave your collection out of your sight. There are several reasons for this, you can learn about coins, how to grade them, rarity, and other factors by observing your coins being viewed.

But there is also a safety factor, you want to ensure your coins are handled and stored properly if necessary. If the viewer is holding the coins wrong, either by laying the coin on their hand, touching the obverse or reverse, they could get oil on the coin and cause damage to them. It is best if the coins are viewed over a soft material in case they are dropped.

If your coins are out of your sight, is it possible that they are switched, whereas the appraiser switches your coin with one of theirs of a lower grade or value. If you do not have photographs, how would you prove it? If you bring a box of coins to an appraiser that are not itemized, how would you know or prove that one or more coins are taken.

When doing a coin appraisal, I work interactively with the collector. I tell them of my objectives, primarily to search for coins that are worth a premium. Some appraisers like to work quietly and focus on the task of determining the value of the collection. Simply make yourself invisible by reading a book or something to focus your attention and not distracting the appraiser.

When appraising an estate with multiple parties, including lawyers attending the opening of a safe-deposit-box or other secured area, I normally insist that no-one touch any coins until I am completed the inventory and pictures of the collection. This is made clear up front before the appraisal and enforced during the appraisal. This helps insure the property is properly documented before being split amongst the parties.

Where to do an appraisal? You would not want a public location that someone might target you for a later robbery. There have been several instances where dealers have been followed home from a large coin show, and the coins left in their car robbed when they stopped for dinner or when they arrived home. When doing an appraisal, I normally go to the person's house or have them come to my house, depending in part on the size of the collection, convenience, and timing. This way it is a secure location, controlled environment, and a place where you can relax while appraising the collection and speaking to the collector.

Obviously you should take steps of precaution before meeting someone. Most times, I do appraisals through word of mouth, thereby, the individual who is getting the appraisal knows someone who has already worked with me. Even as the appraiser, I still take cautionary steps. First communicating through email, then normally with a phone call. We might meet in a public place first without any coins, before returning to their or my house.

I have done appraisals in people's houses, whereas the person's spouse or someone else was present. Some people feel more comfortable with someone else around. Normally as the appraisal goes along, the second person goes back to their routine. You should not feel intimidated or awkward during this process, and if needed, take steps to stop it. I met someone at my mother-in-laws house as it was halfway between our houses. He was an older gentleman who I knew was an ex-cop and would probably be carrying a gun. My mother-in-law introduced herself and said immediately, "I hope no guns are coming into my house." After which, I clarified and made sure he was not armed or we would have to continue somewhere else. If I do an appraisal at someone's house and they are armed or I see guns lying around, I tell them nicely that I feel uncomfortable and will be leaving. I have never encountered this problem going into someone's house, but am prepared as a cautionary measure if needed.

This scenario is irrelevant when you have a good relationship with a dealer and there is an implied trust. There are some dealers that I would easily send coins to through the mail or leave with them over time as we have been doing business for years.

As an appraiser, one of the best moments is when a coin is discovered that is worth a significant premium and seeing the look of excitement on the owner's face. Some people have a renewed interest in collecting after learning more about their coins during the appraisal.

Previous: Appraisal Versus Selling
Next: Selling Your Coins
Copyright 2015 by Kevin Flynn, All Rights Reserved