Do You Need A Formal Coin Appraisal?
We got a lot of phone calls from customers asking about coin appraisals. We absolutely do provide coin appraisals. But the reality is that the majority of people we work with don't actually need a formal appraisal. Most people just need some general direction on what their coins are worth. We happily provide loads of free information about what coins are worth and what we can pay for them. However, if you are in one of the following situations then a formal written appraisal is probably appropriate:
-donating a coin or collection to a museum and need documentation of the value for the IRS
-equitable divorce distribution proof
-settling an estate and need the value for probate
A word of warning, there are a lot of people and shops that offer appraisals. While it is true that you don't need a degree to do an appraisal, we would advise making sure that whoever you select for your appraisal is certified by a national appraisal board. Our company president, Manning Garrett, is the only South Carolina coin appraiser who is a member of The International Society of Appraisers. He has done appraisals for numerous museums, banks, trusts, and estates. If you ever do get in a situation where your appraisal is challenged by a third party, you want to be sure that the appraiser is qualified to defend the values.
Frequently Asked Coin Appraisal Questions
How Much Do Coin Appraisals Cost?
If you do find yourself in a situation where you truly do need a formal paid appraisal, then it costs $75 an hour with a 2 hour minimum. We work very fast and can get a lot done in a short period of time. Again though, we reiterate that we provide free value information to probably 97% of sellers we work with.
How Long Do Appraisals Take?
If you are in a rush we can do an appraisal the same day. In a normal situation though, it takes about a week to complete a full written appraisal report.
Do You Have To Leave Your Coins With Us?
No. In most appraisal situations we will meet with you and take an inventory of what you have and we take pictures of the better items. Once we have the info we need to complete the appraisal then you can take coins home with you.
How Do I Set Up An Appraisal?
Just give us a call or come by our office. We can discuss the collection and your situation and decide what makes the most sense for you.