Expert Guide to Rare Coin Appraisal: Determine Your Coin's True Value
Learn how to get your rare coins professionally appraised, understand grading standards, and discover what factors determine a coin's value in today's market.
By Appraisily TeamLast updated July 12, 2023
Introduction to Rare Coin Appraisal
For collectors and inheritors of old coins, determining their true value can be both exciting and challenging. Whether you’ve discovered coins in an attic, inherited a collection, or are an active numismatist, obtaining an accurate and trustworthy appraisal is essential before making any decisions about selling, insuring, or further investing in your collection.
<h2 class="section-header__title">
<span>Why Professional Coin Appraisals Matter</span>
</h2>
<div class="section-header__body">Professional coin appraisals provide objective evaluations of a coin’s authenticity, condition, and market value—critical information that helps collectors make informed decisions.</div>
In the world of numismatics (the study or collection of coins), values can range dramatically based on factors that might not be apparent to untrained eyes. A seemingly ordinary penny could be worth thousands due to a mint error, while what appears to be a “rare” coin might be a common replica with minimal value.
This comprehensive guide will walk you through everything you need to know about rare coin appraisals, including:
The professional grading process
Key factors that determine a coin’s value
Where to get reliable appraisals
How to prepare your coins for evaluation
Ways to protect yourself from undervaluation or scams
The Rare Coin Market at a Glance
70-point scale
Professional Grading
Industry standard for condition
8-12% annually
Rare Coin ROI
For quality specimens
Essential step
Authentication
Prevents costly mistakes
Understanding Professional Coin Grading
<h2 class="section-header__title">
<span>The Grading Process Explained</span>
</h2>
<div class="section-header__body">Professional coin grading involves examining numerous factors through standardized procedures to determine a coin’s condition and authenticity.</div>
Professional coin grading is the cornerstone of accurate appraisals. Leading third-party grading services like Professional Coin Grading Service (PCGS) and Numismatic Guaranty Company (NGC) have established standardized systems that bring consistency and objectivity to the evaluation process.
The Sheldon Scale
Most professional grading services use the Sheldon Scale, which rates coins on a numeric scale from 1 to 70:
1-10: Poor to Good (heavily worn)
11-40: Fine to Extremely Fine (moderate to light wear)
45-59: About Uncirculated (minimal wear)
60-70: Mint State (no wear)
A coin’s grade dramatically impacts its value. For example, a rare Morgan dollar might be worth $100 in Fine condition (grade 15) but command $1,000 or more in Mint State 65.
What Happens During Professional Grading
When you submit a coin to PCGS or NGC, it undergoes a rigorous examination process:
Authentication to verify the coin is genuine
Assessment of strike quality (how well the coin was minted)
Surface preservation evaluation
Determination of eye appeal and overall appearance
Assignment of a numerical grade
After grading, coins are sealed in tamper-evident holders with certification numbers that can be verified in online databases.
Evolution of Coin Grading Standards
1948
Sheldon Scale Introduction
Dr. William Sheldon develops the 70-point grading scale for large cents, which would later become the industry standard.
1976
ANA Grading Standards
The American Numismatic Association publishes official grading standards for U.S. coins.
1986
PCGS Founded
Professional Coin Grading Service becomes the first third-party grading service to encapsulate coins with assigned grades.
1987
NGC Established
Numismatic Guaranty Corporation launches as another major third-party grading service.
2005
Digital Verification Systems
Major grading services implement online verification databases for certified coins.
Key Factors That Determine a Coin’s Value
<h2 class="section-header__title">
<span>What Makes a Coin Valuable?</span>
</h2>
<div class="section-header__body">Multiple factors beyond age determine a coin’s value, including rarity, condition, historical significance, and current market demand.</div>
Understanding what makes a coin valuable is essential for anyone seeking an appraisal. Contrary to popular belief, age alone doesn’t guarantee value. Here are the primary factors appraisers consider:
1. Rarity
The scarcity of a coin significantly impacts its value. Rarity can be due to:
Low mintage numbers (few were produced)
High attrition rates (few survived)
Mint errors or varieties
Historical circumstances (such as recalled designs)
For example, the 1913 Liberty Head nickel, with only five known examples, is worth millions simply because of its extreme rarity.
2. Condition (Grade)
As explained above, a coin’s grade dramatically affects its value. In many cases, the difference between grades can mean thousands of dollars in value.
According to PCGS Price Guide, a 1921 Morgan dollar might be worth:
$30 in G4 (Good) condition
$50 in XF40 (Extremely Fine)
$90 in MS60 (Mint State)
$700+ in MS65 (Gem Mint State)
3. Historical Significance
Coins with compelling historical connections often command premium prices. Examples include:
Coins recovered from famous shipwrecks
Coins owned by historical figures
Issues from pivotal historical periods
Commemorative issues of significant events
4. Metal Content
Some coins derive value from their precious metal content. Gold and silver coins have an intrinsic “melt value” based on current metal prices, which serves as a baseline value regardless of numismatic factors.
5. Demand and Collector Interest
Market demand significantly impacts value. Popular series like Morgan dollars and Walking Liberty half dollars typically command premium prices due to their widespread collector appeal.
Sample Value Ranges by Coin Type
General market values as of 2023
Category
Price
Notes
Morgan Silver Dollars (1878-1921)
$30-$5,000+
Common dates to rare varieties
Indian Head Cents (1859-1909)
$2-$1,500+
Based on date and condition
Saint-Gaudens Double Eagles ($20 gold)
$2,000-$15,000+
Common dates in average condition to better dates/grades
Mercury Dimes (1916-1945)
$3-$24,000+
From common dates to the rare 1916-D
Buffalo Nickels (1913-1938)
$2-$5,000+
Depending on date, mint mark, and condition
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Where to Get Your Coins Appraised
Professional in-person appraisals provide immediate feedback and expert insights
<h2 class="section-header__title">
<span>Finding Reputable Appraisal Services</span>
</h2>
<div class="section-header__body">From online submissions to in-person evaluations, multiple options exist for getting your coins professionally appraised.</div>
When seeking a coin appraisal, you have several options, each with its own advantages and considerations:
1. Third-Party Grading Services
Services like PCGS and NGC offer the most authoritative appraisals. Benefits include:
Maximum credibility in the marketplace
Tamper-evident holders that preserve and protect coins
Online verification systems
Potential for inclusion in set registries
The process typically involves:
Becoming a member or working through an authorized dealer
Submitting coins with appropriate fees (typically $20-$300 per coin based on value and service level)
Major auction houses like Heritage Auctions offer free appraisals for coins being considered for auction. This can be an excellent option if you’re potentially interested in selling.
Larger coin shows often have professional appraisers on site who can evaluate your coins, sometimes for free or a nominal fee.
Evaluating an Appraisal Service
Check these factors when choosing where to get your coins appraised
Credentials and membership in professional organizations (PNG, ANA)
Years of experience in numismatics
Transparent fee structure
Positive reviews and testimonials
Clear explanation of the appraisal process
Proper insurance and security measures
No pressure to sell
Provides written documentation of appraisal
Preparing Your Coins for Appraisal
<h2 class="section-header__title">
<span>Best Practices for Coin Handling and Submission</span>
</h2>
<div class="section-header__body">Proper preparation of your coins before appraisal helps ensure accurate valuations and prevents accidental damage.</div>
How you handle and prepare your coins before appraisal can significantly impact both their condition and the accuracy of the evaluation. Follow these guidelines for best results:
Proper Coin Handling
Always wash and dry your hands before handling coins
Hold coins by their edges only, never touching the faces
Work over a soft surface like a towel to prevent damage if dropped
Never clean your coins - improper cleaning can severely reduce value
Use cotton gloves or coin tweezers for extremely valuable specimens
According to PGS Gold & Coin, proper handling is essential to preserving a coin’s original surfaces and preventing accidental damage.
Documentation and Organization
Before submitting coins for appraisal, organize them properly:
Create an inventory list with:
Denomination
Year
Mint mark
Any known varieties or errors
Current storage method
Document provenance if available:
Previous appraisals
Purchase receipts
Inheritance documentation
Certificates of authenticity
Previous grading documentation
Take clear photographs of important pieces:
Both sides of each coin
Any distinctive features or damage
Set against a neutral background
Use proper lighting to show true color and condition
Choosing Proper Storage
For coins awaiting appraisal:
Use inert holders that won’t chemically react with coins:
Mylar flips
Hard plastic holders (not PVC-containing “flips”)
Original mint packaging (for modern coins)
Avoid problematic storage methods:
Paper envelopes (can cause scratches)
PVC-containing holders (cause long-term damage)
Tape or adhesives of any kind
Cotton (fibers can catch on coins)
Label storage materials with inventory information
Special Considerations for Submission
If shipping coins for appraisal:
Use appropriate insurance based on estimated value
Choose trackable shipping methods with delivery confirmation
Double-box valuable shipments with proper cushioning
Follow the appraiser’s specific submission guidelines
Keep copies of all submission documents
<h2 class="section-header__title">
<span>Avoiding Common Appraisal Mistakes</span>
</h2>
<div class="section-header__body">Protect yourself from undervaluation, misrepresentation, and common pitfalls in the coin appraisal process.</div>
The coin market has its share of challenges that can affect appraisals. Here’s how to protect yourself:
Red Flags to Watch For
Be cautious if an appraiser:
Offers to buy immediately during the appraisal
Provides only verbal valuations without documentation
Rushes through examination of important pieces
Dismisses getting second opinions
Cannot explain their valuation methodology
Has no verifiable credentials or professional affiliations
Getting Multiple Appraisals
For valuable collections or rare specimens:
Consider getting 2-3 independent appraisals
Compare methodologies and explanations
Be wary of extreme outliers in valuation
Use PCGS or NGC online price guides as reference points
Understanding Different Appraisal Types
Be clear about what type of appraisal you need:
Insurance appraisal - Often reflects retail replacement value (highest)
Fair market appraisal - What a willing buyer would pay a willing seller
Liquidation appraisal - Quick-sale value (lowest)
Authentication only - Verifies genuineness without valuation
Education Is Your Best Protection
The more you learn about your coins, the better protected you’ll be:
Invest in reference books for your specific collection areas
Join numismatic organizations like the American Numismatic Association
Participate in online forums to learn from experienced collectors
Attend coin shows and educational seminars
According to a Quora discussion on coin values, self-education through resources like NGC and PCGS price guides is one of the best ways to prevent being misled during appraisals.
Digital Tools for Coin Identification and Preliminary Valuation
<h2 class="section-header__title">
<span>Apps and Online Resources</span>
</h2>
<div class="section-header__body">Modern technology offers collectors powerful tools for coin identification and preliminary valuation before professional appraisal.</div>
While professional appraisal remains the gold standard, several digital tools can help you research your coins before seeking expert evaluation:
Coin Identification Apps
Apps like Coinoscope allow you to photograph a coin and receive potential matches from their database. These can be helpful for initial identification, particularly for world coins or pieces with unfamiliar designs.
Benefits include:
Quick preliminary identification
Access to basic information about the coin type
Help with foreign/unfamiliar coinage
Free basic functionality
Limitations:
Cannot authenticate coins
Cannot assess condition accurately
Limited database compared to professional resources
No substitute for expert examination
Online Price Guides
Several authoritative price guides are available online:
<div class="section-header__body">Once you have a professional appraisal, you face decisions about keeping, selling, or further investing in your coins.</div>
After receiving a professional appraisal, you’ll have several options to consider:
If Keeping Your Collection
Proper Insurance
Update homeowner’s insurance with scheduled items for valuable coins
Consider specialized collectibles insurance from companies like Collectibles Insurance Services
Keep appraisal documentation in a secure location separate from the collection
Improved Storage
Invest in proper archival storage materials
Consider a safe deposit box for extremely valuable pieces
Control temperature and humidity where coins are stored
Continued Education
Join numismatic organizations
Subscribe to publications like Coin World or Numismatic News
Attend coin shows and conventions
If Selling Your Collection
Selling Options
Auction houses (best for rare, valuable pieces)
Direct sale to dealers (fastest, but typically lower returns)
Online marketplaces (requires more effort but potentially higher returns)
Private sale to collectors (potentially highest return but requires connections)
Tax Considerations
Consult with a tax professional about potential capital gains
Keep records of purchase prices when available
Understand how collectibles are taxed in your jurisdiction
Timing the Market
Consider market conditions and trends
Some coins may benefit from holding during certain market cycles
Rare coins often perform differently than bullion coins
If Building Your Collection
Strategic Acquisitions
Use your newfound knowledge to make informed purchases
Consider focusing on specific series or themes
Set clear budget parameters
Authentication and Grading
Consider submitting key purchases for third-party grading
Build relationships with reputable dealers
Learn to spot potential problems or inauthentic pieces
Record Keeping
Maintain detailed inventory with purchase information
Track market values periodically
Document provenance when available
Common Questions About Rare Coin Appraisals
How much does a professional coin appraisal cost?
Professional coin appraisal costs vary widely based on the service:
Basic dealer evaluations: Often free if you’re considering selling
Third-party grading: $20-$300 per coin depending on value and service level
Auction house appraisals: Typically free for potential consignments
Written appraisal reports for insurance: $75-$200 per hour of expert time
Many dealers offer free verbal appraisals, but detailed written appraisals for insurance or estate purposes typically incur fees based on the appraiser’s time and expertise.
How do I find out what my old coins are worth without getting ripped off?
To get accurate coin values while protecting yourself:
Research before seeking appraisals - use guides like the PCGS or NGC online price guides
Get multiple opinions from different reputable sources
Never clean or alter your coins
Work only with dealers who have professional credentials (PNG, ANA membership)
Be wary of quick offers to buy during appraisals
Use online resources like auction archives to verify recent comparable sales
Consider third-party grading for valuable pieces before selling
The best protection is education - the more you learn about your specific coins, the less likely you are to be misled about their value.
Is there a free app to scan coins for value?
Yes, several apps allow you to scan coins for preliminary identification and value estimates:
Coinoscope: Uses image recognition to identify coins
PCGS CoinFacts: Provides information on U.S. coins
NGC Coin Details: Another resource for U.S. coin information
CoinSnap: Helps identify world coins
These apps can be helpful for initial identification, but they have limitations. They cannot authenticate coins, accurately assess condition, or provide definitive valuations. They’re best used as preliminary research tools before seeking professional evaluation for valuable pieces.
How can I get my coins appraised for free?
Several options exist for free coin appraisals:
Auction houses like Heritage Auctions offer free evaluations for potential consignments
Many local coin dealers provide free verbal appraisals, especially if you might be interested in selling
GreatCollections offers free estimates through their online submission form
Coin shows often have dealers who will provide free evaluations
Online services like American Rarities offer free preliminary appraisals based on photos
Remember that free appraisals typically come with the expectation that you might sell to that dealer or auction house. For completely objective appraisals, you may need to pay for a formal evaluation from an independent appraiser who has no interest in purchasing your coins.
Should I clean my coins before getting them appraised?
No, you should never clean your coins before appraisal. Cleaning coins is one of the most common and costly mistakes collectors make.
Even gentle cleaning can:
Remove the natural patina that collectors value
Create microscopic scratches that reduce grade and value
Be detected by professional appraisers as “improper cleaning”
Significantly decrease the coin’s market value (often by 50% or more)
Professional numismatists and grading services consider cleaned coins to be damaged. If your coins appear dirty or tarnished, let the professional appraiser evaluate them in their current state - what appears to be “dirt” to an untrained eye might be valuable toning or patina to an expert.
What's the difference between a coin dealer and a professional coin appraiser?
While there’s often overlap, key differences exist:
Coin Dealers:
Buy and sell coins as their primary business
May offer free appraisals with the expectation of potential purchases
Typically have good market knowledge for their specialty areas
May have varying levels of formal training or credentials
Professional Coin Appraisers:
Focus primarily on evaluation rather than buying/selling
Often charge fees for their services
Usually have formal credentials or certifications
Provide detailed written documentation
May specialize in appraisals for specific purposes (insurance, estate, donation)
The most respected professionals often have credentials from organizations like the American Numismatic Association (ANA) or Professional Numismatists Guild (PNG). For the most objective appraisal, seek experts who do not have a direct interest in purchasing your coins.
How long does a professional coin appraisal take?
Appraisal timeframes vary based on the service type:
In-person dealer evaluation: Usually 15-60 minutes depending on collection size
Third-party grading services (PCGS/NGC): Typically 2-8 weeks from submission
Auction house evaluations: Often 1-2 weeks for initial response
Detailed written appraisals for insurance/estate: May take 1-3 weeks
Expedited services are available from some providers at additional cost. The timeframe also depends on the size and complexity of your collection - a single rare coin might be quickly evaluated, while a large inherited collection could require significant time to properly assess.
Will grading companies like PCGS or NGC buy my coins?
No, third-party grading services like PCGS and NGC do not purchase coins. They maintain objectivity by focusing solely on authentication, grading, and encapsulation services.
These companies:
Provide independent, unbiased assessment of coins
Charge fees for their grading services
Do not engage in buying or selling coins
Maintain market price guides but don’t participate in transactions
If you want to sell after getting your coins graded, you’ll need to work with:
Coin dealers
Auction houses
Direct sales to collectors
Online marketplaces
Having your valuable coins professionally graded before selling often results in higher selling prices and broader marketability, even after accounting for the grading fees.
Conclusion: Making Informed Decisions About Your Coin Collection
Professional coin appraisals provide the foundation for making sound decisions about your numismatic assets. Whether you’re a seasoned collector or someone who’s unexpectedly inherited coins, understanding the appraisal process empowers you to protect and maximize the value of your collection.
Remember these key takeaways:
Professional grading matters - Third-party authentication and grading from PCGS or NGC provides the most reliable assessment of a coin’s condition and value.
Multiple factors determine value - Rarity, condition, historical significance, and market demand all contribute to a coin’s worth, often much more than age or metal content alone.
Proper handling preserves value - Never clean coins, handle them by their edges, and use appropriate storage materials to maintain their condition.
Education is protection - Learning about your coins through reference materials, online resources, and collector communities helps you make informed decisions and avoid potential pitfalls.
Professional relationships are valuable - Developing connections with reputable dealers, appraisers, and fellow collectors creates a network of expertise you can draw upon.
Whether you ultimately decide to keep, sell, or expand your collection, a professional appraisal provides the knowledge foundation necessary for confident decision-making in the fascinating world of numismatics.
