People seek appraisals to determine the value of an object they possess. There are three major reasons why they seek an appraiser.
• Insurance Purposes—Many collectors are also investors. They invest in their family's futures by keeping collections for a later time to sell for college funds or their future generations. They may also invest in rare coins for profit. They have valuable collections that are worth enough to insure and insurance companies will require appraisals.
• Selling—Many individuals are not coin collectors but have discovered old coins and currency hidden away in old family heirlooms and they just want to sell. They may not have a fascination about the history and origin of that piece like hobbyists and collectors do but they have an interest in its value. A piece must be appraised to determine its value and to get a fair offer.
• Hobbyist—Hobbyists love to just “collect.” Sometimes it's not for any reason other than a personal fetish. They may not have any intention of ever selling or insuring the collection but just knowing what the value of their pieces are is fun. They too will get an appraisal.
The serious collectors and investors will seek out a certified appraiser usually recommended by their insurance company. But for the average collectors, they can get a quick and easy appraisal on-line or send their pieces by mail to an appraiser.
They can also do a little research themselves to help determine a ball park figure before they send the piece for an appraisal. Reference guides are available for collectors that can be referenced on-line for standard coin pricing, identification purposes or reproduction lists created for old currency. This knowledge will give them a better understanding of what the appraiser is looking for and how they value their piece and how much goes into an appraisal.
People are always anxious to know how much something is worth. They depend on experts to know the true value of what they hold. Even if it's disappointing news to both parties, Yonces's Coins LLC in Roanoke, VA will always be up front and honest.