How Coin Appraisals Work: What to Expect at Your Free Evaluation

Getting a coin appraisal whether you've been a long time collector or recently inherited a collection can feel like a complicated process. Fortunately, local coin shops exist all over the country and are filled with experts who understand numismatics (rare coins) and their associated value.

What Happens at a Coin Appraisal?

At a standard Coin Appraisal you will walk-in or schedule an appointment and bring all of the coins, gold, or silver items you want to have evaluated. The expert will go through your coins one by one, often grouping them together by type, precious metal content, and novelty. For example all of the Washington silver quarters will be grouped and totaled by the face value. When the buyer has separated everything into piles they will walk you through what exactly comprises each group and the value. Once the expert has valued your items you have the ability to choose which you would like to sell or keep. The benefit of bringing potentially valuable items including rare coins to a local coin shop is that they will be able to identify and value all coins ranging from 90% silver to pre-1933 gold.

How much does a coin appraisal cost?

Coin appraisals are FREE - well, at most coin shop locations. Our recommendation is that you call and express your interest in an appraisal and ensure the shop will not charge you. It is important to note that experts do have to run a business. If you have a large collection of coins and don't intend on selling the collection, call ahead and make sure that the experts are receptive. An important thing to note is the difference between a verbal offer and a written, legally binding offer. A verbal offer is what most coin shops offer, this looks like a one time offer that is contingent on you selling that exact moment. Verbal offers are incredibly useful for the average collection but carry almost no weight legally. Oftentimes when splitting up an inheritance estate attorneys will require a written appraisal, this is a per item valuation of a collection. Coin shops who offer written appraisals often charge on a per hour basis. If you are looking for a written appraisal expect to pay $200-$400 an hour alongside searching diligently for experts that practice written appraisals as it is an uncommon practice.

What should you bring to a coin appraisal?

Simple answer - EVERYTHING. The most important thing is to leave coins and old valuables as they are. Bring in uncleaned coins, gold scrap, bullion (silver or gold), sterling flatware, and a photo ID. Per most states like Connecticut, ID is required to sell coins and precious metals alike. If there is a coin you have a question about, bring it, that is what coin experts exist for.

How does the dealer figure out what your coins are worth?

Dealers use a variety of methods to determine value. For example most common coins worth money are valued on their base metal content, 90% silver and all foreign silver coins are purely weight based and purity based. For example, each $1 of face value in 90% silver coins contains about 0.715 troy ounces of pure silver. If you were to bring in 5 pre-1964 quarters into a coin shop they will do this math: current spot price x .715 x face value in quarters (1.25 in this case). Once market value has been calculated, coin dealers will take off their margin. In some cases this can range from 5-30% depending on the specific item. For coins that are genuinely rare like a 1909-S VDB cent, dealers will use platforms like CDN Exchange, auction sold prices, and eBay to define a market value. Once the market value is determined they will take around a 20% margin.

How long does an appraisal take?

The average coin and jewelry collection takes less than 30 minutes to appraise. The best way to gauge how long a collection will take to appraise is thinking in terms of how many shoeboxes worth of items you have. Each shoe box full of coins or jewelry items will take anywhere from 10-20 minutes to complete. If you have a significant amount of coin and jewelry items we highly recommend scheduling a coin appraisal appointment. The appointment allows an expert to give you their undivided attention and plan their day accordingly. If you have a collection you suspect will take longer than an hour it is smart to call ahead.

Do you have to sell after the appraisal?

Haven Coin and Jewelry offers a no pressure, walk-in welcome policy. If you don't like the offer or decide you would like to keep your items you are welcome to do so. Local coin shops don't legally require you to sell unless you personally decide you want to. Oftentimes, shopping around the items may result in higher sale prices.

What's the difference between an appraisal for selling and one for insurance?

An appraisal for selling includes a verbal one-time offer that an expert will give you based on your item's current market conditions. These verbal offers are typically given for collections people are looking to sell same-day. A written appraisal is a legal document that can be used to ensure inheritances are split up fairly. Written appraisals include a per item or per group price that enables an estate attorney or family member to understand on an individual basis what items are worth. Haven Coin and Jewelry does not currently offer written appraisals but will in the near future.

How do you book a free coin appraisal in Hamden?

Booking a free coin appraisal is as easy as calling Haven Coin and Jewelry's phone number (203) 717-4921 or using the book an appointment calendar to choose a time best for you. Haven Coin and Jewelry's Hamden location encourages people to walk-in when it is most convenient or schedule an appointment for a larger collection. Our hours are Tue. - Wed. 10am-5pm, Thu. 10am-7pm, Fri. 10am-5pm, and Sat. 10am-2pm. You can also learn more about our free coin appraisal process before you visit.

FAQ: Coin appraisals

Can you appraise a whole collection in one visit?

Yes! Haven Coin and Jewelry encourages people to bring in all items when they arrive so we can provide a full and complete appraisal of your items.

Do you appraise jewelry and silverware too?

Haven Coin and Jewelry is rated 5.0 stars on Google and one of the state's top gold and silver jewelry buyers. The company also buys sterling flatware and silverware at competitive rates.

Will you tell me if my coins are only worth melt?

Our team has decades of experience and will be happy to explain what coins have numismatic premiums and which ones are worth their base precious metal content.

Why do I get a check instead of cash in Connecticut?

Connecticut General Statutes § 21-100, enacted through Public Act 11-100 (effective October 2011), requires licensed precious metals dealers to pay for purchases only by check or money order — never cash. In fact, a dealer who pays cash for precious metals is committing a class A misdemeanor. Connecticut is one of the few states with this requirement, designed to reduce fraud and help recover stolen items.