A licensed appraiser is neither interested in buying nor selling a personal property estate. When next of kin bring in a personal coin collection of their loved one to sell at NwPlaza Coins, they receive a free valuation of the coins based on Fair Market Value defined by the IRS Treasury Regulation 20.2031-1 which states: “The Fair Market Value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under compulsion to buy or sell, and both having reasonable knowledge of relevant facts.” We search 6-month trending prices of what the same or similar coin has sold for and generally determine a value based on these findings.
We realize courts sometimes require an appraisal of a coin collection from a licensed Personal Property Appraiser. These appraisers often specialize in art and antiques but rarely specialize or have broad knowledge of coins. Court approved Personal Property Appraisal services from third parties can start at $125/hour which can be costly for a family trying to get the most from the collection left to them. Trustees are reportedly dividing the coins among family members to avoid appraisal fees. Attorneys have been frustrated with Personal Property Appraisers whose fees can exceed the value of the collection itself. In some cases, attorneys are suggesting to their clients to come to an agreement on a buyer of their loved one’s collection to avoid the costs of an appraisal. If an appraisal is received, the process of finding a buyer is an added frustration. Family members are left with the task of searching for a buyer that offers a price close to the appraised value.
At NwPlaza Coins, we are licensed coin buyers with years of experience collecting coins, researching values and opening a shop that offers collectors a positive place to buy/sell/trade coins. Our clients can schedule private appointments Monday – Friday for us to review their collections in-store. NwPlaza is an accredited member of several Numismatic Associations and has high ratings both locally and as a trusted Worldwide seller of authentic coins and precious metals.
We always encourage our customers to be educated sellers by reviewing the Fair Market Coin Values database linked on our website at http://www.nwplaza.com. Here are a few additional steps we recommend:
- Know what’s in the collection. Familiarize yourself with the lot of coins you have.
- Separate collectible coins from common coins. Likewise, higher valued coins like historic gold might be good to send in for third party authenticating and grading.
- Research dealers in the area and read customer reviews.
- Visit a coin shop to chat with them about coins and decide if they’re who you want to do business with.
If a costly appraisal is not mandated by the court, a helpful alternative might be a free coin valuation. Seek the advice of counsel if you have legal concerns regarding an estate and discuss all options with your family. For questions about selling your family’s coin collection or to schedule an appointment, we invite you to stop in this weekend at NwPlaza or call us anytime.