How do you get coins appraised without getting ripped off?

Getting coins appraised without getting ripped off starts with one idea: a coin's value comes from two very different places, and a trustworthy appraiser will tell you which one applies to your coin and why. The first is metal content, or melt value, which is what a silver or gold coin is worth as bullion at today's spot price. The second is numismatic value, which is what collectors will pay for a coin because of its rarity, date, mint mark, condition or a known minting error. A common pre-1965 silver dime is a melt coin; a key-date Morgan dollar in high grade is a numismatic coin. Knowing which bucket your coins fall into tells you how they should be evaluated and protects you from a buyer who deliberately blurs the line.

Questions to ask any coin buyer

• Do you publish your payout rate? A promise of "top dollar" means nothing. A buyer confident in their pricing will state a percentage of spot for bullion and explain how they arrive at numismatic offers.
• Will you test and weigh in front of me? For an in-person sale, watch the scale and the test. For a mail-in sale, ask whether the evaluation is documented so you can see the same information.
• Are there fees? Appraisal fees, handling fees and shipping charges quietly shrink an offer. Legitimate buyers evaluate for free.
• Can I verify your track record? Look for a real business address, a licensed dealer, and reviews on independent platforms you can read for yourself.
• What happens if I decline? You should get your coins back promptly, insured, at no cost.

Red flags

Be cautious of pop-up hotel buying events, pressure to decide on the spot, offers quoted as a single lump sum for a mixed lot without a breakdown, and anyone who declines to tell you whether a coin is being valued as metal or as a collectible. A buyer who treats a rare date as melt is underpaying you; a buyer who dresses up a common coin with collector language may be setting up a low offer on the rest of the lot.

When to get a second opinion

For ordinary silver coinage and recognized bullion such as American Silver Eagles, pricing is transparent: weight, purity and spot, with silver currently around $57.33 per troy ounce. A second quote is easy and quick. For anything you suspect is rare, an early date, a coin with an unusual mint mark, an obvious error, or a piece in exceptional condition, it is entirely reasonable to have it looked at twice before you sell, or to have it graded by a third-party service if the potential value justifies the cost.

How we do it

We publish our payout rates, evaluate for free with no obligation, and tell you plainly whether each coin is being valued for its metal or its collector appeal. Our mail-in program covers all 50 states with insured shipping both ways. Start a free coin evaluation here, or request a mail-in kit and send your coins from home.