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Tuesday, April 11, 2006

Silver Coin Appraisal

Silver coin appraisal is very important to ensure that you know the real and true value of your silver coins, especially if they are rare and unusual.

In you have a significant silver coin collection then a regular appraisal is important for insurance purposes. A loss through fire or burglary can be devastating both financial as well as emotionally and, while insurance cannot compensate for the emotional loss, at least it can compensate you for the financial loss you may suffer. Therefore it is quite important that a proper appraisal of your silver, and indeed, any other valuables you may have, is done to establish the true value of your coin collection.

The Antiques Roadshow cannot be everywhere so you will need to take your coins to a professional coin dealer who is also a member of a respected coin association in your country and get them to appraise the coin or coin collection.

You will have to pay for this service but the small amount you pay is worth it to get a proper assessment of the value. You will need to ensure that you get a written statement that fully describes each coin and the estimated value as of that date.

Sometimes you can seek the coin(s) you have online and see what online dealers are charging for them. That gives you some idea of the value. Keep in mind however that dealers will add their own mark up to the price so you would not get the amount a dealer is asking for.

Another aspect to be mindful of is the condition and quality of the coin. Silver coins are graded according to a specific system and your coin will fall somewhere on that grading system. This system is also easily found on the net.

Lastly keep in mind that coins in sets of coins and proof coins generally are worth more than single coins.

It pays to do your due diligence and shop around. This is really a part of your silver coin appraisal.



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