Learn What To Do When You Inherit A Coin Collection

Posted on

When a family member passes away and you inherit their belongings, there are often times when you may not know the value of the items that you inherit. If you have a loved one who collected rare coins, there is a good chance that the coins they have in their collection are worth a lot more than the face value of the coins. If you have inherited rare coins, use the following guide to learn what to do with them.

Keep the Coins Secure

When you inherit a large amount of coins, it is important to keep them secure and you may want to avoid telling everyone you know that you inherited them. Some coins can be worth a lot of money and could cause someone to want to steal them from you. It is best to keep the fact that you inherited the coins to yourself until you get a chance to find out what they are worth.

They are often stored in containers or books to keep them safe from damage. Leave the coins in the storage vessels to ensure that they are as safe as they can be at all times.

Have the Coins Appraised

You need to take the coins to an appraiser at a shop like Rogue Valley Coin & Jewelry to find out what they are worth. The appraiser will be able to look at the coins, tell you if they are authentic, and then tell you what they are worth. There are some collector coins that need proof of authenticity to make them worth as much as they could possibly be worth. If you do not have the certificate of authenticity for the coins, you may have to pay a fee for the appraiser to prove the authenticity the coins.

Insure the Coins

When the coins are appraised, the appraiser will give you two values for the coins. There will be a value for the amount each coin is worth if you sell them and a value for what you should insure them for with your homeowner's insurance company. The two values are different because the cost to replace the coins may be more than the cost to sell them depending on their value when they are lost. The value of coins can fluctuate from time to time.

It is best to get the coins appraised as soon as you can so that you can properly insure them right away. Once the coins are insured, be sure to store them in a safe or safe deposit box.