5 Signs You Should Grade Your Coins
If you're a coin collector, you may be wondering if your should get your coins graded and certified. Ultimately, the choice depends on your personal objectives. Here are five signs you should consider coin grading and certification.
1. You Want to Sell the Coins to a Private Collector
In some cases, having certification from an established third-party coin grading expert can make it easier to sell the coins. Some private collectors may be willing to evaluate the coins on their own, but if you are selling them online, to a pawn shop, or to any other non-expert, it may help to have certification attesting to their value and quality.
2. You Aren't Sure of the Value of Your Coins
If you've inherited coins or otherwise acquired some rare coins, you may be wondering what they are worth. Knowing their value can help you determine if you want to keep or sell the coins, and it can give you insight on how well you need to protect them.
Grading systems are quite detailed, and depending on the system that your grader uses, your coin may be judged to be poor, fair, almost good, good, very good, fine, or an even higher grade. Some coins can even be rated as "brilliant uncirculated", and those are usually very valuable collector's items. However, in other cases, graders may give your coins a score from 1 to 70.
That said, third party grading does cost as fee. As a result, you may not want to pay that fee unless you're sure that your coins are worth at least something. If you're pretty sure that the coins aren't worth much, you may want to do a bit of online research to establish a preliminary value before opting for professional grading services.
3. You Want to Insure the Coins
In most cases, your coins should be covered by your homeowner's contents coverage or your renter's insurance. However, if your coins are extremely valuable, you may want to add additional coverage for them to your policy. In fact, when it comes to anything out of the ordinary or exceptionally valuable, extra coverage can help.
However, your insurance agent may not just take a stated value for the coins. If your insurer wants proof that the coins are the value you say they are, it may help to have an official grading, valuation, and verification done.
4. You're Thinking About Creating a Registry Set
A registry set is a set of coins that has been registered with a registry service or a collector's society. If you have a large and valuable collection of coins and you want the set to be publicly registered, you may need grading for that to happen.
With a registry, you can compare your collection to other people in the registry, and the listing can also help with insurance purposes. In some cases, having a registry can also make your collection more valuable.
5. You Want to Slab Your Coins
Slabbing is when your coins are put into a special display case, and you attach notes and other documents from experts on their value. When you have a slabbed coin, it is easier to sell because buyers want these types of coins.
Buyers feel like slabbed coins are less of a risk than loose coins. Some collectors also just like to slab their own coins for display and valuation purposes. For example, you may want to display the coins and have a framed grading document next to them.
To learn more about when and why you may want to pay for coin grading, contact a coin grading specialist today.