If your parent was a coin collector and has recently passed away, there's a good chance that you and/or your siblings may inherit their collection. While there are lots of things to do in the wake of a loved one's death, one thing that you'll want to think about is having an appraiser look at the coin collection. Find a licensed and experienced appraiser in your area and visit them with the collection of coins. They'll carefully go through the collection and provide a detailed record about what each coin is worth. Here are some reasons to get your inherited coin collection appraised.
To Sell
While you and your siblings may have some sentimental attachment to the coin collection because it belonged to your parent, there's a possibility that none of you are interested in coins. In this scenario, it may make sense to sell the collection. Provided that all of you agree that doing so is the right approach, you can earn money for the coins that you can use however you wish. In order to sell the collection, you want to know what everything is worth. An appraisal will give you a clear idea of the value of the coins so that you can sell them at fair value.
To Divide
If you and your siblings are interested in keeping the coins, you'll likely want to divide them among yourselves. A simple way to divide the collection is to do so according to value. To be able to do this, you'll need to know what the collection is worth. For example, if the appraiser appraises the collection at about $30,000 and you have two siblings, it makes sense for each of you to keep about $10,000 worth of coins. Without knowing the appraised value, it's possible that you'd divide the collection among yourselves unevenly.
To Insure
If you believe that the coin collection you've inherited is worth a lot of money, you'll want to insure it against theft. Should someone ever break into your home and steal the coins, having them insured will allow you to recover their value. Your insurance company will need to know exactly what the collection is worth before it can give you a quote for insurance. An official appraisal from a licensed appraiser will provide the insurance company with the information it needs. Look online to find a coin appraiser in your area.
Contact a company like Treasure Island Stamps and Coins to learn more.
Share9 August 2022
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