Why Should I Get My Collectible Items Appraised?

Why Should I Get My Collectible Items Appraised?

If you suspect that your collection—be it coins, jewelry or antiques—has any sort of value, you should get it appraised as soon as possible. Knowing what your collection is worth not only enables you to protect the collection, but also gives you an idea of your total assets. This is especially important when making wills or deciding whether it’s time to sell off some of your heirlooms. Even if you find out that your collectible items are worth less than you imagined, you’ll have a better idea of exactly what kind of protections and safeguards you might need.

Here are a few reasons to get an appraisal in Mill Valley, CA for your collectibles and valuables:

  • Protection for you and your items: Unfortunate things can happen to your prized possessions, such as fire or theft. In order to collect on any insurance claims, you’ll need to know how much your collection is actually worth. Keep in mind that homeowners insurance usually caps the amount they’ll pay on valuables, so you may need a separate policy.
  • Know their value in case of sale: Occasionally, we need extra money, and many Americans turn to reselling their valuables, especially engagement rings or wedding silver from former marriages. Knowing what your items are worth ensures that you won’t be taken advantage of by savvier buyers.
  • If you inherited them: If you inherit valuables and then later sell them, you may be subject to a capital gains tax. It’s important to get a “date of death” appraisal so that you’re not subject to more tax than you would have paid otherwise.

Keep in mind that there are two types of values: fair market value, or what a person would be willing to pay for the item, and retail replacement value, which is the highest amount it would take to replace it with a similar item.

How to find an appraiser

To find a professional appraiser, start with one of the three main appraiser organizations. These are the Appraisers Association of America, the American Society of Appraisers and the International Society of Appraisers. You’ll want an appraiser who has expertise in your particular item—don’t take your vintage comic books to a sword appraisal specialist.

An appraiser will charge for their time, and it should be a flat fee or hourly rate. If you find an appraiser who charges a percentage of the item’s value, avoid them. This is a conflict of interest and the three aforementioned organizations do not allow the practice.

Collectible appraisal in Mill Valley, CA

Collectible Coins & Jewelry offers appraisals in Mill Valley, CA for a variety of items. We’re one of Northern California’s leading precious metal and collectible buyers, offering the highest prices and payment on the spot. Our safe, convenient physical location and high-quality, courteous customer service is designed to make you feel comfortable and confident—you can always trust us to be honest and fair. Give us a call or stop by today to see what your collectibles are worth!

Leave a Reply