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Question DetailsAsked on 2/21/2014

where can i go to get jewelry, silver and coins appraised

i have a silver service set from my grandmother as well as other heirlooms that i would like to have appraised. who is the best person to do the appraisal? a jeweler? a pawn shop?

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2 Answers

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With the price of Precious Metals as fluctuating as it is , I would suggest that you consider taking your valuables to several locations for an appraisal . A jeweler can appraise your jewelery , a Pawn shop can appraise all of it, and a numismatist, aka a, coin dealer (hope my spelling is correct) is best for appraising the value of coins. Once you have accomplished visiting these numerous outlets , and you gotten the evaluations , head back to the outlet who gave you the best price or prices for the entire lot, providing of course that you care to liguidate your valuables . I recently liguidated some silver , and what I thought was 99.9% pure silver turned out to be sterling silver.... which did not produce the $$$ I had anticipated. Good luck

Answered 5 years ago by BentheBuilder

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You need to consider what you want it "appraised" for:

1) if for resale value and you intend to sell it, then Don's suggestions - take to a few jewelers, pawn brokers, coin dealers and ask what they will give you for the lot (of the type of items they deal in) - you don't really care what the "appraisal" is, just what you can get for it.

2) if for insurance purposes, then contact your insurance company for names of appraisers they will accept. Normally they will accept an appraisal from established jewelry stores on jewelry, and established coin and stamp dealers on coin and stamp collections. Heirlooms, antiques, etc they may want a formal appraisal from a certified appraiser, or may accept a valuation from an antique store or dealer. They generally will NOT accept a pawn shop valuation.

3) if for Estate tax purposes, then if getting appraised you need to get it formally appraised by a certified appraiser in accordance with strict IRS rules on appraisal. You could pay a jeweler, antique store, etc a nominal amount to tell you if it is of siginficant value and if not then disposes of by sale (which becomes the valuation), or if they say certain items are valuable, then get only them appraised. Item by item formal appraisal can be very expensive - typically $20+ range for jewelry, $250+ for a nominal coin or stamp collection, etc. IRS will NOT accept a pawn shop valuation. The key is, if you are going to sell them anyway, you do not need a formal appraisal - have an local semi-expert in the respective field look them over and identify anything of significant value for appraisal, then auction the rest, trying to get buyers for those specific type of items through newspaper ads and listing on websites and newsletters for collectors of that type item, so you get decent prices. The sale price, assuming held within reasonalbe time period of date of death, then becomes the valuation amount, as the "market price" as established by auction.

4) Since you said heirlooms, I would find a local formal appraiser for antiques and heirloom items - commonly they will give you a once-over in-home for $150-250 for say a few dozen items, and tell you which ones merit a detailed formal appraisal or are worth insuring - then $25-100/item typically at least for appraisal - truly valuable items they tend to charge 1-2% of valuation for, so can really add up.

Answered 5 years ago by LCD




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