Numismatic Appraisal in the DMV

Three Different "Values" for the Same Coin

A coin can carry three legitimately different values depending on the purpose of the appraisal, and understanding which one you need determines the entire engagement.

• Fair Market Value (FMV), what a willing buyer would pay a willing seller in a normal transaction. Used for estate tax filings, charitable donations, and divorces. Usually based on retail comps minus modest dealer markup.
• Replacement Value, what it would cost to replace the coin from a reputable dealer today. Used for insurance riders and scheduled property coverage. Usually highest of the three.
• Liquidation Value, what you’d actually net selling today, in your time frame. Used for informed-sale decisions. Usually lowest of the three.

A working numismatic appraisal report from Hicks Coins states explicitly which value standard was used and why. This matters because an estate tax appraisal using replacement value (the wrong standard) overstates the estate and creates needless tax exposure, while an insurance appraisal using liquidation value (also wrong) leaves the collector underinsured.

What’s in a Proper Appraisal Report

The reports I produce include: appraiser credentials and signature, intended use of the report, value standard (FMV/replacement/liquidation), inventory listing with date/mint mark/grade for each coin, photographic documentation for higher-value items, the comparable sales and reference sources used to set each value, an aggregate total, and the effective date of valuation. That last item matters, coin values move with metals markets and require a clear effective date.