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Three Reasons Why it’s Not Possible to Provide Free Coin Appraisals

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Three Reasons Why it’s Not Possible to Provide Free Coin Appraisals

You might be familiar with the term, if it’s “free, it’s me.” The word “free” is probably the most utilized word by marketers and marketing companies. We all like the idea of receiving something that’s not going to cost us anything, but for those of you who own a business or are in the business world, you know that there’s nothing that’s truly free.

You might say, well…what aboutdo it cheaper - coin appraisal Facebook, Instagram, TikTok, YouTube, Google, etc.? You’ve probably noticed that these platforms are littered with advertisements, and for those that aren’t blatantly advertising to you, they’re likely collecting your data, including preferences, and selling this information to marketers.

As a high-volume business, we see numerous customers a day. If we work 50 weeks a year, meet with customers five days a week and on average see eight customers a day, it’s a safe assumption that we see close to 2,000 customers a year. Albeit some are regular customers, we’re still meeting with a good bit of people. At the time of this writing, we’re going on our 14th year in business, so it doesn’t take a math major to figure out that we’ve met with tens of thousands of people while we’ve been in business.

This is truly a blessing, and we wouldn’t have it any other way, but because of the volume of people we see, we need to prioritize appointments, which makes requests for free coin appraisals difficult, if not impossible. We’re going to run through a few reasons why we can’t offer this service, but do have plenty of alternatives, such can be found on our coin appraisal page.

Income Producing Appointments

As a small family-owned business with low overhead and a limited staff, we need to be prudent with the use of our time. While we’re happy to respond to email requests and answer questions from our callers, most of our activities need to be focused on generating income oragcb submissions email revenue. Maybe this makes us greedy capitalists, and if that’s the case, so be it, but our assumption is that you would be hard pressed to find a business that has the bandwidth to provide free services to their customers.

Furthermore, we hear from over fifty people a day via email, contact forms, or through phone calls. This is a large volume of people, so we need to be somewhat particular with the appointments that we schedule, as there is only so much time in the day. Not only do these appointments need to be income producing, but the transaction amount needs to meet a certain threshold, as we’re in an industry that has tight margins.

Our focus on income producing appointments unfortunately doesn’t allow us to schedule free coin appraisals, nor does it give us the latitude to provide free updated pricing to folks that we’ve previously done business with. We have a few previous customers that occasionally contact us for updated pricing information on items that they’ve purchased from us or for coin appraisals that we’ve prepared in the past. This creates some challenges, as we want to assist, but are only capable of so much.

In these situations, we’ll provide general pricing information as a courtesy, but unfortunately aren’t able to provide an in-depth updated appraisal of the coins without some sort of compensation. Granted, the size of the prior transactions, or the frequency with which we see customers certainly comes into play. There are a handful of customers that we consistently meet with, have been long-term customers, and have made investments in the six figures. These are the people that have helped our business become a success, so there’s going to be preferential treatment for these folks. You know who you are if you’re reading this article. Think of Michael Jordan with the Chicago Bulls or Lawrence Taylor with the New York Giants. Yes – everyone is supposed to be treated equally – it’s just that their equal treatment looked a bit different than everyone else’s.

Time Constraints

As mentioned above, we’re a high-volume coin dealer and see a substantial number of people every year. In fact, during our busiest times of the year, including the last month and a half of the year and anytime a major catalyst causes a flood of demand for gold and silver, we oftentimes find ourselves in back-to-back appointments all day long.

Again, this is a great problem to have, and in no way are we complaining, but this doesn’t leave time to do everything else that allows our business to continue to operate. Responding to email requests, answering phone calls, inventorying items we purchase, finding the right market for the items, selling coins, marketing, writing articles, etc. all takes time that involves an after-hours and weekend commitment when we’re unable to get to it during regular business hours.

While we’re happy to assist customers with appraisals, our primary focus is on buying and selling coins and bullion, which is the most profitable use of our time. Since most customers interested in conducting transactions prefer morning to early afternoon appointments, we schedule coin appraisals for later in the afternoon, as they typically take longer than transaction appointments, and we want to dedicate enough time to conduct a thorough evaluation of the coin collection.

At our busiest times of year, we may have limited ability to perform coin appraisals, but again, always do our best to accommodate folks. What has worked well recently is that some of our customers have dropped off their collections early in the morning or later in the afternoon, which gives us the ability to evaluate the collection incoin appraisal black friday between appointments and as time permits. If you’re the least bit concerned about this arrangement, know that we’ve been in business for nearly 14 years, have a stellar online reputation, an A+ rating with the Better Business Bureau and are members of the industry leading organizations that promote integrity and honesty.

Other Business Operations

Getting back to our main topic, when we’re performing coin appraisals, this is time that we need to take away from other income producing endeavors. Of course, we’re compensated for our time when conducting coin appraisals, but other activities tend to generate higher levels of income. Taking it one step further – if we were to offer free coin appraisals to new or prior customers, we are foregoing any type of income for these activities. Again, those customers that have been with us from the beginning or for many years of course are always going to receive preferential treatment, just like superstars in sports.

As I’m writing this article, it’s after 6:00 pm on a Sunday. While I love what I do, I also have a family, and love them more than my job. Whenever we conduct appraisals, the time that we take away from other operations needs to be made up somewhere, and that’s oftentimes after hours. It’s a fine line between owning a business, keeping our customers happy and having a work life balance, so we hope that our comments are taken in the right context.

This also means that if you purchased coins from us six years ago and are approaching us for updated pricing information, without the intent of selling your items, we’re more than likely going to refer you to our buy rates page as opposed to updating an itemized spreadsheet. This isn’t being dismissive, nor does this mean that we don’t appreciate your business. It’s simply a matter of prioritizing our time and available capacity.

On a positive note, once we’re past our busy season, our schedule opens up and it allows us to perform more coin appraisals. We occasionally receive requests for coin evaluations from out-of-state customers due to our reputation, and again, are happy to accommodate to the extent that our schedule allows. Not surprisingly, requests for travel to beautiful beach towns somewhere along the panhandle of Florida will take precedence over traveling to the Mid-West or Northeast in the dead of winter.

A Solution

Considering the large demand for coin appraisals and valuations, and the desire to know how prices have changed (hopefully increased) over time, we’re in the process of creating a subscription plan that will allow you to receive updated pricing information at a fraction of the cost of your original appraisal, assuming that the original appraisal was conducted by us.

If it wasn’t, your first appraisal with us will be at the standard rate and subsequent updated appraisals will be at a lower cost. This assumes that we are provided with a copy of the original appraisal and the updated evaluation can be completed remotely.

We recently wrote an article on the frequency of coin appraisals, and considering the demand, we’re going to be offering our customers a quarterly, bi-annual and yearly subscription plan. While we charge $250 an hour with a one hour minimum for initial appraisals, our rate on subsequent appraisals is $200 an hour with a one hour minimum. If you choose the quarterly or bi-annual subscription, not only will we charge a reduced rate of $200 an hour, but we will also pro-rate our fee in 15-minute increments. In other words, if you have a small straightforward collection, your quarterly or bi-annual appraisal can be as inexpensive as $50. This is a nominal expense and should be well below our recommendation of limiting your appraisal fee to 5% of the appraised value of the collection.

This is an exciting new venture for us and we believe that it fills a need in the industry that is lacking. While we can’t promise that every coin appraisal is going to be more valuable than the last, we suspect that over time you’re going to see a healthy increase in the value of your gold, silver and numismatic coins.

Furthermore, these investments tend to perform well during periods of high inflation and in times of uncertainty. Needless to say, there’s plenty of both going around these days.

Contact Atlanta Gold & Coin Buyers today, one of the leading coin appraisers  in the Southeast and beyond, to schedule your initial coin appraisal, subsequent appraisal, or to sign up for an annual membership. We look forward to hearing from you and helping you to keep track of your investments.

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Picture of Tony Davis
Tony Davis
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Tony frequently writes on various economic and numismatic related topics affecting the coin and bullion markets and has been published on some of the industry’s leading websites, including Coin Week, the American Numismatic Association, Coin Collector, Coinflation, and Coin Auctions Help, just to name a few. Visit Atlanta Gold & Coin’s website at atlantagoldandcoin.com to obtain additional information on the products, services and educational resources offered by his company. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744

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