While you may only be collecting gold coins as a hobby and are not interested in selling your set for profit, it is still a good idea to periodically have your collection of gold coins appraised. Why this is necessary if there has been no addition or change to your collection, and what is involved in the appraisal process?

Getting your gold coins evaluated is something that should be done at least every six months. This allows you to keep track of changing values of individual gold coins, verifying the net worth of your collection. This is important partially because there may come a time that you do wish to sell your collection of gold coins. However, even if you don't, you really should have an inventory of your collection, complete with values so that you can quote someone intelligently should they ask how much your gold coins are actually worth.

Also, having your gold coins appraised gives you a solid number that you can take to an agent and have your gold coins insured for a specific amount. Knowing exactly what they are worth will give the adjuster a better idea of where to begin with your insurance quote in terms of value. If your collection is worth $50,000, you obviously don't want to purchase a $5,000 insurance policy on your collection. On the other hand, you don't want to overpay, so getting an appraisal for your gold coins can be of great assistance to you.

Lastly, if you plan to pass this along as a family heirloom, you'll want to have details on its value. A collection of gold coins left to an individual in a will should have a somewhat recent appraised value (hopefully accurate within a year) so that your heirs know what they actually have in possession.