Coin Valuation for Probate: Sovereigns, Collections and Medals

Photograph the collection as you found it, keep any albums, cabinets and packaging intact, and do not clean anything — cleaning removes value from a collectable coin. Send us the photographs and a rough idea of the size and type of the holding, and we will identify a numismatic specialist who can assess it. The valuer separates bullion-grade coins, which are calculated from their metal content on the date of death, from collectable pieces, which are evidenced against comparable auction results. The report gives an itemised Open Market Value for the estate.

A full Sovereign contains roughly 7.3 grams of fine gold and a half Sovereign about half that, so both have a bullion floor tied to the gold price on the date of death. Most circulated Sovereigns of common dates are worth close to that floor. Scarce dates, branch mint marks such as Sydney, Melbourne or Perth, proof strikes and coins in exceptional condition can be worth several times their metal value. The only way to know which category a particular coin falls into is to have the date, mint mark and grade identified by someone who works in the market.

Yes. Krugerrands, Britannias and similar modern bullion coins are held for their metal content, so they are valued from their fine gold weight against the London bullion price on the date of death, plus the small premium the market pays for recognised coin form. Collectors coins are valued from comparable sales of the same date, mint and grade. A probate report should show the two separately so the personal representative can see how each figure was reached.

Medals form part of the estate and need a value even where the family has no intention of ever selling them, which is the position most families take. There is a technical exclusion to check: decorations awarded for valour or gallant conduct, and certain awards made to armed forces and emergency services personnel, may be excluded property for Inheritance Tax under section 6 of the Inheritance Tax Act 1984 provided the award has never been sold or otherwise disposed of for money or money's worth. It does not cover medals bought on the collectors' market. Ask the estate's solicitor to confirm the position, and have the medals identified and valued either way so the estate records are complete.

It depends on how the market would sell it. Individually significant coins are listed and valued separately, while a date run, a complete proof set, a medal group or a mixed cabinet of modest material is normally valued as a single lot because that is how it would be offered at auction. A set can be worth more as a whole than the sum of its parts, and HMRC may query a valuation that splits items which would ordinarily be sold together. The report should make clear which figures are individual and which are grouped.

Often not. Modern commemorative issues and proof sets are usually produced in large numbers, and the secondary market for recent releases is thin, so many resell below their original issue price. The exceptions are low-mintage issues and older sets in perfect condition with their original packaging and certificates. A purchase receipt records what the deceased paid, not the Open Market Value on the date of death, so the estate figure should come from current market evidence instead.