Detailed Answer — How to value Pokémon cards when preparing Iowa estate paperwork

If you are the personal representative (executor/administrator) of an estate in Iowa, you will often need to identify and value the decedent’s assets, including collectibles such as Pokémon cards. Iowa probate law requires the personal representative to collect and account for estate property as part of the administration process; see Iowa probate law (Iowa Code chapter 633) for an overview of responsibilities: https://www.legis.iowa.gov/law/iowaCode?chapter=633. The Iowa Judicial Branch also provides public information about the probate process: https://www.iowacourts.gov/for-the-public/representing-yourself/probate/.

Follow these steps to produce a defensible valuation:

1. Inventory the collection thoroughly. Separate cards by set, year, edition (1st edition, shadowless, base set), condition, and whether they are graded (PSA, Beckett, CGC, etc.). Photograph each card or representative groups of common cards. Document any original packaging, binders, or associated accessories.
2. Determine the valuation date. For probate inventory purposes the relevant date is usually the decedent’s date of death unless the probate court orders otherwise. For federal tax purposes, estate tax valuation is generally the date of death (IRC rules); if federal estate tax issues arise, consult tax guidance. IRS Publication 561 explains valuation principles: IRS Pub. 561.
3. Research the market for comparable sales. Use recent completed sales (not just listing prices) from reputable marketplaces and auction sites. Useful sources include:
   • Completed eBay sales (filter by “Sold”)
   • TCGplayer market price history
   • Heritage Auctions, PWCC, or other auction houses for high-value cards
   • Grading company price guides and recent sale reports

   Record dates and prices of comparable sales and note differences in condition or grading.

4. Adjust for condition and grading. A graded PSA 10 or Beckett 9.5 will generally sell for far more than the same card in raw/ungraded condition. Learn the effect of condition on price and use the same grading standard when comparing like items.
5. Use appraisals for high-value or disputed items. If the collection includes cards worth hundreds or thousands of dollars each, consider hiring a professional appraiser who regularly values trading cards or collectibles. An appraiser will provide a written report you can file with the court or provide to beneficiaries. When you hire an appraiser, ask for a written, dated report that states the valuation date, methodology, and comparable sales used.
6. Document everything for the court file. For probate you should keep a written inventory, copies of supporting sale data or appraisal reports, photographs, and receipts. If beneficiaries question valuations, solid documentation reduces the likelihood of disputes. Iowa courts expect the personal representative to account for estate assets and may require documentation in contested situations (see Iowa Code chapter 633: https://www.legis.iowa.gov/law/iowaCode?chapter=633).
7. Consider distribution and tax consequences. Valuation affects estate accounting and any potential estate or income tax basis for heirs. While Iowa’s estate tax has changed over time, federal valuation rules remain relevant; consult a tax advisor if the estate approaches federal thresholds or if heirs plan to sell the cards.
8. Be transparent with beneficiaries. Share inventory lists, photos, and valuation sources. If beneficiaries plan to keep specific cards, you can document an agreed-upon fair market value to simplify distribution and accounting.

Example (hypothetical): Jane Doe died owning a binder of 3,000 Pokémon cards, including a graded PSA 10 1st Edition Charizard. Her personal representative photographed the collection, separated the graded cards, researched recent PSA 10 Charizard sales on auction sites, obtained a written appraisal for the top 10 high-value cards, and filed an inventory with the probate court listing values and attaching supporting sales data. That documentation made the distribution to two heirs straightforward and reduced the chance of dispute.

Helpful Hints — Practical tips for valuing Pokémon cards for an Iowa estate

• Start early. Market values can change quickly; begin research as soon as you have access to the collection.
• Keep originals and avoid handling graded cards unnecessarily—handling can harm value.
• Use multiple sources for comparables; one sale doesn’t set a rule for value.
• For many small or common cards, bulk values (e.g., bulk commons valued by pound or lot) may be sufficient rather than item-by-item pricing.
• Get written appraisals for items that individually exceed a few hundred dollars or whenever you expect challenge by heirs or creditors.
• Maintain a chain of custody for items and documentation so the probate court and beneficiaries can verify authenticity and condition.
• If selling through auction houses, allow for seller fees when assessing net value to the estate.
• Consult an Iowa attorney if the estate is complex, the value of collectibles is substantial, or beneficiaries disagree about valuations.