This exploratory and qualitative study examined the appraisal practices of archivists in university special collections, including how archivists define appraisal, decide what to keep and discard, apply a collection policy in their decision process, and contend with problematic aspects of the practice. The first part of this study examined the special collection policies of member libraries of the Association of Research Libraries in the United States. The collections' policies were analyzed using content analysis. The second part of the study explored the results of semi-structured interviews with archivists who conducted appraisals for their university special collections. Interview transcripts were analyzed using open coding, a method taken from grounded theory. The study found that appraisal is a complex, deeply interpersonal, and emotionally demanding task. Two central themes that emerged from the research were the significance of donor relations and the central role of collection policies. This study has several implications for the archival field. First, it found that archivists did not believe they were using any theory in their appraisals. However, the archivists were engaging in archival theory such as using a collection policy. This suggests a disconnect between education and practice. Conversely, the central role of the collection policy indicates that the field places more emphasis on this dimension. This study also found that the relationship between donors and archivists can be more complex than the literature suggests.