c. 1600 "act of estimating the quality and worth of something," from French appréciation, noun of action from apprécier (14c.), from Late Latin appretiare "estimate the quality of" (see appreciate).
Generally with a sense of "high estimation" after c. 1650; sense of "a rise in value" is by 1784; that of "act of setting a value on" is from 1799. Meaning "expression of (favorable) estimation" is from 1858. There is an isolated use of appreciacioun in Middle English (c. 1400) of uncertain meaning.