In this paper, we carry out a comparative study of the efficacy of wavelets belonging to Daubechies and Coiflet family in achieving image segmentation through a fast statistical algorithm.The fact that wavelets belonging to Daubechies family optimally capture the polynomial trends and those of Coiflet family satisfy mini-max condition, makes this comparison interesting. In the context of the present algorithm, it is found that the performance of Coiflet wavelets is better, as compared to Daubechies wavelet.