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Mailing coins -help :-/
Brontobrat
Posts: 11 ✭
This may not be the correct board, but since it relates to selling coins, I’m posting it here. We have 2 rare coins that we are considering selling via consignment with a coin dealer. We live quite a distance from them, so this requires that we mail these coins to the dealer. We are having a difficult time wrapping our heads around shipping off $35k worth of coins to someone we don’t know. How common is this practice? Would you do it? (You can tell we are tota noobs).
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I would take a few moments to reflect on what you are considering. How well do you know the dealer? Does he/she have a solid history? Is he/she well known in the Industry? Who do you know that has had successful dealings with him/her. 2 coins worth $35k are not a casual consignment, those are the type coins that should go to someone with a history of handling big ticket items. Not casting aspersions on anybody but picking the wrong dealer to handle your consignment could cost you thousands of lost dollars. If you are having a hard time wrapping your heads around the deal, best to relax and take your time , do the due diligence , and get a better feeling of comfort before sending anything. Just my opinion.
Bob Sr CEO Fieldtechs
The dealer should have an account with an appropriate shipping company AND the appropriate insurance for such an occasion. Dealer should provide the shipping label, even if you have to pay to ship.
I would HIGHLY recommend video taping the contents as you package and seal the package.
great advice ... due diligence on the dealer is critical for $35K consignment. You could also ask members privately for their experiences and views.
Top 10 Cal Fractional Type Set
successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)
Good advice above. If you were sending me those coins, I would provide very specific shippings instructions and the insurance would be covered and not an issue.
It’s not the insurance issue- I get how they would be covered. It’s just having an item leave our possession to go to a stranger with no receipt/record of transfer. We may have to hop a plane ✈️
Do you not have any relation with the dealer you are sending them to?
Actually, the shipping/insurance/record of what you sent.......AND can you trust the dealer.... are all points, that I would consider.
How long has the dealer been in business? Brick & Mortar shop? PNG member?
Contact the Better Business Bureau in the dealer's state.
.......and....if none of the above is available, provide the dealer's name here.
Good luck !!!
You can also post what the two coins are (type, grade & grading service) and I bet you will get several excellent recommendations. Good luck with your sale and welcome !
Top 10 Cal Fractional Type Set
successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)
Hi Brontobrat :
Once you have confirmed a dealer you feel comfortable with, Getting the coins to them is another issue. The Post Office has a registered mail process, It is the same process they have for handling Criminal evidence for the FBI. It is signed for by each transfer , ie signed at pickup, signed for by driver, signed for by transfer station, signed for by deliverer. and insured. The problem is, you have to prove the contents and value in the event of a loss. I keep the box open with a value receipt printed until I get to the Post Office. I take a pic of the item in the box on the counter in front of the P.O. employee and a pic of them sealing the box, and a pic of the receipt. I have used this process almost a hundred times. I don't know if the evidence is sufficient as I've NEVER had a package lost or damaged when doing this. I ship flat rate box and it usually takes a couple of days longer to get to destination. By the way, there are a number of well qualified dealers right here on this board who are well known and respected, more than capable and qualified to handle your coins.
Bob Sr CEO Fieldtechs
We have already done this and have gotten a recommendation. I’m sure he has a stellar reputation on this forum and is most likely an honest man. What we are struggling with is that we don’t know him and he is about 2k miles from us. IF something were to go wrong or he was not honest, what would our recourse be? We plan to contact him today and discuss it.
How do you know these 2 rare coins are worth $35 K?
Assuming you are comfortable with the dealer, You can send up to $50k worth of coins by registered mail.
Any major dealer is going to have 3rd party insurance which covers well more than 50K by registered mail.
Coin Rarities Online
@calgolddiver and @davewesen - read the other thread, the coins will make your jaw drop!
@Brontobrat - your dealer should provide shipping/insurance information (as several have said). If you ship USPS, definitely registered mail - do not put any plastic tape on the box and bring it into the PO. They will seal it with paper tape and stamp it with the PO stamp to make sure it's tamper proof.
ANA 50 year/Life Member (now "Emeritus")
Thanks for all of y’alls input. It has been a great help.
@BStrauss3 paper tape? The only tape I have ever seen the PO use is plastic with their logo on not. Is this something I would have to request?
Very common to mail coins and other valuables. Be sure it is insured and have pictures & documentation. I see this all day long. Just know the dealer ask for references.
Best place to buy !
Bronze Associate member
You must use brown paper tape. It's the water activated stuff and hard (near impossible) to find in a store. The post office should have some since they require it for registered mail, or you can order it online. This is the stuff I use, water activated, reinforced, 3" width kraft paper tape. The glue on this stuff is super sticky once you get it wet.
https://www.mcmaster.com/#76235a77/=1dvwfhc
And the reason for it having to be paper tape is that they have to date stamp every seam on the package for security.
Collector, occasional seller
ChrisH821 - info is EXACTLY what the P.O. requires.
Thanks for the clue to the other thread. These coins are awesome !!! Good luck with the sale !!!
Top 10 Cal Fractional Type Set
successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)
all good advice. but i dont leave anything to chance. for that kinda money, ive sent things in a lockbox with pad lock. cost is roughly $20-30 dollars. dealer on other end will be fine with having to cut lock off. also they make combo locks to.
Does it cover possible dishonesty too? That's what he's worried about. He doesn't know or have a working relationship with the dealer he'd be sending the coins to.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Even better! What I meant to convey is that you can purchase up to $50k insurance from USPS on Registered in case the dealer does not have 3rd party insurance, or if you are sending coins to PCGS, CAC, or your favorite photog.
Depending on where you live and how soon you would like the money, I would consider making a trip to a big national show like Orlando in January. I could carry those 2 coins in my pocket.
I would be reluctant to send a coin to a dealer who I don’t know. I’d do my due diligence and try to find out as much about him as possible. I’m not sure if it’s appropriate to specifically name the dealer here, but if you tell us what you have or what type of coins they are, ie gold, Seated, Morgans etc., that might be helpful. Have you thought about an auction house?
You can find it an office supply store like Staples. Just buy a roll and use a sponge when taping. It takes time. The post office will not prepare it for you. They will stamp all the seams and register it.
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