When you submit coins , how do you value them ?

howie08

When you submit your raw coins , do you insure them for the value you think they'll have when graded , or what you paid for the coins ? The reason I ask is , that if you insured them for the grades you think they'll attain , and they get " lost " in the mail , is it a hassle trying to prove how much they're worth , and collect on it , or do they just take your word for the grade , since that's what you insured them at ?
Thanks
Howie

littlewicher

You put down what you paid for them, otherwise, if they get lost, USPS won't give you the money you insured them for.

itsnotjustme

You put down what they are worth in the grade you feel they will make. If you paid $6 for a 1979 T2 proof set, and insured the coins for that, and they were lost in the mail, you'd be out $150, not $6.

Keyrock

Exactly as Brian mentioned.

I recently received my check from USPS. I had submitted some of my Lincolns for a regrade and reholder but that D*@# postal employee stole the package. Anyway, some of the coins cost a few bucks years ago but the replacement cost is now in the Hundreds. I purchased the replacement coins and submitted the invoices. I was reimbursed upto the declaration value of the package.

Rich

Keyrock

Just re-read your post....

I think raw coins may be a bit harder. When I submitted my claim I new the cert number and I could prove the grade and the value. Raw coins I think would be a bit harder. I think if the original invoice had the grade and you printed out the price guide that should justify your replacement cost. (my claim had one raw coin, only worth $150, I got the full amount).

Rich

khayse

I usually go somewhere in between what I paid and what they would be worth if
they grade like I think (closer to what I think they're worth). Never had a claim yet
(knock on wood, since I have a submission in right now).

If USPS has a problem with paying what I think they're worth then they shouldn't
take my money for the insurance

-KHayse

fletch2645

I always insure for what I think they are worth using the PCGS price guide. This is true for raw coins, but in some instances, where auction results are available, I print the auction and use that value. Fortunatedly, I've never lost a submission to PCGS so I haven't been able to test my system. Always ship registered mail and over insure wherever possible!!! I have had 2 coins lost when shipping to customers, and in both instances, I used the auction results as documentation and had no problem getting my refund.

Russ

I insure them for ridiculously high amounts, hoping it will influence the grading decisions.

Russ, NCNE

nwcs

Well, since I am finishing up an 18 coin submission to send out tomorrow, I will tell you what I do. I will do my own grading and estimate what i think each coin is. Then I'll go to the PCGS price guide on the site and look it up. I'll always err towards the higher side on grade for insurance if I suspect it may go higher. That's what I put for declared value. I'll usually round it up to the next $100 for the actual purchased insurance when I send. And for the most part I send registered mail and not just insured regular. Though I did that once and everything was OK. I just wish I had the $$$ to get fast turnaround. With my budget, everything is 30 days. And I'm beginning to see that they mean 30 BUSINESS days, not CALENDAR days. Sigh... I won't see my beauties again till Labor day.

Neil

psxchelly

The postal service is a pain in the buttocks. I always insure the coins for what I pay for them...

Whitewashqtr

If send a package "Express Mail" is the insurance included? Express mail packages never get lost and if your submissions are valued at hundreds of dollars, wouldnt this be a secure way to send your package?

Russ

<< <i>If send a package "Express Mail" is the insurance included? >>



It's included up to $500, anything over that is additional cost. It is not as secure as Registered, but certainly more secure then Priority.

Russ, NCNE

Hoot

I've been told by a number of postal employees that the most secure mail - by a long shot - is registered. This mail goes from lock box to lock box with a postal employee chain of custody. Thus, it is far less likely to be stolen and the implicit liability is greater. Recently, I have been shipping my coins registered with priority mail shipping and delivery confirmation. Despite the postal service's line that registered is slow, a package across the country this way has thusfar taken no more than 3 days.

Hoot