Sending Coins in To be graded

HiBucky

I have a value of $25k for the lots of 8 coins. I have 8 free grading but I understand their is a limited value on my submission of $2500.00 per coin.. What happens if I send in the coins and once graded they are worth $8000.00 each.... With these coins a couple could exceed 10K with the right grade. I would insure them for the real value in my opinion. Will I be charged for the added increased value per coin once graded? I would be ok with paying extra in addition to my free grading. How would PCGS handle this. Also should I use an outside insurance in addition to USPO insurance ? What do you guys do.

Che_Grapes

I’m tempted to say don’t worry because the coins are rarely graded to what you hope or think they could/would/should be and so it won’t matter (!! - ha!) but the real answer is the same - it won’t matter. They will go by your assessed value for insurance purposes. And they won’t increase the value unless you are way off - that’s been my experience.

Herb_T

Send it registered mail and insure for full value. Registered mails travels sloooooooow, but it has the best chance of getting there. Along the route, it has to be signed for at each handoff along the way.

streeter

You need to call customer service and take notes.
Personally, I would hand deliver those at a show if possible.

If you send them USPS, definitely use Registered. Box within a box, no rattling and fully insured.

Che_Grapes

Oh I thought the question was about how to value them with PCGS - but for sending yes use registered mail and expect to pay a lot for shipping there and back

HiBucky

They only insure up to 5 K am I missing something, I can insure for more then that using registered mail?

MFeld

@HiBucky said:
They only insure up to 5 K am I missing something, I can insure for more then that using registered mail?

Registered mail can be covered for up to $50,000, per package.

jdimmick

Mark,

If I am not mistaken, you can register the package to 50k, but they will only allow a 25K claim payout maximum. I dont quite understand this concept, but was told that it has to do with additional insurance coverage above and beyond the postal amount for a private insurance carrier that covers adititonal??

PCGS will call you if you try and stick in something extremely more valuable than the allowed, In a case of unintentional , like it grading higher than you expect, they will also alert you to this and change service level fee and will up insurance return value if requested. I had this once on a large cent, IMHO, though it was a 55-58, came back 62 which put it in 2nd finest known, and worth about 15x what i figured

the 5k maximum is for express and regular insurance mailing

MetroD

Not sure of the specifics, but they cover this exact situation in the 'PCGS Grading Terms & Conditions'.

"If PCGS determines, in its sole discretion and at any point in the process, that the submitted Declared Value has been understated relative to the market value of the item, or the submission form provided by the customer has been incorrectly or incompletely filled out, PCGS reserves the right to adjust the PCGS Grading Fees (including any Shipping or Handling fees) accordingly. Customer acknowledges and agrees that PCGS may adjust/increase any fees as necessary without explicit customer notification."
PDF Submission Form (back page, section #6)

Edited to Add:
If you decide to send the coins to PCGS via USPS 'Registered Mail', be aware of the coin-specific requirement in their claims process:
"For stamps and coins of philatelic or numismatic value; the fair market value is determined by a recognized stamp or coin dealer or current coin and stamp collectors’ newsletters and trade papers. The date of the fair market value determination must be current and prior to the mailing date."
Source (USPS DMM 609.4.1.g)

My Point - You might want to keep a record of whatever you used to determine the "declared value" (e.g., a screenshot of the applicable PCGS Price Guide row). While I have never needed to file an indemnity claim, I still do this routinely on larger submission, just in case.

Good luck with your grades.

MFeld

@jdimmick said:
Mark,

If I am not mistaken, you can register the package to 50k, but they will only allow a 25K claim payout maximum. I dont quite understand this concept, but was told that it has to do with additional insurance coverage above and beyond the postal amount for a private insurance carrier that covers adititonal??

PCGS will call you if you try and stick in something extremely more valuable than the allowed, In a case of unintentional , like it grading higher than you expect, they will also alert you to this and change service level fee and will up insurance return value if requested. I had this once on a large cent, IMHO, though it was a 55-58, came back 62 which put it in 2nd finest known, and worth about 15x what i figured

the 5k maximum is for express and regular insurance mailing

My understanding is that you can get coverage for up to $50,000 per package, as per the two links below. Years ago, the limit was $25,000 per package. I also believe that if the value of the contents is in excess of $50,000, you’re supposed to insure the package for the actual amount, even though the coverage will only be for the $50,000 limit.

https://faq.usps.com/s/article/What-is-Insurance

https://www.usps.com/ship/insurance-extra-services.htm

HiBucky

I will mail them in a large box hoping that it does not walk .. I would be devastated if I lost these
8 coins..Thanks

joeykoins

Good Luck!

ChrisH821

The one time that this happened to me PCGS just up-charged me for the coin that exceeded the value limit.
Use registered mail.