How are big time coins transported?
Torey
Posts: 216 ✭✭✭✭
I'm curious about the process of transferring 6-7-figure coins across the US. Postal service with private insurance? Armored truck?
Jump on a jet and hand deliver it? What is the norm?
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What are you buying?
In @PeakRarities 's pocket.
After considering several options, the Hope Diamond was shipped to the Smithsonian Institute by USPS registered mail.
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USPS was a little different back then but yes, this is true
Kidding
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
“Jump on a jet and hand deliver it” is probably the way to transportcsix and seven figure coins.
I just spent $300+ to ship only about 90k worth of coins via 2 USPS registered mail packages.
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
Many dealers have private insurance that covers high value shipments. My policy is through Hugh Wood and though my standard limit is 50k, I can request one time authorization for coverage up to about 150-200k. In excess of that amount, Hugh Wood would require a Brinks truck.
Most high value shipments are sent FedEx overnight, not USPS, however every insurance company will have their own policy and procedures. The less time in transit the better, unless you’re using registered.
Of course you can always just hop on a plane and hand deliver, but that’s up to you and your level of comfort. With a private insurance policy, you could also buy “carry coverage” for such instances.
In summary, it boils down to your options for insurance and your risk tolerance.
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I know some dealers use different means of shipments.
When the 1913 V nickel was on display at a venue it came in one way and out another way!
"Got a flaming heart, can't get my fill"
@PeakRarities Thanks for the info, so the FedEx man is carrying a house in a small cardboard box and doesn't even know it.
I would go with a tank. Lol
Wayne
Kennedys are my quest...
My dealer uses Malca-Amit transport company for high value items.
Private armies, just hire your local 2nd Amendment supports and tell them its a rally/march from Point A to Point B
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" The price paid for shipping the gem, valued at $1 million at the time, was $145.29, most of that for package insurance."
https://facts.usps.com/hope-diamond-in-the-mail/
Hmmmmmm.... I feel like the Captain would requisition that task to the LT.
Coin Photographer.
Malca. The average dealer or auction house is not going to jump on a plane and hand-deliver for you.
Depending on the scenario, a plane ticket would or could be the cheapest option to deliver in person.
I would say a plane is not a bad idea.
It really all depends on the distance. I wouldn't fly from Boston to LA but a 3 or 4 hour flight might be worth it.
The flight pack will be nice as you'll have a beautiful coin to enjoy.
Did you post images of it?
Student of numismatics and collector of Morgan dollars
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Hand delivery requires perhaps a day or more of your time. That should be taken into consideration as a cost, too.
I took a day trip flight to the Baltimore show to pick up two coins which would have cost much more than the flight to ship. A day spent at a coin show is a day well spent so I don't consider the time a loss.
I had a client who needed high resolution photos of a mid-six figures coin drive to meet me, wait for the photos, then drive back home same day. He stated his insurance carrier would not let him ship it, and it needed to remain in his control for coverage to be maintained. Not sure if this is a common situation, but the extra scrutiny added to the mystique.
Edited to add: Or perhaps he just didn't trust me...
http://macrocoins.com
7 figures -> Malca
If I'm buying a coin(or anything) in the 6 figures I don't think taking a weekend trip to go get it will be much of an issue.
Of course, there are safe ways to ship as stated above.
Collector, occasional seller
The Naftzger approach?
Empty Nest Collection
Matt’s Mattes
If possible rendevous at a major show. The pink panther stolen diamond was kept in a jar of facial cream, not a bad idea.