Need advice on shipping coins to new home please, also when dealers drive how to insure coins?
BAYOUBENGAL
Posts: 100 ✭✭✭
Long time collector here, am moving 700 miles and want to know best way to ship my collection- mostly semi rare coins worth total of about 100K. Looks like fedex and ups do not do this and my mover will not. Internet says usps but is this safe? Thank you for any advice on best way to do this.
BAYOUBENGAL
CFA, LSU AND ANA
CFA, LSU AND ANA
0
Comments
I shipped mine Registered Mail the last time I moved. You will need to split it into multiple packages if you want the full value insured by USPS, although there may be restrictions on insurance if you’re both the shipper and recipient.
Nothing is as expensive as free money.
That’s a lot of value and a relatively short distance. Do you have any specific concerns about putting them in the car?
If you don’t want to take the coins with you in a car, I recommend registered-insured mail, as it’s the safest shipping method. The maximum coverage is $50,000 per package so I’d ship in at least two different packages.
I wouldn’t have asked a mover to handle rare coins and am glad for you that they declined.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
+1 for taking it in the car!
Registered mail isn't flawless.
U.S. Registered Insured Mail all the way.
Package it carefully … a box within a box. Make sure the inner box has the address info as well. Both boxes should have all seams heavily taped with paper tape. I’d probably ship it in three packages at a minimum.
Say a short prayer and drop them off!
Dave
My last major move I moved my most valuable portable items, not just coins, myself, in my SUV. If that’s not possible, then registered mail.
I would bet that you have a statistically better chance of car theft or a major accident than losing a registered mail package.
I also think normal car insurance won't cover loss in transit.
Drive the 700 miles in one day. Leave before rush hour traffic. Don''t leave your car, drive through for food. Take three rights before you leave your nieighborhoo (around the block) just to make sure you are not being followed. Dirt road or highway exits for relief if needed. I would do it this way. Don't forget your sidearm if you have one. Occasionally slow down on the highway, slower than traffic to make sure no tails. Just be aware.
Take a passenger and pay their plane fare back?
good luck,
bob
An argument for the car is that there is a lot of other stuff that you hold dear that you might not want to trust with anyone else or that movers won’t handle. In my case, I like to be in control of my stuff if I’m driving anyway. Last time I moved I included cases of wine and high-end booze in the car. Also ammo, some guns, PC, silverware, smaller family heirlooms, etc.
Would anyone like my opinion? Never mind, don't answer that! 🤣 😂 LOL!! 😉
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
There are pro's and con's to taking that much with you. I know from experience, and I am forever in my Brother's debt when my truck decided to throw a serpentine belt and damage the front seal of my engine 1/3rd of the way into a 900 mile trip with the bulk of my collection this past summer.
Let's just say it was a VERY stressful 24 hours.
Registered. Three packages. Ship the day before you head out.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Tough question. Registered insured with signature confirmation in ten different boxes.
The least stressful way might be to purchase a private insurance policy beforehand. Something like Hugh Wood, Inc that includes the ability to ship USPS Registered Mail. Then package the collection up in as many securely paper-taped and wrapped boxes as you need and ship them without declaring the true value to the USPS. Put down something like "$200 value in stamped metal parts". Some folks will cry "Foul!" at this, but your insurance policy might be invalidated if you declare the true amount. Additionally, you aren't asking the USPS to insure the package if you have ship according to your own private insurance policy guidelines.
Alternatively, simply pack the collection in your gassed-up and fully road-worthy vehicle and travel with it. There is no need for cloak-and-dagger or paranoia since no one on the road will have any clue you are moving anything valuable. Just drive like you're going to meet some relatives or to a business meeting. Of course, being fully insured is a good thing, too, as is having someone you trust with you so that if you need to get gas or relieve yourself there is always someone there with the collection. If you just plan your trip, keep your wits about you and don't get paranoid then you will be seen as anyone else on the road without any care in the world.
In honor of the memory of Cpl. Michael E. Thompson
Why would your insurance policy be voided for obeying USPS rules? I don't think any insurance policy can require a fraudulent declaration.
If the insurance policy were to be voided the reason would be failure to comply with their stated requirements for declarations of value for shipments they cover. And yes, if I understand the scenario correctly, complying with those requirements would, at the same time, appear to amount to a fraudulent declaration to the Post Office. I’ve wondered about this conflict for a long time.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Thank you, all good advice.
CFA, LSU AND ANA
Don't speed or give LE a reason to stop you. There have been a number of instances here in Western Iowa where large amounts of cash [likely drug related] were seized because the driver was stopped for speeding. Also make sure no tail lights, etc. are out. Lock your vehicle if you leave it or use a drive through for meals. No reason to get paranoid about it if nobody but yourself knows.
Also for RM use large flat rate boxes. They're sturdy and RM gets kinder and gentler handling than most other mail. In the RARE event of loss be prepared to document the basis of every item in the box. Line the box with aluminum foil to thwart those curious x-ray snoops. Don't know if it works, but it can't hurt. If you act in a suspicious manner at the PO the clerk may mark your package/s for extra attention.
Find a private courier service...I personally would drive them myself.
700 miles, make a weekend getaway if you have to make a round trip.
According to my agent, if you have Hugh Woods, and the policy you have covers your ability to ship using Registered Mail, you are only required to claim a value that the USPS will be required to insure. The rest (if you have the coverage) is on Hugh Woods. This requires you use Registered and follow instructions there.
I always have $500. (at least) applied in USPS Insurance, and have told a clerk at least once that I had private insurance as well. I NEVER claim what is inside, as that isn't required.
Since my policy currently only covers $40.k when parts of my collection are "out of safe keeping conditions", if I wanted to send a $50.k package, I would need to get $10.k USPS Insurance to be fully covered. This has been covered with Hugh Woods several times.
Back to my trip, driving 900 miles. I was at risk, and I knew that. And then, Murphy came along and made my life difficult. I had only told a couple people (family / one BFAM) what I was doing, and thankfully, my real Brother dropped his plans and came 580 miles to my rescue (the truck had to be brought to a shop and I was also hauling a trailer with family heirlooms). I was armed and felt confident. No one else knew. Things should have been smooth.
I am noticeable I suppose, but not in a targeting way (IMO), as I am casual and aware of my surroundings. I know my truck like the back of my hand as I have wheeled in her for years. But if you have an accident or a breakdown in the middle of nowhere on a Friday night, things get a little "different". A bearing on an idler pulley came apart. The belt was fairly new. It was 112°F that afternoon on the I-5 near Redding, CA. It was not a good 36 hours. I wouldn't wish it on my worst enemies much less my friends.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Not, repeat NOT, disputing your account. Notwithstanding, as others have mentioned, this appears to conflict with the published USPS policy.
USPS DMM, Section 503, Sub-Section 2.2.1
Link: https://pe.usps.com/text/dmm300/503.htm#ep1238627
@MetroD I need to have a discussion with my agent again in the next couple months. I will ask again. I am copying this to push that discussion in the right direction. I have never had a loss with Registered Mail, but I'd hate to find out the hard way.
If anyone has further info, please PM me.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
Hugh Wood does not want any identifiers on the package that indicate it is high value, that’s what was relayed to me as well.
Founder- Peak Rarities
Website
Instagram
Facebook
I would just drive it. Throw on some podcasts, gas up and grab some drive-thru a couple times. No need to make it a bigger deal than it is.
When I moved, I shipped the lower priced coins via USPS and placed the others in my suitcase and drove them with me. It is all about what makes you feel the safest.
I was told by a local postal clerk some yeas ago that if you fail to disclose the true value of your package that they will deny your claim on the basis that had they known the true value that they may have handled the shipment differently, including extra security.
That's why there is a fee per $1000 in value above the $50K limit.
When you’re using private insurance, the reason is so that you don’t have to go to war with USPS for the claim….Hugh Wood is responsible for the liability. I have heard too many usps horror stories to even want to consider filing a claim with them. Most recent was a registered package that was lost, and the dealer still had to fight them back and forth for months…
Personally, I would not declare anything over the $100 standard insurance that is included. If you’re shipping a 60k coin and the HWI limit is 50, I do not think it will turn out well if you declare the extra 10 with usps and attempt to file 2 claims for reimbursement. Simply let your agent know and you can get a one time authorization, or if it’s multiple coins just split it up enough where you’re under the HWI limit in each box.
Founder- Peak Rarities
Website
Instagram
Facebook
You did not mention the estimated volume and weight of your collection. It might make a difference.
it is not heavy. One other question, when dealers drive to shows with their coins, how do they insure them? Thank you
CFA, LSU AND ANA
Many policies include a provision that the coins are covered (up to whatever value is agreed upon) as long as they are attended (“on the person”).
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
If you have insurance through Hugh Woods there is a value you can transport (insured) on your person, depending on your policy. Typically it is the same amount as you have to ship/take things away from your home or bank.
For example, I can carry 40.k worth of material to a show, and back. It has to be with me. I am NOT a dealer.
“We are only their care-takers,” he posed, “if we take good care of them, then centuries from now they may still be here … ”
Todd - BHNC #242
That makes the most sense; declaring full value with HWI. If you ship them with HWI insurance do they specify a preferred/mandatory shipper? IIRC there was [and maybe still is] a private insurer that required you to ship FEDEX overnight. How long after a claim is opened does HWI pay out? I assume they get to hassle with the USPS in order to get their money back.
I'd carry them personally. For many 700 miles isn't that big of a deal to do in one day.
No question, drive it yourself and dont stop and get out of the car. eat while in car if you have to stop
If you have to stay night, dont stay in a dump, and keep the coins with you entire time
No question they would go in the car with me.