Revisiting Insurance on shipping gold coins through the post office
jkrk
Posts: 1,020 ✭✭✭✭✭
Until now, I believed that if I shipped a $5000 gold coin through USPS I needed a 3rd party insurer or I needed to ship the coin registered mail.
Recently, I've read a few articles that indicates that I can ship the coin priority mail and buy insurance up to $5000.
I am not concerned about whether a 3rd party insurer would be less expensive but am asking if USPS Ins now covers gold coins and will pay on a claim if it is properly packed, value is confirmed, etc?
Have the rules changed?
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is it a graded coin. is it worth only bullion value?
I don’t know the answer to your question. But in addition to being safer, wouldn’t registered insured mail also be less costly?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Any sale I make on E-Bay.
Graded? Yes.
I prefer registered mail.
Less costly and also cheaper.
I am not enamoured by the hostility on the part of many buyers when the coin takes 5 days to leave nyc and takes two weeks to arrive at the buyers home. Paying a bit extra in exchange for a much quicker delivery is less stressful.
express isn't a bit more
2-3 day priority mail is.
https://pe.usps.com/archive/html/dmmarchive20070514/609.htm
fun reading while you wait
From the USPS DMM:
4.1 Payable Claim
Insurance for loss or damage to insured, COD, or Registered Mail within the amount covered by the fee paid, or the indemnity limits for retail and commercial, Priority Mail Express (under 4.2), Priority Mail, and USPS Ground Advantage is payable for the following:
g. 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.
m. Except for Registered Mail, the maximum indemnity for negotiable items (defined as instruments that can be converted to cash without resort to forgery), currency, or bullion, is $15.00.
To be covered while using Priority Mail, it would appear it depends on whether the USPS considers your coins to be numismatic items or bullion.
If I had listings and they stated that shipping would be by registered insured mail, I could ignore the hostility and focus on the lower cost, safer shipping. But I can still empathize with your predicament.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I am only shipping slabbed pre 33 DE's.
WTS, some coins barely sell for much more than spot gold so are they considered Numismatics or bullion?
This is a question for the post office. Unfortunately, the answer you get should you ask it tomorrow may not be the same one you'd get six months from now after suffering a loss.
and then there's the issue of them deciding proof of value
Buyers are comparing my speed of delivery to Heritage.
LOL.
You need to be careful here. If you ask for $5000 insurance, the post office will sell it to you. That doesn't mean you'll be covered in the event the package goes missing, as the clerk selling you the insurance (assuming you're not printing your own labels through eBay) doesn't know what you're shipping. If something happens to the package, you will be required to provide them with whatever proof they decide is necessary to confirm that the shipment qualifies for coverage.
These rates appear very reasonable.
Notice 123 USPS Price List
Heritage almost certainly uses a private insurance company, which allows for Priority shipping.
how long does it take you to ship?
10-20 hours.
that part is fast
Yes but....
When Heritage ships me coins I will receive the FDX package within 48 hours after shipping.
I've shipped quite a number of Registered packages that took almost 2 weeks to arrive. I do not get credit for shipping quickly but instead receive the frustrated E-mails that the coin must be lost.
Then you are limiting yourself to customers who read.
All comments reflect the opinion of the author, even when irrefutably accurate.
They are bullion if they sell close to spot. Nothing has changed in the DMM and people have posted on here about getting $15 checks. Some of them successfully fought it, others did not. Since there has been no change in postal policy, you have the same problem.
I would use registered or private insurance with whatever service they want you to use. It's not worth the risk or the hassle if something goes missing.
All comments reflect the opinion of the author, even when irrefutably accurate.