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A question for you submitting experts....
vrtech99
Posts: 553
I have an 1887 - O Morgan that i STRONGLY believe will grade out at ms - 65, the very worse would be ms - 64, when i submit it how should i value it for insurance? In ms 64 the value is $325, ms65 is $4950....Thanks in advance guys.....
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Russ, NCNE
We ARE watching you.
<< <i>Hey Dave, there's no telling until you submit it. I certainly wouldn't bother with insurance on a coin worth less than $5000. I keep my most valuable stuff in a safe deposit box. >>
I mean for the submitting insurance shipping cost.....
<< <i>I would value it at the hoped for grade - just in case.
Russ, NCNE >>
Hey Russ, i know this is a stupid question but, do you think in some way they might grade the coin at the higher grade if it is a very close call between the two grades if you believe it strong enough to pay that extra insurance?
When I submitted my crown jewel Accented Hair, I thought it would go 67DCAM, but hoped for 68DCAM. I insured it at 67DCAM, $2000. When it graded 68DCAM, (a $6000 coin), I was scrambling to get ahold of them and increase the return insurance value. Better safe than sorry is now my new motto.
Edited to add response to above: No, I don't think it matters. I used to when I first started submitting, but after enough coins I haven't seen any pattern that would indicate a correlation between insured value and grade.
Russ, NCNE
What Russ said.
We ARE watching you.
It's pretty much a risk-reward gamble - the risk that you take by insuring for the lower amount, vs. the money you save on lower insurance / shipping costs.
Are you a gambling man? Will you sleep ok at night, knowing that you might have under-insured the coin, in order to save $?
As a compromise, I'd recommend that you insure for the higher amount when you ship it. And, write a note on the submission invoice, asking that the grading company notify you before shipping it back to you. Hopefully, you can get the grade and based on that, decide what insurance value you''d like used for the return shipment.
<< <i>vrtech99,
It's pretty much a risk-reward gamble - the risk that you take by insuring for the lower amount, vs. the money you save on lower insurance / shipping costs.
Are you a gambling man? Will you sleep ok at night, knowing that you might have under-insured the coin, in order to save $?
As a compromise, I'd recommend that you insure for the higher amount when you ship it. And, write a note on the submission invoice, asking that the grading company notify you before shipping it back to you. Hopefully, you can get the grade and based on that, decide what insurance value you''d like used for the return shipment. >>
Great idea Mark!!! Thanks, i hadn't thought of that..... I'm still new to submitting coins but i'm learning.....