Something you may or may not know, thoughts wanted..

MS70ORBUST

Since most of us buy/sell coins on Ebay and use pay pal I have 2 issues I want to point out and I know that most may know about them.

1. Insured items. According to the post office the insurance amount must be proven by you with your PURCHASE receipt and not what it sold for. Example: You bought for $1000 and sold it for $2000. If insurance claim is needed you must provide your purchase receipt to prove value. From what I have been told the sales price is NOT what the insurance claim will paid so in the above case you would only get $1000 back. Does anyone have information to prove this true or false? I got this direct from my local post master, pretty scary info.

2. Refunds. Ok, if a buyer uses pay pal and a credit card, they have a chargeback rights for 60 days. Here is the kicker, no matter the refund policy, a buyer can file chargeback if unhappy and almost everytime the seller will lose. This is TRUE, it is from personal experience.

This may not be all about coins, but some sell high dollar coins and may not realize it is very possible to get burned several days down the road after the sell.

Anyone have experience with the above issues?

Have a great weekend members!!

mrpotatoheadd

<< <i>From what I have been told the sales price is NOT what the insurance claim will paid so in the above case you would only get $1000 back. Does anyone have information to prove this true or false? I got this direct from my local post master, pretty scary info. >>

When you talk to the post office, you'll get different answers depending on who you ask. I asked once about the very scenario you described and was told that they would refund the sale price (not what I paid for the item) as long as I could verify the sale price, but that's just my post office and I'm sure YMMV.

VamGuy

<< <i> According to the post office the insurance amount must be proven by you with your PURCHASE receipt and not what it sold for. Example: You bought for $1000 and sold it for $2000. If insurance claim is needed you must provide your purchase receipt to prove value. From what I have been told the sales price is NOT what the insurance claim will paid so in the above case you would only get $1000 back. Does anyone have information to prove this true or false? I got this direct from my local post master, pretty scary info. >>

My take is that your local post master is an idiot.

If I ship and insure an item that was given to me 10 years ago, I would have no access to the original sales receipt. The fact of the matter is that one needs only provide evidence of value, not an actual purchase or sales receipt, to file a claim.

Learn the facts about insurance claim requirements at the USPS website by clicking this link.

MS70ORBUST

<< <i>

<< <i> According to the post office the insurance amount must be proven by you with your PURCHASE receipt and not what it sold for. Example: You bought for $1000 and sold it for $2000. If insurance claim is needed you must provide your purchase receipt to prove value. From what I have been told the sales price is NOT what the insurance claim will paid so in the above case you would only get $1000 back. Does anyone have information to prove this true or false? I got this direct from my local post master, pretty scary info. >>

My take is that your local post master is an idiot.

If I ship and insure an item that was given to me 10 years ago, I would have no access to the original sales receipt. The fact of the matter is that one needs only provide evidence of value, not an actual purchase or sales receipt, to file a claim.

Learn the facts about insurance claim requirements at the USPS website by clicking this link. >>



Thank you, I just didnt take time to verify my post office.

Thanks again.

sportsfan007

Wow that is eye opening because if the seller pays say $100 wholesale for a coin and sells it to a buyer for $200, and it's insured for $200, and it's lost, the seller must refund the buyer the full $200, but the post office will only pay out $100 because that's what the seller originally paid?

Coinlearner

That is not correct. Do a thread search on topic. Lot said about this . Receipt,current price sources,& trends are taken into account. USPS Pub. #122 Found in my files might help .