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POSTAL INSURANCE AND THE LOST PR70 WASHINGTON

Well, it's been five weeks since I filed the postal insurance claim for the 1964 pr70 Washington that I mailed (insured) to PCGS for review. the coin hasn't been found, and there is no postal insurance payment either. Just wanted to keep you posted. By the way, in case someone offers you a "bargain proof-70 Washington" (translation: hot) the slab number is 7728012. The coin is spotted and I was sending it back to PCGS for validation or a refund under their guarantee service. cheers, alan mendelson

Comments

  • braddickbraddick Posts: 22,995 ✭✭✭✭✭
    I don't know the answer to this, but am curious- Could the Postal Service use this information in this post regarding the coin being spotted and NOT pay the market value of a PR70? Could they send you, say $20.00, the value of a PR67 and tell you to recover the balance from PCGS who would certainly have downgraded this quarter and cut you a check for the difference?

    I know this will never happen, I'm just interested if the USPS could make the above claim and have it stick.

    peacockcoins

  • lordmarcovanlordmarcovan Posts: 43,194 ✭✭✭✭✭
    I hope everything comes through for you in the end. image

    Explore collections of lordmarcovan on CollecOnline, management, safe-keeping, sharing and valuation solution for art piece and collectibles.
  • Braddick: thanks for the response. Frankly, I dont care where I get the money from. the claim is $350 from the postal insurance, while I paid $366 for the coin from the seller. Since I dont have a coin to submit to PCGS I think the postal service is stuck. If the coin were found I would be happy to have PCGS judge it. And if PCGS should determine it is STILL a pr70, then I would be happy to have a double-certified pr70 quarter. cheers, alan mendelson
  • braddickbraddick Posts: 22,995 ✭✭✭✭✭
    I absolutely agree you need to be made whole on this deal- the full $350.00 and then some. Mine was only an excercise in speculation. Good luck with this one! I know the PO can be difficult to deal with (what with having to get receipts and/or estimations of value ect...).

    peacockcoins

  • When I filed my claim I had to give them the receipt from the seller, plus the print out from the eBay auction along with the usual postal insurance receipt. The postal-gal I filed the claim with said all my paperwork was in order and there should be no problem processing the claim. But I was also told to wait about four weeks because that is the window they use for packages to "turn up." I guess mine did not. I will be calling the postal-gal now to press for my money. cheers, alan
  • dbldie55dbldie55 Posts: 7,717 ✭✭✭✭✭
    I always wondered why they made you wait 30 days to file a claim, then I had a shipment take 28 days to get to me, which made it make sense. You can claim what you insure it for, it does not matter what you think it is worth, if you paid it, or it takes that to replace it (and you insured it for that amount) you will collect it. The Post Office cannot look at this thread and say that PCGS is responsible for part of the claim regardless of what it is. They insured it, and they lost it. If you under insure something, and show them value for more than it was insured, they will not pay extra. If you insure it for an amount, you can collect it.
    Collector and Researcher of Liberty Head Nickels. ANA LM-6053
  • braddickbraddick Posts: 22,995 ✭✭✭✭✭
    DD55: You're absolutely right in regards to this Thread's scenerio. Now, if you over insure though and try to collect, EVEN THOUGH YOU PAID FOR THE INSURANCE the P.O. will NOT pay the full amount. Example: You insure an 1881-S PCGS MS63 Morgan for $490.00 (the cut-off before the insurance rate jumps) and the coin is lost the P.O. will NOT pay you $490.00.
    As important as it is to not underinsure you also don't want to overinsure.

    peacockcoins

  • Braddick is correct about his warning not to overinsure. I routinely insure packages I send out for $49 -- the basic insurance coverage at $1.10 (though it might be $50 coverage) -- and this is for coins that might be worth only $20 or $30. Should the package get lost, the postal service WILL NOT pay the $49, but instead will only pay the true amount of the lost item. This is why the PO asks for receipts -- and in my case of the $350 claim -- not only the receipt but also the print-out of the eBay auction. Since my winning bid was $366 I could have insured to the full amount, but I only paid for the $350 coverage level thinking the coin would not be lost. Well, it did get lost and I lost my "bet" and will eat the $16. Actually, I come out ahead, because had the coin gotten to PCGS I would have had the service fees and return shipping fees to pay. cheers, alan
  • Hi, I just received a check from the Post Office on 2/27/02 for a claim I placed on 12/10/01.They are not in any hurry to give out any money. GOOD LUCK.
  • As a bit of additional information - Sept 01 I mailed 5 NGC Franklins to PCGS for cross-over with an insured value of $2000, and the coins never arrived. The system was not real fast, but the Post Office paid my claim in full. All I sent as verification of value was print out of PCGS Coin Values.

    Nice to have the money, but I would have rather had the 5 coins... ended up selling off my Franklin set as it was going to be tough to replace the coins.

    Bill
    Bartdog
  • MoneyLAMoneyLA Posts: 1,825
    Bartdog you were fortunate to be able to refer to the PCGS price guide. But the price guide does not value pr70 washingtons, and what about collectors who have premium-valued rainbow toned Morgans? There is no price guide for those either. cheers, alan
  • Alan - I agree that I was lucky! Also, that there are vast differences in pricing for the more difficult and highly sought issues. Possibly a dealer that specializes in area of concern could be of help if required?

    My biggest complaint was that it took SO LONG. I don't feel that most Post Offices have the proper training to assist claimants with the paper work. I can understand waiting 30 days to give the package time to turn up, but beyond that things should progress faster than my experience.

    Good luck... Bill
    Bartdog
  • AvarelAvarel Posts: 143 ✭✭
    I'm a bit confused reading this thread. So if I understand folks above. If you insure X coin for $1000 and its value based upon current trends puts it in the $1000 range and in transit the PO loses it, what exactly do you need to prove its value? You may have purchased it for a great price, lets say $500. If its value is trending at $1000 and you have guides, value, etc that show that, why would you need to show what you paid for it, especially if you purchased it where you made significant money after it was slabbed (raw coin coming back higher grade then expected)? Its value is $1000, not the $500 you paid for it. Thats what the PO should pay via claim, not what you spent on it.

    I have a coin as well I want PCGS to verify its grade on, but I paid a lot less from the seller then its current appreciated value. I'm starting to believe PO insurance is a racket.

    Cary

    Chirsto duce vincamus

    Pro Deo Et Patria
  • MoneyLAMoneyLA Posts: 1,825
    Hi. the post office wants proof of value, and the proof of value must match the "insurance value" you purchased. You could for example, have bought a coin ten years ago for five dollars that today is worth one hundred dollars. the coin is lost in the mail. If you provide a dealer's appraisal that the coin was indeed worth $100 and you had $100 insurance on the package you would be covered for the $100.

    but if you buy $100 insurance on a five-dollar coin and the coin is lost, you will not be paid the $100 insurance, but the value of the coin.

    there are different ways to substantiate the value including receipts, appraisals, published price guides, etc.

    In my case, I provided the print out of the ebay auction, plus the receipt from the seller, plus the postal money order used to pay for the item. If there were a PCGS price valuation from their website I would have submitted that as well (hopefully it would show an even greater value) but there was no listing/values for pr70 washingtons.

    cheers, alan mendelson
  • AvarelAvarel Posts: 143 ✭✭
    Okay, I understand now.

    Thanks alan!
    Chirsto duce vincamus

    Pro Deo Et Patria
  • MonstavetMonstavet Posts: 1,235 ✭✭
    He-he...thought I found your coin HERE!

    Check out the slab number...awfully close!
    Send Email or PM for free veterinary advice.
  • Out of about 300 mail coin transactions I have only had one mishap, a Mercury dime that never made it to me. Someone signed for delivery of the package, but he signature was of a person I never heard of. After wasting much time trying to get the claim processed and paid (an exercise that is sure to almost make you "go postal") I finally gave up.
    Collect PCGS and NGC certified U.S. Type, early Commems and gold dollars
  • MoneyLAMoneyLA Posts: 1,825
    update from my local post office: my claim is still in processing in st. louis -- the main office for insurance? cheers, alan
  • 7summits7summits Posts: 316 ✭✭
    All readers-
    Have you seen the front page of the current (March 4) edition of 'Coin World'?
    Really bad things are in store for us who use the USPS to ship coins - three slabbed coins were ruined by the USPS when they irridated mail suspected of possible anthrax contamination . . . right now there are very few of these machines in service but the USPS has plans to install irradiation devices in about 260 major processing and distribution facilities across the USA (quote from the CW article) . . .
    image
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