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Shipping and Insuring Bullion by USPS....

Coll3ctorColl3ctor Posts: 3,339 ✭✭✭
in Precious Metals
I read this on another forum. Is there any truth to this ?

"This subject comes up over and over on metal forums, and everybody tries to find a way around it, but the bottom line is that regular insurance does not cover bullion for more than $15. You have to ship Registered Mail to insure bullion, which starts at $10 + regular postage (for Priority or First Class) + additional insurance."

Comments

  • carscars Posts: 1,904
    I've never had a problem but then again, I've never had to file a claim on lost bullion. Send them as Collectible ingots and maybe that would help.

    My postmaster Friend told me they done away with Registered mail. They still charge for it and all but it is sent with normal priority mail now. No longer under lock & key like it used to be. Anyone else hear about this?
    Its all relative
  • OPAOPA Posts: 17,124 ✭✭✭✭✭


    << <i>I've never had a problem but then again, I've never had to file a claim on lost bullion. Send them as Collectible ingots and maybe that would help.

    My postmaster Friend told me they done away with Registered mail. They still charge for it and all but it is sent with normal priority mail now. No longer under lock & key like it used to be. Anyone else hear about this? >>



    Perhaps that is why I received my order within 3 days instead of the 7 - 10 days it normally takes.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • ebaytraderebaytrader Posts: 3,312 ✭✭✭


    << <i>I've never had a problem but then again, I've never had to file a claim on lost bullion. Send them as Collectible ingots and maybe that would help.

    My postmaster Friend told me they done away with Registered mail. They still charge for it and all but it is sent with normal priority mail now. No longer under lock & key like it used to be. Anyone else hear about this? >>



    That's false. Registered still gets special handling. BTW, Priority is 1st Class parcel service.

    I've filed a couple of blue label claims for bullion. No problem getting paid.
  • carscars Posts: 1,904
    I don't see why the postmaster would lie to me. Maybe I heard wrong. I will ask in more detail about it tomorrow.
    Its all relative
  • goingbrokegoingbroke Posts: 1,410


    << <i>I've never had a problem but then again, I've never had to file a claim on lost bullion. Send them as Collectible ingots and maybe that would help.

    My postmaster Friend told me they done away with Registered mail. They still charge for it and all but it is sent with normal priority mail now. No longer under lock & key like it used to be. Anyone else hear about this? >>

    My gold and silver arrives at my post office in a LOCKED strongbox. I live in a small town and as such my post office is a very open place. I have been shown the box when my items are picked up by me.
    Many successful BST transactions ajia
    (x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
    mariner67, and Mikes coins
  • COINB0YCOINB0Y Posts: 4,505
    Insurance is protection against damage or theft in-transit.

    I have found nothing in the USPS regs that singles out or excludes a Coin item.

    If I pay shipping insurance on a $15,000 Electronic Item or $15,000 in Coins, it should not matter, both are worth $15K.
  • fishcookerfishcooker Posts: 3,446 ✭✭

    My post office had a couple clerks who really, really, did not like Registered. Every time, this one would try argue about why Registered. I don't think it's her concern. image
  • Coll3ctorColl3ctor Posts: 3,339 ✭✭✭
    Here is the thread:

    Clicky
  • PerryHallPerryHall Posts: 46,234 ✭✭✭✭✭


    << <i>My post office had a couple clerks who really, really, did not like Registered. Every time, this one would try argue about why Registered. I don't think it's her concern. image >>



    You should have asked to speak to her supervisor. It's none of her business what's in your package, as long as it's not perishable, flammable, etc.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭
    Here is what the DMM says regarding Payable Claims:

    4.0 Claims

    4.1 Payable Claim

    Insurance for loss or damage to insured, registered, or COD mail within the amount covered by the fee paid or within the indemnity limits for Express Mail as explained in 4.2 is payable for the following:

    g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.

    o. 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.

    I suppose your challenge, in the event your non-registered insured bullion shipment goes missing, is to figure out how to get the post office to agree to apply paragraph "g" to your shipment, not paragraph "o". image
  • Coll3ctorColl3ctor Posts: 3,339 ✭✭✭
    "o. 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."




    I bet 99% of the people shipping bullion insured USPS did/do not know this (myself included).
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭


    << <i>I bet 99% of the people shipping bullion insured USPS did/do not know this (myself included). >>

    Probably lots of USPS clerks don't, too. There are so many rules, nobody can know them all.
  • halfhunterhalfhunter Posts: 2,770 ✭✭✭


    << <i>Here is what the DMM says regarding Payable Claims:

    4.0 Claims

    4.1 Payable Claim

    Insurance for loss or damage to insured, registered, or COD mail within the amount covered by the fee paid or within the indemnity limits for Express Mail as explained in 4.2 is payable for the following:

    g. Fair market value of stamps and coins of philatelic or numismatic value, as determined by a recognized stamp or coin dealer or current coin and stamp collectors newsletters and trade papers.

    o. 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.

    I suppose your challenge, in the event your non-registered insured bullion shipment goes missing, is to figure out how to get the post office to agree to apply paragraph "g" to your shipment, not paragraph "o". image >>




    This kinda leads me to believe that you may be safe insuring, say ASEs, that are denominated as coins; but not bars, ingots, shot etc.

    ? ? ? ? ?

    Need the following OBW rolls to complete my 46-64 Roosevelt roll set:
    1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
    Any help locating any of these OBW rolls would be gratefully appreciated!
  • derrybderryb Posts: 36,943 ✭✭✭✭✭


    << <i>I've never had a problem but then again, I've never had to file a claim on lost bullion. Send them as Collectible ingots and maybe that would help.

    My postmaster Friend told me they done away with Registered mail. They still charge for it and all but it is sent with normal priority mail now. No longer under lock & key like it used to be. Anyone else hear about this? >>



    incorrect

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

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