$1400 to send $1M coin registered ??

Nooker · February 20, 2012 3:24AM

Let's say you wanted to send a coin worth $1M, to PCGS. It would cost a little over $1400 to send it Registered USPS.

Why does USPS even offer this? Who in their right mind would do such a thing??

Bochiman · February 20, 2012 3:28AM

If you read their regs, I believe "registered mail", as most of us do it, is capped at $25,000.
There are different ways to send above that, but I am not sure of all the details, but it doesn't go the same route as registered mail insured up to $25,000.

Ahrensdad · February 20, 2012 3:29AM

Cheaper to get a plane ticket and hand deliver it. Could probably even get a hotel room, sight seeing trip and a few meals while you wait for express grading when you pick it up and get back on the plane.

TomB · February 20, 2012 3:37AM

It has always been my impression that Registered Mail has an insurance cap of $25k, but that if you fill out additional forms they will accept items up to $50k. However, I do not know if they offer insurance to that level, too.

Unknown · February 20, 2012 3:40AM

This content has been removed.

LindeDad · February 20, 2012 3:41AM

I thinks Brinks or one of the other armored delivery services would be cheaper. IIRC thats what Saint Geru used to send in his set.

oneor11 · February 20, 2012 4:06AM

I'm not sure the best answer to your question, but wow if I ever have the privilege of owning a $1MM coin, I'm not tossing it in the mail.

I couldn't even imagine myself at the Post Office counter. "How much would you like to insure your package for?" "Well, it's worth 1 million dollars". I'm sure all ears would be perking up and that coin would be traveling out the back door before I left the front. Let us know what the best approach you found is. Interesting discussion.

Jacob

coindeuce · February 20, 2012 4:10AM

Some dealers that are authorized submission centers for the TPG's will carry private insurance that affords riders of coverage in to this level of value. Hasn't anyone here ever heard of Jeweler's Mutual or Lloyd's of London ? Those carriers don't necessarily require an armed courier service to extend indemnity. The Hope Diamond was shipped by U.S. Mail on at least one occasion, since it was adequately insured against loss or theft.

oneor11 · February 20, 2012 4:42AM

<< Some dealers that are authorized submission centers for the TPG's will carry private insurance that affords riders of coverage in to this level of value. Hasn't anyone here ever heard of Jeweler's Mutual or Lloyd's of London ? Those carriers don't necessarily require an armed courier service to extend indemnity. The Hope Diamond was shipped by U.S. Mail on at least one occasion, since it was adequately insured against loss or theft. >>

Yeah I suppose that would work. The feelings I have around mailling stuff really isn't the monetary value- it's the sentimental value. So let's say I bought that 1793 periods large cent for $1.3 MM. I may insure it for $1.5MM. If it gets lost by the USPS I would collect my $1.3 - 1.5MM, but wow...I would still feel a HUGE loss inside. My coin's gone!

It seems like I would want it it shipped by someone giving it some individualized attention and a stake in its successful delivery. I'm paranoid like that though.

Jacob

Nooker · February 20, 2012 4:59AM

I got this scenario from looking at the USPS "Notice 123 Price List"

USPS Price List

If you click on "Other Services 51" on the right side, then scroll UP a bit, you will see "Domestic Other Services - Registered Mail"

It appears on the right side that they will take up to and over $15 million !!!

no way man, never in a million years would I send something this expensive via USPS.

(ok, never in a million years would I HAVE anything this expensive anyway)

If anybody out there feels the need, call me, I'll come pick it up myself, give you my first born as insurance, and enjoy being the "guardian" of said coin for a while. Save you some money to boot !

Mark

BAJJERFAN · February 20, 2012 5:15AM

Anything over $25K will require a declared value and an additional fee of $1.40 per thousand. The fee is to cover the extra security involved in delivering the item including following the delivery in an unmarked vehicle if necessary. If you were to fail to declare the real value and it got lost you would be SOL and your entire claim would be denied on the basis that had they known the true value they would have handled it differently. Essentially they guarantee delivery. Hopefully your shipment would be handled discreetly starting with yourself.

magikbilly · February 20, 2012 5:16AM

"Who in their right mind would do such a thing??"

We are talking about collectors here

Eric

Mockingjay · February 20, 2012 7:06AM

<< Cheaper to get a plane ticket and hand deliver it. Could probably even get a hotel room, sight seeing trip and a few meals while you wait for express grading when you pick it up and get back on the plane. >>

I agree. And not in checked luggage. Just be sure and keep an eye on the TSA guys.

shorecoll · February 20, 2012 7:13AM

If you insured a Registered Mail item with USPS for over $1MM it is likely that they would assign a dedicated security team to transport it and anybody messing with it would be subject to federal criminal penalties...remember...they were the ones who got Butch Cassidy and Sundance.

BAJJERFAN · February 20, 2012 7:39AM

<< If you insured a Registered Mail item with USPS for over $1MM it is likely that they would assign a dedicated security team to transport it and anybody messing with it would be subject to federal criminal penalties...remember...they were the ones who got Butch Cassidy and Sundance.

>>

If I was to send a $1 mil coin to PCGS, the first order of business would be to have a private meeting with my postmaster.

jmdm1194 · February 20, 2012 8:21AM

1st class mail with signature confirmation should so the trick.

Lakesammman · February 20, 2012 8:25AM

I'd fly it there myself before I would pay $1400 for $25K in coverage.

airplanenut · February 20, 2012 9:02AM

<< I'd fly it there myself before I would pay $1400 for $25K in coverage.

>>

I call right seat!

WTCG · February 20, 2012 9:11AM

$1400 for $1 million of coverage sounds like a great deal.

Under normal circumstances USPS Registered mail insurance is limited to $25000 per package. If you need to transport $1 million using an armored courier service like Brinks is the best option.

BAJJERFAN · February 20, 2012 9:12AM

<< I'd fly it there myself before I would pay $1400 for $25K in coverage.

>>

Cut it into smaller pieces and hope none get lost.

percyb · February 20, 2012 9:14AM

I think reinsurance companies handle such items...not your regular run of the mill ins. cos.

BAJJERFAN · February 20, 2012 9:17AM

<< $1400 for $1 million of coverage sounds like a great deal.

Under normal circumstances USPS Registered mail insurance is limited to $25000 per package. If you need to transport $1 million using an armored courier service like Brinks is the best option. >>

Wasn't it Heritage who lost or had stolen a bunch of gold coins from a Brinks shipment? Were the coins ever recovered?

WTCG · February 20, 2012 9:23AM

<< 

<< $1400 for $1 million of coverage sounds like a great deal.

Under normal circumstances USPS Registered mail insurance is limited to $25000 per package. If you need to transport $1 million using an armored courier service like Brinks is the best option. >>

Wasn't it Heritage who lost or had stolen a bunch of gold coins from a Brinks shipment? Were the coins ever recovered? >>

Brinks shipments are fully insured and can accept shipments valued well over USPS limits. If loss happens they pay a lot faster than the USPS ever will.

I don't know the details of the Heritage incident but no transport service has a perfect record. Registered mail has been known to end up lost or missent too.

DrPete · February 20, 2012 9:27AM

IIRC, the post office will insure for virtually any amount. You must declare the full and true value, and above the $25K limit, you pay so much per $1000 coverage up to the true value of your item. No matter how much you insure it for, they will only pay $25K if the package is lost or stolen. If you only insure it for $25K and it is lost or stolen, and they find out that you misstated its value, you are then completely out of luck; you won't even get the $25K because you misrepresented the item.

There are ways to send large packages insured for large amounts. Some have mentioned Brinks and other professional security companies. There is a company that insures coins that many dealers use, and it is also available to ANA members; Hugh Wood, Inc.

The above scenarios that people mention flying to the destination and carrying the coin on your person is a truly viable option, but not without risk; you should probably travel with someone else like a really trusty friend or spouse.

If you work with a dealer that handles expensive coins, you could contact them to see if they would work out a deal for you to use their insurance to send it to them, then their insurance to send it to PCGS; Generally I believe that PCGS has excessive insurance to send coins to dealers and customers, but for really expensive items, they may need for you to work out arrangements, including someone like Brinks.

Would love to hear what others have to say.

drei3ree · February 20, 2012 11:03AM

Best to hand deliver to PCGS, spend the night at the Marriott, and take it home with you the next day.

khayse · February 20, 2012 11:09AM

> 1st class mail with signature confirmation should so the trick.

Favorite post of the day.

bestclser1 · February 20, 2012 1:23PM

Hey,IF they wont insure it,Lloyds of Las Vegas will.

notwilight · February 20, 2012 2:58PM

If you have a $50,000 coin you have to cut it in half and ship in two packages. If you include super glue in one, then you must answer the "hazardous, fragile, or potentially dangerous" question as positive. --Jerry

notwilight · February 20, 2012 2:59PM

PS, or you can use parcelpro.com which is what I do. --Jerry

sfs2002usa · February 20, 2012 10:04PM

I would use Priority Mail with Delivery Tracking - always worked for me!

johnny9434 · February 21, 2012 5:58AM

<< I thinks Brinks or one of the other armored delivery services would be cheaper. IIRC thats what Saint Geru used to send in his set.

>>

thats a very good idea, why take unnessisiary chances ( pardon the typos as well

)

Bochiman · February 21, 2012 7:57AM

<< 

<< I'd fly it there myself before I would pay $1400 for $25K in coverage.

>>

I call right seat! >>

I call parachute!

JamesMurray · February 21, 2012 8:03AM

<< 

<< $1400 for $1 million of coverage sounds like a great deal.

Under normal circumstances USPS Registered mail insurance is limited to $25000 per package. If you need to transport $1 million using an armored courier service like Brinks is the best option. >>

Wasn't it Heritage who lost or had stolen a bunch of gold coins from a Brinks shipment? Were the coins ever recovered? >>

Exactly what i was going to ask , it's one thing to say Brinks are insured but it doesnt answer the question , were the coins ever recovered and the thief apprehended ?

keyman64 · February 21, 2012 9:26AM

I think I would buy a plane ticket and hand deliver the item.

$1400 to send $1M coin registered ??

Comments

Leave a Comment