Trusting coins in the mail?
Coinman999
Posts: 41 ✭
Ok, I've read enough on this forum to know that if you have a valuable coin it often makes sense to have it graded. The more valuable the coin the more it makes sense ... but if you send a thousand dollar or ten thousand dollar coin in the mail, isn't there a risk that it will not make its way back? Have any of you had bad experiences with this? Trust the big grading services, just not the mail. Had a package stolen from me in the past so might be a little bit sensitive to the risk.
I know that the shipment can be insured, but I happened to have coins without any documentation of value - would the insurance even pay out?
Thanks for your insights!
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Registered. Then use registered. After that use register. Or read about the lost and stolen coins over the years on past posts.
Thanks MilesWaits, I think I'll used registered mail! :-) Found this in the USPS website about their insurance:
"For stamps and coins of philatelic or numismatic value; the fair market value is determined by a recognized stamp or coin dealer or current coin and stamp collectors’ newsletters and trade papers. The date of the fair market value determination must be current and prior to the mailing date."
Has anyone out here used this approach on a lost item with success?
Before you mail a coin(s) you have to know (as best as possible) the value because you need to put it on the submission form for insurance and return mail purposes with the TPGS.
Use that same value when you insure the package via the mail service or third party insurer.
Regardless of which insurer (USPS, third party) that is used you must know the procedures to file a claim.
Registered mail and insured is the way to ship valuable coins and other items of high value. I have done that with gold coins and have had no problem - though registered mail is slow. Cheers, RickO
I shipped multi-thousand dollar coins in a small priority box with signature tracking.
The coins gets there in two days and Paypal has my back.
I self insure.
Now we all want to know, what’s the coin?
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
paypal will only possibly have your back if the item was paid for with Paypal.
For people who routinely ship large numbers of coins as part of their business, it probably makes sense to self-insure. For a typical collector, the risk/benefit analysis is undoubtedly different, and a single package can represent a large part of their net worth. If it absolutely, positively can’t get lost, use Registered mail. Period.
Whenever I submit lower-end coins, I send first-class and insured. Myself, I don't have many overly expensive coins to submit, so I've never sent anything more valuable than a 23-S SLQ via USPS. In that instance, I sent it registered mail and insured. Registered mail isn't fast, but I wasn't in a rush, and it's the most secure way to send, that's my understanding.
As for your other question, no, I haven't had a bad experience yet.
Overnight express, never had a non-delivery. Drama is done in a day or two.
I use shipandinsure.com and I ship FedEX Overnight Priority.
My Type Set & My Complete Proof Nickel Set!
Wouldn't use any other way. Lightning fast delivery and insurance to the max. Takes all the worry and stress out of shipping. My last large shipment of coins I gave to the Post Office at 12:10 pm and it was delivered, complete and in tact, at 12:04 pm the following day,
If you open a corporate account as anyone can, your cc is charged and you get a discount on expresses. An extra charge on the front of the package could work two ways, it could discourage chronic thieves also, as the usps is going to increase scrutiny on chains of custody.
Collectors are a cheap bunch. They try to save a few dollars and end up losing many dollars. Use registered mail for expensive coins. You will have to set an amount for what you consider "expensive".
For cheap coins you are probably better off self-insuring. Expect some losses along the way. It just goes with the territory. Just make sure your package is well sealed and makes no mention of numismatic contents. If you run into a buyer of cheap coins you think is falsely claiming non-delivery just block him/her from future purchases and move on. It is a cost of doing business.