I stopped using Pirate Ship because coins are excluded from coverage.
colorcommem
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Warning!
I stopped using Pirate Ship because coins are excluded from coverage. I was lucky that none of my packages were lost while using their service. I had paid several hundred dollars in insurance fees to ship coins, but they were not covered under the InsureShield terms.
📌 Pirate Ship / InsureShield Insurance Exclusions
• Pirate Ship uses InsureShield third-party insurance if you add insurance to a shipment.
• According to the official InsureShield terms, the following items are excluded from coverage: cash, currency, money, coins, bullion, securities, notes, and similar negotiables — meaning you won’t be able to insure coin shipments under their policy. 
🪙 What “collectible coins with no currency value” Means
• The wording in InsureShield’s published terms is a bit confusing: “coins (collectible coins with no currency value are not excluded from coverage).” 
• This means some numismatic coins (those without face-value currency status) might technically be allowed — but coverage isn’t guaranteed, and in practice, many insurance claims for coins (especially bullion or coins with significant metal value) get denied or excluded by underwriters.
• Bullion coins and coins treated as currency or precious metals are often not covered. Anecdotal reports from sellers indicate that Pirate Ship’s current insurance no longer covers silver or gold bullion coins under their policies.
Comments
Due to a glitch on the USPS website, I ended up using Pirate Ship to ship the Bay Bridge items I sold, since they included letters, frames, and pictures. I still purchased full insurance.
In case there's somebody who isn't aware, eBay shipping defaults to ShipCover insurance, which also doesn't cover coins. You need to manually select USPS insurance.
Yes, this is exactly what I do when shipping out coins I’ve sold on eBay.
So the USPS insurance will cover coins if lost in the mail?
Never use Shi-Cover for that reason. Ground advantage for up to $100 and extra PO insurance on more expensive items.
Thanks for the information, I used that recently and I guess the $25 spent on insurance had no protection.
It should and usually does. However, many posters have stated that their U.S.P.S. Insurance claims were initially denied and had to be appealed. And that in some instances, even the appeal process denied their claims. The process can be long and frustrating. All of that said, I believe that despite any shortcomings, registered-insured mail is the safest method of shipping.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Thanks for your valuable input. I also asked ChatGPT, and this is what it said regarding insurance coverage for shipping coins:
Short answer: It’s complicated — USPS doesn’t automatically insure coins the same way it does ordinary merchandise, and there are important limitations. 
📦 What USPS Insurance Typically Covers
• USPS offers insurance for packages (e.g., Priority Mail, Ground Advantage) if you purchase insurance and declare a value. You can insure many types of merchandise up to several thousand dollars. 
🪙 Coins & Currency — Special Rules
USPS treats coins and currency differently from most merchandise:
1. Standard insurance on Priority Mail and similar services does not reliably cover coins/currency.
• Many USPS policies exclude coins and cash from regular insurance coverage. If you send coins with typical Priority Mail insurance, the claim may be limited or denied. 
2. Nominal indemnity may be very low.
• Official USPS guidelines show that insured mail containing currency (including coins) may only be covered up to about $15 under standard insurance rules. 
3. Registered Mail is the safer insured method for coins.
• Registered Mail — not regular Priority/First Class — is the service USPS recommends for coins. Registered Mail includes secure handling and insurance up to the declared value (high limits, e.g., tens of thousands), provided you can prove the value. 
4. Proof of value is required for collectible coins.
• If the coins are numismatic (collector) items rather than just face value or metal value, USPS claims require documentation (e.g., receipts, dealer valuation) to settle at full value. 
📌 Practical Takeaway
• Don’t rely on normal USPS insurance for coins.
• For valuable coins, use Registered Mail with declared value insurance and keep documentation. 
• If you use ordinary insured shipping (Priority or Ground), USPS may only pay a very low amount or deny a claim on coins/currency under its general insurance rules.
I don't understand. If a coin I purchase off eBay gets lost in the mail, I have been compensated through eBay. This has happened to me at least twice. Once a coin arrived after being reimbursed, so I sent the refund money directly to the seller.
Does this thread pertain to selling coins on eBay or selling coins outside of eBay?
Why not rely on a collectibles insurance policy?
This has nothing to do with ebay...
Thanks for the information. I used ShipCover insurance by default and ended up paying hundreds for nothing.
Even if it did, he was considering the buyer’s (his) side of the transaction, not the seller’s (shipper’s).
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
My experience is as a buyer, not a seller, though I did write "selling coins on eBay."
If I have to ship coins to say PCGS for grading, I use Registered mail.
"I also asked ChatGPT, and this is what it said..."
I would be careful about trusting what you get as an answer from ChatGPT to be true. The day after Catherine O'Hara died, I asked ChatGPT what the cause of death was and was assured that she was still alive.
FWIW...
edited to add... One other thing when considering insurance- there's a difference between coins that are considered to be cash and coins that are considered to be collectibles. The insurance required varies depending on that difference.
Fair, but if you're frequenting the PCGS forum, odds are you're not a casual collector...
2,000 packages a year would definitely seem worthwhile to have a separate collectibles policy.
A reasonable one is maybe $300-500 a year. How much do you pay in insurance/registration costs & mental sweat value?
I also dont quality 5-digit collections as a 'casual collector' or 'modest'
Perspectives and seriousness of collecting is seriously skewed on here vs the regular/general public.
A lot depends on the value of the packages you ship and whether or not you experience a lot of losses. For eBay sellers who buy their labels through eBay, everything is already insured up to $100 for the price of the label. If your shipments don't tend to be more expensive than a couple hundred dollars or so and your loss rate is small, it would be cheaper to eat a couple of $100-$200 losses than pay for a $500/year policy.
Sure, there are exceptional cases where it might not make sense. Any $3-10 additional insurance/signature costs here and there add up quick. You might only need 40-50 'bigger item shipments' to break even on extra insurance costs alone.
On top of the fact that such policies can cover your collection for loss...
For me it's a no brainer to spend a few $100 a year for all of that.
You'd save even more if the post office didn't include $100 insurance on Ground Advantage shipments. Before Ground Advantage with "free" insurance was introduced, a First Class one ounce bubble envelope cost around $3.50 to ship. The same package costs $5-$6 (with eBay discount) today.
If you ship a $25 coin by Ground Advantage, you're essentially paying around $2 for insurance.
Some years a single claim has more than covered the annual premium. Most others, the amount of avoided postage insurance fees usually gets pretty close to it.
Insurance isn't about profiting, it's about risk reduction. You're using huge values like $10-50k, but regular shipments of the $200-1000 value range can easily cover this concept.
If you don't want to cover the risk, that's fine, but I have a hard time believing if you're actually paying for postal insurance on any regular volume of packages annually, that you save money vs a $300-500 annual policy.
Fair enough, but still- there's a cost for the insurance provided. Unless the USPS are idiots, they're not ignoring that. Even if it's 50 cents, that's $1000/year on 2000 shipments.
The Math:
If you buy a shipping label through eBay, it costs an additional $4.50 over basic postage to insure a $250 shipment. Since there is already $100 insurance included, you're paying $4.50 to insure a $150 loss. That means if your loss rate is 1 out of 33 shipments, you break even by purchasing insurance. If you have losses in excess of 1 in 33, you benefit financially by purchasing insurance. If your loss rate is less than 1 in 33, it costs you money to buy insurance.
How often are your shipments lost? For me, hardly ever. The last time a bubble envelope package of mine was lost was 10 years ago- probably around 10-15,000 packages without a loss. Because that's so, I practically never buy insurance. Of course, as always, YMMV.
When he says he self insures, he men's he's not paying anything to insure packages under 1K but would cover the value of a package should one get lost so your example is not pertinent to his situation.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
...> @jmlanzaf said:
Yeah, I noticed that after posting. I decided to leave my comment up as an example of why buying insurance can be a less than optimal choice when attempting to avoid a loss.
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Thanks for this advice. I greatly appreciate this advice. I have used the pirate ship insurance until now. I will use the USPS insurance from now on. The PO does lose stuff every now and then. Everyone selling coins should know this.
Thanks again, Bob!
I noted that policy; however, I think the PirateShip and most shipping insurance will actually cover slabbed coins by top TPGs. I think they are trying to avoid claims for pocket change claimed to be worth more than it is. I think when you have a reputably slabbed coin it's far more insurable because there's no dispute about what it is (or isn't) and what it's worth.
Proof or it didn't happen
What can you expect to get back in an insurance claim? I sell a coin for $2000 and my receipt shows that I bought the coin 1 year ago for $500, and I bought 2000 of insurance. Will they give me 2000 as that is what a buyer was going to pay me for that coin or will they go back to what I paid for the coin?
I use ShipandInsure - good rates.
My experience is your original cost-$500.
The problem is they require "membership" in a collectibles association I've never heard of, of questionable merit which you have to pay a membership fee of $125-$135. I tried them for a while, you can only ship a box in a box, entering all details before midnight of shipping day.
This is my second claim ever with USPS in 30 years. $100 ground advantage insurance. First denial USPS said not at fault despite 6” box crushed in half. Presented box as USPS with required letter. Second denial said I did not provide documented value although it is uploaded. On 3rd appeal and has been 5 weeks.
My first claim was a package lost in mail. USPS said still enroute. That appeal timed out when the claim window closed.
No one to talk to at USPS, no help from people in lobby. Do not have trust in USPS insurance.
The problem is they require "membership" in a collectibles association I've never heard of, of questionable merit which you have to pay a membership fee of $125-$135. I tried them for a while, you can only ship a box in a box, entering all details before midnight of shipping day.
Aren't you a member of the ANA??
No. When I was a member they required NACA membership. Have you had any claims with them?
Thank you for response! I guess I could say I don’t have the receipt of purchase price. I assumed if I showed I sold the coin for 2000 that is what the insurance should pay me. I guess the easiest and safest route is to take the registered mail path.
I just spoke with "Ship and Insure". They said the $135 annual fee was compulsory.
Yep. Me too. I love it. No steal me stickers
and you pick the shipping service and turnaround time.
You have to join NACA which has other benefits like discounted inventory/collection insurance, FedEx discounts, and discounted mailing insurance. You can also insure armored car contents and items in business vehicles while being transported.
I shipped a registered yesterday that was over $60 for a parcel worth over $3K. I've checked out Ship and Insure's requirements for shipping:
Packaging & Labeling.
Always double box to help prevent break-in (most boxes fit inside each other). If you use your own box, the box must have a dimension of one cubic foot or dimensions similar to a medium-sized carrier box. The shipping info must be on both the the inner and outer boxes.
Seal the ends of the box with extra tape to help prevent break-in.
Mark the outside of the box with a small mark so that you can identify if your box has been switched. When making this mark, do not make it obvious to others; use initials or tracking number or even company stamp. This cannot be reproduced and would make it easier to determine the nature of the claim.
Labels must have your account number with the delivery service in the appropriate space provided. This is your account number for the carrier, if you have an account with them.
Do not use words describing valuable contents on the label; such as jewelry, gold, coin, or items perceived as having a high value. It is better to use an abbreviation or person's name on the package.
Make sure you are named as the sender.
Of course their rates are a big incentive: https://www.shipandinsure.com/rates.aspx
Some limitations: "Deliveries to New York with a zip code of 10032 and 10036 as well as Los Angeles zip codes 90014 and 90013 have a maximum limit of $15,000."
Losses shipping registered are rare, hence the .11/$100 cost to insure. Express at .22/$100
If you're doing a lot of high value shipments clearly you need robust insurance. I don't know how Ship and Insure compares with Hugh Wood for such high value insurance needs.