Post Office not insuring coins and collectibles.........

jbsteven · February 23, 2007 3:36AM

Might have been discussed before but I have found out as the buyer of a expensive coin.

Seller sent a coin to me but put the wrong address. Been trying to get it back from PO (seller is fully refunding me).

While he has been dealing with the PO they have instructed him that the PO does not honor insurance claims for coins and collectibles. Seems like if this is correct then Paypal/Ebay should not let coins be shiped through the post office when you print labels from Ebay.

Anyone file a insurance claim for a coin and collected recently from the PO?

Connecticoin · February 23, 2007 3:39AM

Try a different PO, then. Some postal workers do not know shat from shinola, and equate sending numismatic coins with sending cash.

The postmaster at my PO collects coins, so if insuring coins were a problem, she probably would have let me know by now.

holeinone1972 · February 23, 2007 3:40AM

I had one a few months ago for about $600 it was paid relatively quickly. Of course I did everything correct, saved all receipts provided credible transaction documnetation.

Rob

Julian · February 23, 2007 3:41AM

I do not believe that you are getting the correct information from someone, Jason.

If the PO accepts an inusured/registered package and it does not contain any illegal substances, they will insure it up to their limits. I believe that the most the PO will pay out is $25000.

Russ · February 23, 2007 3:41AM

Whomever told him that is full of crap. I got a re-imbursement check from the post office two days ago for a coin they lost.

Russ, NCNE

Barndog · February 23, 2007 3:42AM

sounds like someone just ran into the wrong postal employee(s). Try a smarter one and the problem should disappear.

jbsteven · February 23, 2007 3:44AM

I am not defending the info I got from this person but he states on the USPS website it states the PO does not insure coins.

Maybe there is a gray area when it comes to coins?

just offering this for debate.

Russ · February 23, 2007 3:45AM

<< I am not defending the info I got from this person but he states on the USPS website it states the PO does not insure coins. >>

Again, the clerk that told him that is full of crap. Their web site says nothing of the kind.

<< Maybe there is a gray area when it comes to coins? >>

There is no gray area. They've honored every claim I've filed.

Russ, NCNE

seemyauction · February 23, 2007 3:47AM

If they sell you the insurance they have a legal obligation to make good on a claim. Check with your lawyer buddy.....

AL

CIVITAS · February 23, 2007 3:48AM

I don't believe the USPS pays claims on items that were sent to the wrong address, but I don't know for sure. I've collected on coins in properly addressed packages lost by the Post Office.

Russ · February 23, 2007 3:49AM

PS: They were pretty quick on my most recent one. Claim filed 1.31, check in hand 2.21.

Russ, NCNE

Russ · February 23, 2007 3:50AM

<< I don't believe the USPS pays claims on items that were sent to the wrong address >>

That's an excellent point, and likely the real reason this seller is getting grief from the post office.

Russ, NCNE

Longacre · February 23, 2007 4:06AM

Please see my thread about postal workers getting better training.

Coinlearner · February 23, 2007 4:06AM

I sent off several registerd packages to pcgs recently. My worries about delivery has gone down alot. I punched in (mail)& (register) in the forums and there is TONS of threads about mailing. One package arrived Tues. NO dought the others will arrive safely. Again my fears alot lower after reading boards.

BigBuffaloGuy · February 23, 2007 4:16AM

UPS definately doesn't insure coins/paper money, but we have never had a problem the the USPS. However, we carry private insurance that covers most of our shipped packages. It is cheaper, they pay faster, and are much easier to get a hold of.

MICHAELDIXON · February 23, 2007 4:18AM

jb,
I ttt'd the thread with the postal regulation.

pharmer · February 23, 2007 4:20AM

Postmaster here is a good friend, just asked him about this, and he said you were given incorrect info. He knows what I've been sending all this time, and said he would have mentioned it.

Preussen · February 23, 2007 4:22AM

I have personally collected on USPS insurance claims for lost coins. -Preussen

jbsteven · February 23, 2007 4:30AM

<< I don't believe the USPS pays claims on items that were sent to the wrong address, but I don't know for sure. I've collected on coins in properly addressed packages lost by the Post Office. >>

the coin in question is not lost (yet) by the Post Office.

jbsteven · February 23, 2007 4:31AM

<< 

<< I don't believe the USPS pays claims on items that were sent to the wrong address >>

That's an excellent point, and likely the real reason this seller is getting grief from the post office.

Russ, NCNE >>

no grief yet from PO. The package is still in the system. No claim has been filed yet.

jbsteven · February 23, 2007 4:33AM

<< If they sell you the insurance they have a legal obligation to make good on a claim. Check with your lawyer buddy.....

AL >>

Fedex does not honor claims for jewelry over $500 but will take the $$$ for the insurance. I lost $4000 on a watch that never arrived once by Fedex. I got a check for $500 when I paid for insurance for $4000.

joeyuk · February 23, 2007 4:35AM

I had to file a claim once for a package I sent insured for $50 with delivery confirmation. D C said it was deliverd.
Buyer, also a forum member, said it never arrived. Post office paid.

rhedden · February 23, 2007 4:57AM

I filed two claims last year after 10 years with 0 claims. Both were (coincidentally) for $105.00 exactly. PO honored both. In one case, the entire package was lost or stolen in transit. In the other case, it was blatant ripping open and stealing of contents- buyer received a torn envelope with all coins gone. The paperwork is a pain in the butt, but they do have to honor their insurance.

Writersblock · February 23, 2007 4:58AM

<< If they sell you the insurance they have a legal obligation to make good on a claim. Check with your lawyer buddy..... >>

If they sellyou insurance in error on something that their regulations state that they do not insure then their liability is usually limited to a return of the insurance fee.

One problemis that if it is insured for over $50 so that it has to be signed for and the package is addressed wrong,if it gets delivered and signedfor the Post Office can take the stand that it was delivered as addressed and at that point their liability ended. In that case no settlement.

From UPSP publication 122 with the important part found here USPS pub 122 Payable Claims

The types of indemnity claims that are payable are as follows:

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 collector’s newsletter and trade paper

So yes, coins ARE insurable.

au58 · February 23, 2007 5:10AM

I have not looked recently, but the USPS used to say that they did not insure MONEY, as in cash money and as distinguished from COINS as COLLECTIBLES.

Russ · February 23, 2007 5:18AM

<< 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 collector’s newsletter and trade paper >>

It's a good thing they don't actually require that, or I'd have been screwed on my last claim. It sold for way above any price guide.

Russ, NCNE

RareBronzeCollector · February 23, 2007 5:48AM

I generally just ship insured.... have not had a problem...

I was told once however, that to properly insure coins, stamps, collectables.... generally to provide no problem coverage, to ship it REGISTERED mail.......

I sometimes ship fedex (with no insurance), as I have more faith in their security safeguards anyway.......

RareBronzeCollector · February 23, 2007 5:52AM

<< UPS definately doesn't insure coins/paper money, but we have never had a problem the the USPS. However, we carry private insurance that covers most of our shipped packages. It is cheaper, they pay faster, and are much easier to get a hold of. >>

Awhile back, I had shipped some rarer cents and nickels to a TPG via UPS.... I had called them for the pick-up and questioned them about insurance.... I was told that they would accept copper and nickel for insured shipment, but NOT precious metals (silver and gold coins).........

cape · February 23, 2007 6:02AM

i still havent collected from darin, bigd5 on the reeded edge halve dollar that was sent to fletcher and lost in st louis via registered mail and that was just about a year ago. AND YES I WAS THE CONSIGNOR ON THIS COIN TO DARIN WHITAKER.

poorguy · February 23, 2007 6:03AM

<< Whomever told him that is full of crap. I got a re-imbursement check from the post office two days ago for a coin they lost.

Russ, NCNE >>

I've had similar experiences with inept postal service workers. I had one instance where I corrected the teller 4 different times:

1. I have the registered mail package ready to go and she asks if I want it to go express. Obviously, she didn't know you can't express registered mail.
2. I have 25,000 as the amt of insurance for the package. She then starts marking it off as $3,000 on the reciept and I stopped her and asked WTF she was doing. She said mail can only be insured to $3,000. I had to explain to her that registered mail is insurable up to $25k (covered) and that regular mail is insurable up to $5k. I then had to write up a new reg mail reciept.
3. On one of the express packages, she told me that it couldn't have insurance. (Yes, right after I told her it could be insured for up to 5k) so I once again had to explain it to her.
4. When I went to pay with our company credit card, she told me it had to have my picture on it. WTF? I showed her my business card and my photo ID and she told me that she'd "let it slide this time". I just sat there looking bewildered and prayed that I wouldn't be fighting for insurance money should she Fk up again and do something wrong with the packages I left with her.

I never returned to that Post Office again. I swear, where do they find these people?

Russ · February 23, 2007 6:16AM

I'm lucky. The people at my local post office have all been around quite some time and know their stuff. On those rare occasions when they aren't sure about something, they just ask me.

Russ, NCNE

etexmike · February 23, 2007 6:18AM

Like many others here have said, you were misinformed.

This better not jink me. I just returned from the p.o. about 10 minutes ago dropping off a registered package insured for $9K.

-------------

etexmike

MICHAELDIXON · February 23, 2007 6:47AM

Here is the answer:
U.S. Postal Service Publication #122 Dated April 2005 (page 12, g)
.

Click for USPS Publication #122

drwstr123 · February 23, 2007 7:22AM

" ...never returned to that Post Office again. I swear, where do they find these people? "

Poorguy, at one time a High School Diploma was a requirement. Now, one only needs a Green Card.

Russ · February 23, 2007 8:07AM

<< Poorguy, at one time a High School Diploma was a requirement. Now, one only needs a Green Card. >>

Actually, in order to be considered for employment at the Post Office, each applicant must pass the mirror test.

Russ, NCNE

tincup · February 23, 2007 9:14AM

<< I have not looked recently, but the USPS used to say that they did not insure MONEY, as in cash money and as distinguished from COINS as COLLECTIBLES. >>

This is what I have always understood to be the case.

They will not insure regular money.... the kind for spending... whether it is currency or coins.

They DO cover collectible coins and currency.

If they stopped doing so, they would be losing a lot of business. That would not be a good business plan.

pharmer · February 23, 2007 9:17AM

<< 

<< Poorguy, at one time a High School Diploma was a requirement. Now, one only needs a Green Card. >>

Actually, in order to be considered for employment at the Post Office, each applicant must pass the mirror test.

Russ, NCNE >>

I bet this is funny. But first time I've heard/seen it, so we'll see if I can get it.

"Can you identify the person in the mirror?"

Is that the joke?

coindeuce · February 23, 2007 9:20AM

Jason - has Fletcher been whispering in your ear?

Russ · February 23, 2007 9:23AM

<< << Poorguy, at one time a High School Diploma was a requirement. Now, one only needs a Green Card. >>

Actually, in order to be considered for employment at the Post Office, each applicant must pass the mirror test.

Russ, NCNE >>

I bet this is funny. But first time I've heard/seen it, so we'll see if I can get it.

"Can you identify the person in the mirror?"

Is that the joke? >>

Hold the mirror close to the applicant's mouth and if they leave breath on it, they're qualified. Your version also works quite well, though.

Russ, NCNE

STONE · February 23, 2007 9:27AM

I haven't had a problem sending coins through the post-office.

Post Office not insuring coins and collectibles.........

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