How do you deal with declared value

dsz69 · December 3, 2011 2:50AM

I have been collecting over 50 years and have something on the order of 150 - 200 coins I would like to have graded. Some of the coins might bring four figures if they grade, but I think some will end up in genuine holders because of cleaning, rim damage, etc. So how do I handle the declared value entry? The grading fees increase substantially as the value of the coin goes up and some of the proof type coins I have could have a value of over $5,000 if they grade, but maybe $300 or less if they don't. What happens if I assume a coin will not receive a grade and put a value of $300 and pay $18 for grading, but it really does grade and the value is over $300?

LanceNewmanOCC · December 3, 2011 3:08AM

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go with the lower end of the valuation and if they grade high, pcgs should contact you for the difference

that is what a CS rep told me a while back

this is a common question as there are major variables that affect a coins estimated grade/valuation
.

AUandAG · December 3, 2011 3:36AM

I've always declared the price I paid. My price had nothing to do with grade but it was what it
was worth at the time. When I send a stash of $8 (my cost) morgans to PCGS about 4 years
ago they said nothing. Of course that's what the insurance covered. When I received them back
they were were substantially more than the $8 each!
bob

Line # Item # Cert # PCGS No. CoinDate Denomination Variety Country Grade
1 1 08573134 7286 1903-O $1 USA MS64
2 1 08573135 7226 1893-S $1 USA VF20
3 1 08573136 7228 1894 $1 USA AU58
4 1 08573137 7232 1894-S $1 USA AU58
5 1 08573138 7156 1884-S $1 USA XF45
6 1 08573139 7148 1883-S $1 USA AU55
7 1 08573140 7131 1881-S $1 USA MS63PL
8 1 08573141 7270 1900-S $1 USA MS62
9 1 08573142 7186 1888-S $1 USA AU55
10 1 08573143 7356 1921 $1 Peace USA MS64

golfer72 · December 3, 2011 3:42AM

Why do they charge more to grade a coin that is worth more?

LanceNewmanOCC · December 3, 2011 4:07AM

<< Why do they charge more to grade a coin that is worth more?

>>

time, effort, risk, education, experience ...........

OPA · December 3, 2011 4:10AM

Declare the "fair market value" for a raw coin similar to yours. In case of an insurance claim, that's all your

GRANDAM · December 3, 2011 4:16AM

<< I've always declared the price I paid. My price had nothing to do with grade but it was what it
was worth at the time. When I send a stash of $8 (my cost) morgans to PCGS about 4 years
ago they said nothing. Of course that's what the insurance covered. When I received them back
they were were substantially more than the $8 each!

<< 

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You should be aware though that should something happen to your package you will only be paid the insured value

steveben · December 3, 2011 4:28AM

i declare what it would cost me to replace it...simply because...what if it gets lost or damaged? then, i have to replace it.

darktone · December 3, 2011 5:45AM

I found out first hand that if you file a claim the best thing you can have is the receipt showing what you paid. Now that does not help if you just cherried a coin for a fraction of it's value and want to insure the coin for it's full value. I think the two things you can do is- one to have it appraised by a coin dealer in writing before you mail it or convince the post office you are an expert in your field. The Newport Beach postal thefts about ten years ago by a postal employee had most claims settled for pennies on the dollar or nothing at all. Have your papers in order or you will have a hard time collecting if your package is lost.

Eagleguy · December 3, 2011 6:14AM

The USPS once lost a coin that I mailed (a 1995 W Silver Eagle!) and they would only reimburse me what I had paid for it, regardless of what I had insured it for.

JH

dsz69 · December 3, 2011 7:39AM

That may be a problem for me because I have no idea what I paid for most of these coins. Some have been in my safe deposit box for more than 30 years and I have no records of what I paid.

notwilight · December 3, 2011 7:53AM

<< That may be a problem for me because I have no idea what I paid for most of these coins. Some have been in my safe deposit box for more than 30 years and I have no records of what I paid. >>

What you paid is irrelevant. Current value in the lower expected grade is what I use. No need to pay insurance on value that isn't there. If it grades higher, which cold easily double or more the value of some coins, then they should contact you. --Jerry

RedTiger · December 3, 2011 8:10AM

<< Why do they charge more to grade a coin that is worth more?

>>

PCGS spends significant money honoring their grading guarantee. Obviously, the lower the value, the lower the chance of a coin being sent in for the guarantee. How many will take their time and postage costs to possibly collect $50 or $100 or even $300? How many might take a shot for $3k or $10k. A lower claim rate and lower payouts mean lower costs for the lower value coins.

Edit: oops, I misread the quoted segment. The other response is correct. Should PCGS charge 1 cent to grade common Lincolns or 5 cents for common Jeffersons? How could they stay in business if they allowed their time and talent to be wasted like that?

How do you deal with declared value

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