Well, the $50k insurance limit for USPS registered mail is plenty for me. But I've noticed in the USPS fee schedule that mail can be registered for up to $15 million at $1.55 per $1000 of value. Yup, so your million dollar coin would cost $1,550 to send registered. In case you haven't used registered mail, the registration fee is the insurance (up to $50k coverage). Postage for transport is additional, but is usually inexpensive compared to the registration fee. But why would anyone register anything for more than $50k? I doubt the security is any better for a parcel registered at $1M than one registered at $50k, and the insurance coverage is the same. I would guess that most coins valued over $50k (and many less valuable) move with private insurance and are not registered. When I've sent coins to auction houses, they've supplied private insurance with the only requirement being overnight FedEx or USPS express mail. The coverage limit was $100k max per parcel (no problem there!). $1M coins probably are moved by armored car companies for less than a $1,500 haulage fee. Do folks really pay thousands for registering parcels worth millions even though the most they can get if it doesn't arrive is $50k? What am I missing here? Cal
You can self insure for the full value over $50k so maybe that has something to do with it. But then again why would they care if you sent a $20M package that was self insured.
I don't know that they do, don't know that they don't either. I just know that I never would. I've mailed packages insured for $50k before, and when the value was higher than that, I split things into multiple packages. That said I'm reasonably certain that there have been cases where packages worth many, many, times that amount have been transported. And probably on a daily basis for there is lot out there far more valuable than coins. But I suspect they are sent by private courier of some kind.
Yep. When you're shipping a million-dollar item, spending a few grand for a dedicated truck with dedicated security isn't a big deal. I see "FedEx Custom Critical" trucks in our office park daily. In this case, it's not strictly because of valuable items being shipped; it's pharmaceuticals, which are costly, but not that costly. But if a shipment gets delayed too long, or its contents get too warm, you can spoil a multi-million-dollar clinical trial. So, it's not strictly accurate to say "cost is no object" for shipping, but the arrangements aren't driven by bargain-hunting.
I would think that if you're talking about a multi million dollar item that is rather small it would be cheaper or close to the same price to just fly it there in person.
Makes me nervous to travel with a thousand dollars worth of coins. If I had a million dollar coin (ain't happening) and wanted to ship it, I'd arrange for an armored truck to meet me at the bank where it's stored. No way do I travel to the airport and get on a plane with it. Cal
Depends on the person I guess. It is and was well known, I'd even say very well known, that I carried a 1 oz gold coin in my pocket every single day and everyplace I went. And, usually at least a $1000 in cash. And I did so for many, many years. I wouldn't even think of leaving the house without that much cash, or the coin ! Of course I usually had something else in one of my other pockets
@calcol i can understand that. For me TSA would be the biggest worry and maybe something to contact ahead of time make sure it doesn't get siezed or anything but I wouldn't be overly concerned about it getting stolen though. If I get robbed at gun point the last thing I'm worried about is my possessions
Sort of unrelated, but I've had odd instances with TSA. I went to Jamaica on my honeymoon 15 years ago and had my luggage ransacked on the way to, but untouched coming back from... 5 years ago while coming home from Rochester on business I decided to bring back a sealed bottle of some very good barbecue sauce, wrapped in a couple shirts in my checkin bag. I got home, was ready to sauce up some ribs and found that the seal was broken and a good gulp was missing. Point being you have a valid worry with them... they are consistently inconsistent. Needless to say I wish I had the opportunity to drop the TSA agent that thought they had the right to open my barbecue sauce. It was some good barbecue sauce.
Unless you were just happy to see someone, I doubt you could get on a plane with what was in your other pocket. Cal
If you know a bit more about the Domestic Mail Manual you will know that it is possible to insure for much much more. You have to be persistent with mail clerks and you may have to be in a place like NYC where high value stuff gets mailed much more often. I know this is possible from personal experience and that is about all I want to share.
In 1958 the Hope Diamond was mailed to the Smithsonian for $2.44 in Registered Mail postage plus $142.85 for $1 Million insurance. It was probably worth $25-30 Million at the time ($250 Million today). http://postalmuseumblog.si.edu/2012/11/delivering-the-hope-diamond.html
I looked through the domestic mail manual online, mostly by searching with the term "insur", and didn't find a mention of more than $50k insurance being available. However, I do believe you when you say that some post offices in NYC have greater amounts available. Must be a local thing to accommodate high value shippers like the diamond district. Harry Winston used registered mail to send the Hope diamond to the Smithsonian in 1958. A pic of the package is below. Chances are it would cost a tad more to ship it today. I did find an interesting section in the mail manual, which is also below. USPS wants you to declare full value, even if more than $50k, so they can collect the high registration fee even though they won't pay you more than $50k if it doesn't arrive. Cal ================================================== 500 Additional Services 503 Extra and Additional Services 2.0 Registered Mail 2.2.1 Declaring Full Value The mailer must always declare the item’s full value (see chart below) to the USPS (by stating it to the USPS clerk or entering it on the firm sheet if a firm mailer) when presenting it for registration and mailing. Private insurance carried on Registered Mail does not modify the requirements for declaring the full value. ==================================================
The value Winston agreed with the Smithsonian for the donation of the Hope was $1million, a huge sum almost 60 years ago,so he paid for full insurance value "On November 8, 1958, he sent the precious stone via registered, First-Class Mail, from New York City to the Museum of Natural History in Washington, D.C. The postage cost him $2.44, plus $142.85 for $1 million worth of insurance." https://about.usps.com/who-we-are/postal-history/hope-diamond.pdf
Sure I could, but it can't be in my pocket when I get on the plane. But that doesn't mean I can't take it with me
