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<p>[QUOTE=&quot;calcol, post: 3570272, member: 77639&quot;]Read an interesting article by Conly&nbsp; Rieder in Dec 2018&nbsp; Numistmatist.&nbsp; He had a package of coins lost in the mail by USPS.&nbsp; They were insured for $12K because that&#039;s what they cost him.&nbsp; He filed a claim for $12K using his receipts as the basis for the value of the claim.&nbsp; Problem is USPS only considered costs of the coins themselves.&nbsp; Shipping, handling, insurance and buyer&#039;s premiums weren&#039;t considered.&nbsp; So, he got a check for about $9.5 K.&nbsp; He appealed, citing values in price guides, to no avail.&nbsp; Too late. Done deal.</p><p><br /></p><p>According to him, a letter from a dealer or citations from recognized price guides (i.e. fair market value) would have been acceptable to USPS if used initially.&nbsp; Rare Coin Market Report valued his coins at $15+K, so if&nbsp; he had used that value, he would have gotten the full $12K.</p><p><br /></p><p>Mr. Rieder&#039;s&nbsp; parting point was that he should have used the highest acceptable value for his coins at the outset in his claim.&nbsp; This is a good point.&nbsp; However, I think one should use the highest acceptable value when purchasing insurance in the first place.&nbsp; If Mr. Rieder had done this, he probably would have gotten $15+K instead of $9.5K.</p><p><br /></p><p>If you are insuring coins, the highest value is likely to be from a recognized price guide, not from your receipts.&nbsp; However, the receipts are still important.&nbsp; If the coins are lost,&nbsp; there may be a reportable capital gain or loss depending on the difference in the insurance payout and your receipts.&nbsp; Check with your tax advisor.</p><p><br /></p><p>Cal[/QUOTE]</p><p><br /></p>

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