Shipping and insuring a high value collection - A to Z - Questions welcome!

Hi all,

I have been waiting to post this, to ensure that the buyer received them safely before posting any details of it - but now that it is done, I did want to share the experience and how I handled selling and shipping a very high value collection this month.

This is long winded... Sorry, I write.

MODS: Feel free to move this to "general chat" if you feel it's out of line - but I've seen the question asked about how to ship high value coins and collections a few times. I wanted to post for everyone's benefit (hopefully!)

First - I am not a rookie to Ebay, I've been buying and selling for well over a decade. In the last few years, I've opened up a legit and licensed business (hobby business) and I've had several people attempt to scam me over the years. I've managed to be paranoid enough to avoid the scams.

Rule #1 - always follow all of Ebay's, the Post Office's and PayPal's rules.
Rule #2 - Trust but VERIFY!!!! Every step of the way! It's your right, do not just trust and assume.

The first thing I did is contact the buyer by phone to ensure they are a real person, not a scam - and really wanted the collection. We spoke on the phone. I actually quizzed him to make sure he was at least a coin collector, and understood exactly what he was buying. I thanked him for his time, and told him that I just wanted to verify that I was not being scammed. I got a nastygram message from Ebay saying that transactions outside ebay blah blah blah. I ignored it and we chatted on the phone regardless. It's my collection, and my deal. We agreed to handle all future correspondence through ebay for both of our protection - but most importantly - Ebay will get paid.

Second - I had to wait 7 days for an E-check to clear PayPal. Patience is key, and keeping the buyer informed of the status and estimated time to clear kept him in the loop and patient.

I called PayPal and Ebay directly to confirm the payment had cleared and there were no potentials for delay or dispute. I got confirmations and customer issue numbers for each call.

The shipment was "over $20,000" and I was able to fully insure it. The cost for shipping and insurance for a 7lb box via Registered Mail was under $100.

I followed the clues on Registered Mail recommendations here and with friends. There is nothing I found on the USPS website as far as pricing, so I actually had to go in and ask.

They have some strict rules and procedures for shipping via Registered Mail. It involves packaging, sealing, and labeling. I don't know if it has to be done in person, but I did - and recommend it. I suggest you take your package with you, and ask for assistance. They gladly helped me.

When I asked about insuring, they told me the limit was $5000 for any Priority Mail. When I mentioned Registered Mail - he was reminded and the limit is up to $50,000 for any single shipment - only via registered mail. He then walked me through all of the steps to ensure it was properly sealed and labeled.

I double-boxed the collection. I put the collection in a well padded box. And I put that box into a larger well padded box. I put my own return address label on the inside box - just in case.

I took pictures of the packaging for my own protection and for the buyer's ease of knowing what to expect. I did not send them until the package was delivered (and told the buyer to expect this).

I brought a friend with me to the post office to watch out for any suspicious activity - since I had a valuable collection with me.

The post office agent walked me through properly sealing and labeling the package.

The shipment took 7 full days to reach the deep south from California.

The cost for shipping and insurance was under $100.00

I was pleased with the process. It required "hands on" and a bit of effort, but it was worth it - and I was satisfied.

Questions are welcome - I hope this is educational!

 

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Great information Brett. I thought insurance would be much more than that. It's good to know this if I need to sell someday with coins or PM's.

 

If I'm reading this correctly, you actually shipped via Registered Mail?

https://pe.usps.com/text/dmm300/503.htm

 

I get these two terms confused.

Yes, Registered Mail. I will correct - thank you!

 

@Brett_in_Sacto

So, you shipped the package via Certified Mail? If it had been me, I would have "overnighted" that puppy considering the high value. Waiting 7 days to receive a delivery confirmation would drive me to drink.

Chris

 

After ebay fees, advertising fees, paypal fees - I figured I would save the shipping money and spend it on good whiskey.

This was a long term project and investment come full circle. After all the years to put it together, a few more days wasn't an issue. Besides, it was insured. As much as I wanted to see the coins go to a deserving collector - the thought of a refund of all those fees and re-imbursement from the post office did sound tempting!

 

Check the postal regs... you can't insure an overnight package for that much. And some 3rd parties won't accept Numismatics. You would need private insurance (expensive for a 1-off].

 

@Brett_in_Sacto, thanks for the lesson. I appreciate it because I'm getting ready to sell off some of my collection as well.

So I have to ask and if it's too personal, don't feel the need to ask, but it sounded like you sold off your entire collection. Is that true? Or did you sell of only a portion?

 

It was just a thought!

Chris

 

No way I am selling my whole collection! This was just something that I decided was complete, and wanted funds to chase my next treasure with.

 

Registered mail is definitely a life saver for expensive shipments. I shipped $7k worth last week and was able to fully insure for just over $30. It takes forever but it will get where it's supposed to go safely for a super reasonable price.

Glad things went smoothly for you. I don't think I could sell 20k worth over ebay I am much more comfortable sending to GC or something similar personally even if it costs me a little money the peace of mind is worth it to me that they're the ones dealing with the buyers.

 

You have basically repeated the same thing I have posted here many times. Registered is the safest way to ship, and once you get over a thousand dollars in value pretty much the cheapest as well. You can insure a single package up to $50,000 for about $100. That's .2%. Worth more than 50K?, if it is divisible, just send more packages.

And the price rates for insuring with Registered are on the site, you just have to know where to look. Go here

https://pe.usps.com/text/dmm300/Notice123.htm

Then press Ctrl+F to bring up the Find window. Type in Registered and it will take you right to the prices.

One thing, although it shows rate for up to over $15 million in value, the maximum they will pay out in claims is $50,000 per package. If you ask them about that they explain that the extra fee over $50K is to provide extra security for the package.

Another thing, if the Registered package is leaving the country, as soon as it leaves the US the MAXIMUM payout if it is lost, stolen or damaged drops to $50 no matter how much you insured it for.

 

Thanks for the excellent advise. Communication with the buyer is crucial for their benefit and yours.