QUestion about insurance for shipping pennies and other coin

[twentybux]

Hey all! First of all, I pray that each of you and your families have a blessed and wonderful Christmas!

Now to the question...been thinking about this for awhile so I may get a little long winded, but when should you place insurance onto coins being shipped through the USPS? I have completed approximately 350 transactions on Ebay over the last 6 months where I was the seller of coins and have made a few transactions with fellow members on this forum. When it comes to $50-$100 usually I just run with a delivery confirmation knowing. When running $500 and above I usually feel better throwing insurance onto it. The buyer does not request it, however I feel that if the package was lost or destroyed I could retrieve my price for the coins. I have seen on ebay and on this forum wherein the seller will add insurance only if the buyer wants it. I have been blessed wherein my packages have made it to their destination fairly unharmed by disgruntled USPS workers ( I have friends in that business and yes, Virginia, those disgruntled folks are out there). If the coins did not get to their destination, it is my loss wherein I refund the money in full to the buyer and I take the loss no matter how much it is. I then would follow up with USPS to recover the price of my losses. From reading the USPS info on the web it sound as if the proof of loss, damage etc. falls on the customer (recepient of the package). I recall this being brought up on the old forum a year or so ago. Am I just giving the USPS extra money as I have a flaw in my thinking or am I on the right track? Constructive criticism is much appreciated! Twenty

[toomuchcopper]

It is my understanding that you cannot ship money through the mail....coins are money and then are not covered by insurance. I do not beleive the usps would pay a claim on coins. has anybody tried a claim on coins?

[twentybux]

Going back to the old forum info. I thought something was said that if the coins were considered "collectables" one could place a claim with the USPS. An example of this would be mailing out numerous proof silver dollars wherein you still have the recent from the U.S. Mint for what you paid for them. I thought the wording was the big thing. True, I have read through USPS website you cannot mail "money" but nothing about collectibles. Good point if shipping out a box of pennies, however couldn't they be considered collectables? I'm with you toomuchcopper. Wondering if anyone has had any luck with a claim.

[natsb88]

Bullion and coins can only be "properly" insured using Registered Mail, which is a minimum of regular postage + $10 + insurance fee, and is one speed no matter which service you use. Registered mail is locked in a cage/vault at all times, and employees have to sign the pieces in and out, so there is accountability every step of the way.

[Pennysaved]

I have used shipsurance on the internet. I believe you can insure bullion.

[CanadianNickle]

I like to insure all my coin shipments.

[JadeDragon]

No matter if we think the circulation coins are collectible I think that a postal employee is going to see them as money. Buying insurance you can't likely collect on is not a good investment.