Shipping your valuable coins is risky. There's a lot that can happen between point (a) and point (b). Rare coins or coins of historical significance, such as gold coins, silver coins, or walking liberty half dollars can be lost in transit or stolen before delivery to the recipient. That's why there's a golden rule to follow to make sure you're not putting your collectibles at risk. 

What's this "golden rule," you ask?

It's to always, always insure your collectible coin shipments. 

If you are selling and shipping collectible coins, you need to make sure you have the right insurance. Many coin collectors or coin dealers ship their valuable coins through the United States Postal Service (USPS). They may purchase shipping insurance for the value of their shipment only to find that when they have a claim, they don’t have adequate coverage. When you read the fine print on the USPS insurance documents, it states that the USPS does not insure currency at face value. However, another section on the USPS agreement does indicate “coins of numismatic value,” or collectibles can be protected.

Ensure That You Properly Insure Your Coins

USPS documents clearly indicate a difference in shipping money versus collectible coins. While collectible coins are supposedly covered by the insurance, the cost of getting that insurance is much more expensive through the postal service. The claims process through USPS is also known to take longer. It requires extensive documentation as they conduct an in-depth investigation to determine if the claim will be paid.

As an example, USPS Priority mail insurance at the cost of $2.05 per $50.01 to $100 of coverage with the maximum coverage amount available being $5,000 for all Priority Mail or Express Priority Mail shipments.

Additional insurance rates for USPS Priority Mail are as follows.

• $100.01 to $200 is $2.45.
• $200.01 to $300 is $4.60.

The price per additional $100 of insurance, valued over $300 up to $5,000, is $4.60 plus $0.90 per each $100 or fraction thereof.

The insurance rates and limits have recently been updated on USPS.com. With Registered Mail, you can get the maximum security for valuable shipments up to $50,000. The cost of this insurance begins at $12.40. Insurance combined with Registered Mail services through USPS offers the highest level of security during transit.

If you ship through a private carrier such as UPS or FedEx, you might end up paying out even more for insurance coverage than your specific collectible coin requires. This all depends on the declared value of the shipment. 

FedEx Two Day charges nothing extra for up to $100 of coverage. If your package contains items in value worth more than $100, figuring out the insurance rate will require some calculations using the declared value. To come up with the total amount, you’ll need to add both the declared value cost and the shipping cost. If you are unable to figure out the total on your own, a representative from FedEx can help. (Source)

UPS Ground also takes care of insurance coverage for packages that value up to $100. This is true for domestic and international shipments. They also provide declared value coverage for an additional fee for packages with a value above $100. There are limits on the amount of insurance you can purchase for UPS shipments. Those limits are currently $50,000 per package or $100,000 per pallet.

There are some types of packages that allow for higher limits up to a maximum declared value of $70,000. This all depends on the contents of the package. (Source)

Additionally, many people think they are completely covered by the insurance simply because they paid for it, but this is simply not true. In specific scenarios the package is not covered. Here are some cases when you may not receive any money back:

Things to Consider When Selecting a Shipper:

• The carrier might not cover coins.
• The carrier might not offer the full declared value coverage. They may cover only cost
• The carrier will charge more for the insurance.
• The carrier’s insurance claims handling process is challenging and complicated.
• The carrier may only cover very specific and limited scenarios of loss. 

Consider These Aspects of Shipping Coins

When you are shipping state quarters, rare coins, proof sets, a coin minted, or precious metals, you need to make sure you have the right coverage; never assume that you do. As a coin dealer or coin collector, you understand silver dollars and collectible coins can reach astronomical amounts. As an example, when you get prepared to ship valuable coins, you will be asked to state the value. You might be able to declare the coin’s worth to be $100,000, but that doesn’t mean the USPS has insured your shipment for that amount.

Priority Mail will only offer insurance coverage on packages that are worth up to $5,000. For packages valued between $5,001 and $50,000, you must use USPS Registered Mail instead. Doing so will insure the package for the full value. Plus, it will also be kept separate from regular mail and must be signed for each step of the way until it is picked up by the recipient at their local post office. (American Gold Exchange)

When you ship collector’s coins through Registered Mail, you need to find out the value of the coins. By using USPS Registered Mail services, the cost is determined by a reputable coin dealer or other resources such as newsletters or trade papers. The determination of the fair market value should be updated prior to the shipping date.(USPS.com)

The insurance rates and limits have recently been updated on USPS.com. With Registered Mail, you can get the maximum security for valuable shipments up to $50,000. The cost of this insurance begins at $12.40. Insurance combined with Registered Mail services through USPS offers the highest level of security during transit.

Many coin shippers fail to read the fine print and never realize that if their coins are lost, their claim may not be paid in its entirety.

This is the reason for the coin shippers’ golden rule: Always insure it!

This is where Cabrella enters the picture. 

Make Sure You Have the Right Insurance 

To make sure your valuable coins are protected should they be misplaced, destroyed, or stolen, you need numismatic and jewelry shipping insurance from an independent third-party. Third-party companies, like Cabrella, are separate from the delivery service providers, such as FedEx, UPS, or USPS. They provide the coverage that you need when you ship collectible coins anywhere in the world.

Cabrella has been providing clients with the customizable shipping insurance coverage they need for over 7 years. Cabrella’s shipping insurance software allows customers to manage all their packages in one spot. Packages can be quickly registered for shipping insurance. You can check for real-time tracking updates, view transaction information, and if necessary, file a paperless claim because of a damaged, destroyed, lost, or stolen package.

One of the main benefits of insuring your shipment of collectible coins with Cabrella is that you get adequate coverage. You can rest assured that you have successfully covered the full value of your coin shipment. Coins are pieces of history, and many of these pieces are very rare and sometimes irreplaceable. Don’t put your assets at stake. Instead, purchase the coverage that you need from Cabrella.

How does Cabrella stand out?

• You can get higher coverage limits – up to $150,000.

• Insures nearly any carrier, including USPS international shipments.

• Insures international shipments to over 180 countries.

• Discounted pricing of as much as 90% less than common carriers.

• Fast and simple tracking.

• Easy package registration.

• Ease of purchasing insurance coverage through a user-friendly software.

• Fast, paperless claims filing, professional claims handling and adjustments.

If you are shipping collectible coins, Cabrella Shipping Insurance Intelligence and their shipping insurance software makes the process simple and fast. Offering shipping insurance solutions for all kinds of businesses, including coin sellers and collectors, Cabrella takes coin insurance a step further than the basic offerings of couriers and delivery companies.

Click the link below for a quick quote to see how much Cabrella can save you. You can also call us at (844) 422-2735. Our insurance specialists will be happy to answer any questions you may have about our customized shipping insurance.