Rare Coin Worth Nearly $400,000 Missing From Post Office

[jtryka]

Well, the USPS isn't the only one with problems losing coins, apparently Brinks lost the finest known 1870-CC double eagle worth somewhere between $700K and $1M between PCGS and Heritage in Dallas!

 

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=24275&et_mid=523122&rid=2216725

 

And to add insult to injury, it was being returned by PCGS after they refused to cross it over from an NGC slab!

[zboyle04]

and i was kinda pissed when i lost a 1 ounce generic silver round in the mail i feel for this guy, hope they find it!!!

[brg5658]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

[MarkFeld]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Perhaps because, despite the publicity of this theft, instances of other losses (particularly registered mail) amount to a tiny percentage of all the packages which are shipped. And as I asked another poster, previously, where do you draw the line? $100,000? $50,000?

[MorganMan]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Because if you sent a person to pick it up and it disappears, you are out the whole amount. If Brinks lost it, you at least get paid the insured value!

 

Not to mention the danger to the courier picking it up. People will kill you for 10 bux nowadays.

 

MM

[Conder101]

Morganman beat me to it.

 

If I've sold something in the neighborhood of 400K+ I would spend an additional 1K or less on a round-trip flight and hand deliver the coin.

Which really isn't any safer, and pretty much guarantees no recovery/compensation if something does go wrong. (plane crash, car accident, fire, getting mugged etc.)

[brg5658]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Perhaps because, despite the publicity of this theft, instances of other losses (particularly registered mail) amount to a tiny percentage of all the packages which are shipped. And as I asked another poster, previously, where do you draw the line? $100,000? $50,000?

 

Mark, the hypothetical "where do you draw the line" is a pointless argument. We're not trying to build a rule that covers all examples. The point of this thread was that a coin valued at $400,000 was lost. Someone bought it for that amount, and it didn't make it to them. They won't lose one dime because it is insured, but if I really wanted a coin that bad to begin with I would personally get my on a plane and go get it. JMO.

 

EDIT: As to the argument that people would mug you...that's just sheer paranoia. If you don't have a briefcase handcuffed to your arm and a tattoo on your forehead, people won't know you from Adam. And, I never suggested sending a "courier" in the company sense of the word...I suggested sending someone you trust (with your life), like your son, father, brother, or whatever. If you don't have anyone like that in your life, then back to my original suggestion -- get your on a plane. If the plane crashes, at least you'll die happily with your $400,000 coin in your breast pocket!

[MarkFeld]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Perhaps because, despite the publicity of this theft, instances of other losses (particularly registered mail) amount to a tiny percentage of all the packages which are shipped. And as I asked another poster, previously, where do you draw the line? $100,000? $50,000?

 

Mark, the hypothetical "where do you draw the line" is a pointless argument. We're not trying to build a rule that covers all examples. The point of this thread was that a coin valued at $400,000 was lost. Someone bought it for that amount, and it didn't make it to them. They won't lose one dime because it is insured, but if I really wanted a coin that bad to begin with I would personally get my on a plane and go get it. JMO.

 

Fair enough. But based on the odds, understandably, the vast majority of buyers are willing to take their chances by having their coins shipped.

 

And I would bet that the winning bidders of many two, three, four and five figure coins care as much about them as the winning bidder of this coin cared about it.

[Mr.Mcknowitall]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Perhaps because, despite the publicity of this theft, instances of other losses (particularly registered mail) amount to a tiny percentage of all the packages which are shipped. And as I asked another poster, previously, where do you draw the line? $100,000? $50,000?

 

Mark, the hypothetical "where do you draw the line" is a pointless argument. We're not trying to build a rule that covers all examples. The point of this thread was that a coin valued at $400,000 was lost. Someone bought it for that amount, and it didn't make it to them. They won't lose one dime because it is insured, but if I really wanted a coin that bad to begin with I would personally get my on a plane and go get it. JMO.

 

EDIT: As to the argument that people would mug you...that's just sheer paranoia. If you don't have a briefcase handcuffed to your arm and a tattoo on your forehead, people won't know you from Adam. And, I never suggested sending a "courier" in the company sense of the word...I suggested sending someone you trust (with your life), like your son, father, brother, or whatever. If you don't have anyone like that in your life, then back to my original suggestion -- get your on a plane. If the plane crashes, at least you'll die happily with your $400,000 coin in your breast pocket!

 

 

I would not rest my proffer of certaintude based on the claim that there will not be the loss of one dime, because it is insured.

 

There are many hurdles to recovery under insurance.

 

A rule did not seem to be being built, as much as a logical statement that there simply is not a completely safe method.

 

I do not detect a hypothetical re. where the line is drawn; again, this is a personal observation and value and importance is a very personal issue and the posit being made by Mr. Feld seems to be that the parameter is ever changing and decisions on delivery mode is important regardless of the value.

 

The plane ride-well, the insurance is a mite more complicated when an air carrier is involved, especially when the buyer's care and caution action consists of a courier that meets the buyer's criteria of trust.

 

There are certain insurance companies and attorneys that would find it exhilarating to defend against such a basis of claim.

 

Would it not be simpler to pay the person you are buying the coin from to personally deliver the coin to you, in order to get paid? If you are going to spend money on the proverbial plane ride, at least have some true control over your expenditure.

 

But (there is always a "but") what do I know.

 

Respectfully, )always)

John Curlis

[brg5658]

I second the notion of buying a plane ticket or paying someone you trust to go pick it up for you. If you have $400,000 to spend on a coin, you most definitely have money to send your assistant to pick it up (or go get it yourself). It's unfortunate for the historical nature of the loss, but if you can pay a BP of roughly $50,000 I don't understand why you would be so stingy on a plane ticket to go bring it home.

 

Perhaps because, despite the publicity of this theft, instances of other losses (particularly registered mail) amount to a tiny percentage of all the packages which are shipped. And as I asked another poster, previously, where do you draw the line? $100,000? $50,000?

 

Mark, the hypothetical "where do you draw the line" is a pointless argument. We're not trying to build a rule that covers all examples. The point of this thread was that a coin valued at $400,000 was lost. Someone bought it for that amount, and it didn't make it to them. They won't lose one dime because it is insured, but if I really wanted a coin that bad to begin with I would personally get my on a plane and go get it. JMO.

 

EDIT: As to the argument that people would mug you...that's just sheer paranoia. If you don't have a briefcase handcuffed to your arm and a tattoo on your forehead, people won't know you from Adam. And, I never suggested sending a "courier" in the company sense of the word...I suggested sending someone you trust (with your life), like your son, father, brother, or whatever. If you don't have anyone like that in your life, then back to my original suggestion -- get your on a plane. If the plane crashes, at least you'll die happily with your $400,000 coin in your breast pocket!

 

 

I would not rest my proffer of certaintude based on the claim that there will not be the loss of one dime, because it is insured.

 

There are many hurdles to recovery under insurance.

 

A rule did not seem to be being built, as much as a logical statement that there simply is not a completely safe method.

 

I do not detect a hypothetical re. where the line is drawn; again, this is a personal observation and value and importance is a very personal issue and the posit being made by Mr. Feld seems to be that the parameter is ever changing and decisions on delivery mode is important regardless of the value.

 

The plane ride-well, the insurance is a mite more complicated when an air carrier is involved, especially when the buyer's care and caution action consists of a courier that meets the buyer's criteria of trust.

 

There are certain insurance companies and attorneys that would find it exhilarating to defend against such a basis of claim.

 

Would it not be simpler to pay the person you are buying the coin from to personally deliver the coin to you, in order to get paid? If you are going to spend money on the proverbial plane ride, at least have some true control over your expenditure.

 

But (there is always a "but") what do I know.

 

Respectfully, )always)

John Curlis

 

John, I have to ask; are you a lawyer? Your posts always read like an edict or legal document. No offense, just wondering.

-Brandon

[coinman_23885]

John, I have to ask; are you a lawyer? Your posts always read like an edict or legal document. No offense, just wondering.

-Brandon

 

I wondered the same thing. The syntax and diction that he uses is reminiscent of the structure of legalese used in law schools several years ago.

[Conder101]

As to the argument that people would mug you...that's just sheer paranoia. If you don't have a briefcase handcuffed to your arm and a tattoo on your forehead, people won't know you from Adam.

Of course it is paranoia, I happen to have a healthy dose of it. But I wasn't suggesting a targeted mugging, a random one will do. (people not carrying $400K packages do get mugged frequently.) Statistically it is probably still more likely than having a given random registered mail package stolen. Unless you think that package was specifically targeted.

[Mr.Mcknowitall]

John, I have to ask; are you a lawyer? Your posts always read like an edict or legal document. No offense, just wondering.

-Brandon

 

I wondered the same thing. The syntax and diction that he uses is reminiscent of the structure of legalese used in law schools several years ago.[/quote

 

 

To have my thoughts considered an Edict does not appeal to the logic side of my brain.

 

Slightly scary - so, I will make an effort to reduce the possibility of interpretation that my commentary, however useless, is considered a Decree.

 

In my small part of the world and to my limited knowledge, only my wife has that much authority.

 

I never take offense. It is time consuming to do so and not productive or healthy.

 

As to my occupation, I prefer to be identified as just another person interested in our hobby.

 

Respectfully,

John Curlis

 

[RGT]

As to my occupation, I prefer to be identified as just another person interested in our hobby.

 

Respectfully,

John Curlis

 

Ahhh, so reading between the lines we now know. You're a male stripper.

[Walkerfan]

As to my occupation, I prefer to be identified as just another person interested in our hobby.

 

Respectfully,

John Curlis

 

Ahhh, so reading between the lines we now know. You're a male stripper.

 

[Mr.Mcknowitall]

As to my occupation, I prefer to be identified as just another person interested in our hobby.

 

Respectfully,

John Curlis

 

Ahhh, so reading between the lines we now know. You're a male stripper.

 

 

In this day and age, it might not be the correct assumption re. male. The hobby you refer to may be correct, however, as a fellow thread poster above has previously pointed out, the gender may not be. I do thank you though, that you assume me capable and talented enough to fulfill your interests, especially considering you do so under the assumption of my maleness.

 

Respectfully (always)

Johnette Curlis

 

 

[comicdonna]

[ComicConnoisseur]

For a coin worth that much I would have personally taken a round trip plane ride, and picked it up personally.

[e1cnr]

There is risk invoved with everything

 

even if flown and hand delivered, there is a slight chance (thank goodness) the plane crashes and everything burned beyond recognition