Insurance - Coin Community Forum

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Author	Replies: 2 / Views: 1,662
endlesswishlist New Member Australia 23 Posts	Posted 01/16/2009 9:45 pm I have been shopping around for insurance for my collection, and have come across the statement "Stamp collections and collector's non- negotiable currency". The majority of my collection comprises modern Perth Mint and RAM issues. This is still non- negotiable isn't it? Even though I could take them to a bank and exchange for their face value, because they are NCLT and would not be accepted at a shop, does this make them non- negotiable? I am a bit confused now, and concerned where the boundaries are when it comes to the coins from the RAM- like the uncirculated $1 and year sets that are usually in circulation, but are issued in packs to be collected. It is very much of a grey area to me, definitely something that will have to be defined by the insurance company! Has anyone else had this dilemma? Report this Post to the Staff

latman100 Pillar of the Community Australia 1040 Posts	Posted 01/16/2009 11:03 pm I am not sure what they are referring to with 'non negotiable' currency. Non Negotiable to what? Cash? Get it explained in plain English before you commit to anything. Report this Post to the Staff
Sap Moderator Australia 16808 Posts	Posted 01/17/2009 07:03 am I would assume "non- negotiable currency" is legalese for "coins, paper notes, polymer notes and anything of similar nature". I think the key word is "collector's". Their main concern is to distinguish between collectable items and ordinary money; ordinary money costs face value to replace (and I'm not entirely sure that insurers are happy to ensure ordinary money). Collector coins cost more than face value (and require a Valuation to determine market/replacement value). Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Edited by Sap 01/17/2009 07:05 am Report this Post to the Staff
	Replies: 2 / Views: 1,662

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