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HELP! I Need Advice On Submitting A PCGS Coin Gone Bad For Review -- RESULTS ARE IN! THANKS, PCGS!
cartwheel
Posts: 845 ✭
I need some help: I have a 1916-S Saint in PCGS MS64, a very nice looking coin; very solid 64 to near-65 quality. I bought it slabbed from a dealer (who bought it slabbed) nearly three years ago to the day. I had it out recently, and it has turned: There’s a prominent spot on the obverse (the whole field area right of Liberty’s head over to the olive branch and up to the letters “T” and “Y”) where it is very hazy. A 10x inspection seems to show scratches under this area. I took it back to the dealer and he said he thinks it was thumbed, and now the oil has dissipated (as opposed to putty, which he said would look crusty over time).
I called PCGS and, after being put on hold several times by Customer Service, the guy said I should send it in under “Other—Spot Review.” He said they would review it and decide what to do—“return it or buy it back.”
-- First of all, is this the correct way to send it in (the CSR didn’t have a clue about what I was talking about initially)?
-- I forgot to ask him about the submission fee… is it $30, or is it a complimentary service? Do I still send in the return postage and insurance?
-- Will they attempt to “fix” the coin and send it back? If so, will it be in the same grade? If not, will they compensate me for the price difference between grades? Do I have any say in the matter?
-- If they buy it back, will it be at the PCGS price guide value ($1,650 in MS64)?
Thanks in advance for the advice… I don’t want to do anything to draw this process out any longer than necessary.
Cartwheel
P.S. This coin, like all of mine, is stored in a temperature- and humidity-controlled environment.
P. P. S. If I can get a good image, I’ll post it here.
I called PCGS and, after being put on hold several times by Customer Service, the guy said I should send it in under “Other—Spot Review.” He said they would review it and decide what to do—“return it or buy it back.”
-- First of all, is this the correct way to send it in (the CSR didn’t have a clue about what I was talking about initially)?
-- I forgot to ask him about the submission fee… is it $30, or is it a complimentary service? Do I still send in the return postage and insurance?
-- Will they attempt to “fix” the coin and send it back? If so, will it be in the same grade? If not, will they compensate me for the price difference between grades? Do I have any say in the matter?
-- If they buy it back, will it be at the PCGS price guide value ($1,650 in MS64)?
Thanks in advance for the advice… I don’t want to do anything to draw this process out any longer than necessary.
Cartwheel
P.S. This coin, like all of mine, is stored in a temperature- and humidity-controlled environment.
P. P. S. If I can get a good image, I’ll post it here.
0
Comments
<< <i>If they buy it back, will it be at the PCGS price guide value ($1,650 in MS64)? >>
No. The compensation amount is determined by market value, not the price guide.
Russ, NCNE
Russ, NCNE
No. The compensation amount is determined by market value, not the price guide. Russ
It should be above melt, though, huh Russ?
Ray
<< <i>If you have a copy of your invoice, include that with the submission. >>
You can skip that part if you ripped it for less than market value.
Russ, NCNE
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Is it possible they may crack it, remove the oil or other contamination from the coin (dip it), and then reholder it at the same grade? >>
Highly unlikely. The may conserve it to remove the contamination, but would probably reholder it at a lower grade.
Russ, NCNE
<< <i>They may conserve it to remove the contamination, but would probably reholder it at a lower grade. >>
Word! Been there- done that and it was the right thing to do.
<< <i>You can send the coin in marked "Other-spot review" and it does not cost a cent. I have done it with a coin that turned in the holder.
I've done this three times. It's the only smart way to go.
This is definitely not the same coin I sent in. There was also no explanation from PCGS of what/why, but they obviously agreed there was a problem.
So, does PCGS have a supply of coins on-hand to replace coins that have turned in the holder or do they have to buy on eBay or something?
Cartwheel
Cartwheel's Showcase Coins
They probably search the market for one. Unless it's a really rare coin, they probably don't have too much trouble finding one.
I agree that they should've probably consulted you first to see what your preference would be. I too am rather picky. I assume you find everything acceptable?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
No. The compensation amount is determined by market value, not the price guide.>>
Regardless of what you and I might think of the PCGS Price guide, isn't it THEIR official position that the guide prices are market prices? In fact "the most influential..."
If they go searching for a replacement coin (something I've never heard of before this thread), and they find a lower price than their guide, then wouldn't they be obliged to update the guide?
Rex
Glad you got taken care of!
and they're cold.
I don't want nobody to shoot me in the foxhole."
Mary
Best Franklin Website
I seriously doubt this happened (at least not in this case; my coin definitely had a problem).
Oh, and lest I forget: A BIG THANK-YOU TO PCGS FOR TAKING CARE OF ME!
Cartwheel
Cartwheel's Showcase Coins
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>Looks like a nice coin. Maybe you should send it in for Presidential Review to get an upgrade? >>
Absolutely. And if cartwheel plays this thing really right, he can try to have the newly upgraded 65 lost in the mail on its way back to him, collect the fat insurance payout, buy a PCGS 64 and a PCGS 63 coin and double down on 'Spot Review'.
<< <i>On the submission form, check "other" and write in "downgrade submission - thumbed". The fee is $25 plus the applicable return shipping amount. They may reholder the coin at a lower grade, return it and cut a check for the difference, or they may keep it and cut a check for the value, or they may replace it.
<< <i>If they buy it back, will it be at the PCGS price guide value ($1,650 in MS64)? >>
No. The compensation amount is determined by market value, not the price guide.
Russ, NCNE >>
"The decision is theirs." ........is this always the case ?? Shouldn`t the owner of the coin make that decision ??
<< <i>On the submission form, check "other" and write in "downgrade submission - thumbed". The fee is $25 plus the applicable return shipping amount. They may reholder the coin at a lower grade, return it and cut a check for the difference, or they may keep it and cut a check for the value, or they may replace it. The decision is theirs.
<< <i>If they buy it back, will it be at the PCGS price guide value ($1,650 in MS64)? >>
No. The compensation amount is determined by market value, not the price guide.
Russ, NCNE >>
"The compensation amount is determined by market value, not the price guide." ......well , well - wouldn`t you think the price guide reflects market value !?
Gold is not my area of (cough, cough) expertise, but I think it is graded accurately. Too bad though; my original coin was near-65 quality, and I was thinking of re-submitting it at a show ($100 route) for the shot.
Cartwheel
Cartwheel's Showcase Coins
<< <i>...So Russ`s advice was wrong ?? >>
No.
Gold is not my area of (cough, cough) expertise, but I think it is graded accurately. Too bad though; my original coin was near-65 quality, and I was thinking of re-submitting it at a show ($100 route) for the shot.
Glad it worked out - they even saved you another $100!
If you send them a reasonable receipt, then they will pay it. If you insure it for a reasonable amount, then that is what they may use (that's how they reimbursed me for a Kennedy proof I bought that turned in the holder...SAE type milkspotting), or they have market value/their guide to fall back on.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment