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Thread Title: Revised GENUINE service
Created On Monday November 17, 2008 4:46 PM
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DonWillis
President, PCGS

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Monday November 17, 2008 4:46 PM

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PCGS announced a revised Genuine service last Friday. The revisions in the Genuine service will begin with submissions received after Dec. 1st. Since I was the main proponent of these revisions let me offer some background and explain how things will work going forward.

For many years as a collector then as a dealer, I listened to collectors complain that they were disappointed to pay grading fees only to receive their coin back in a plastic flip (what we all lovingly refer to as a ‘body bag’). On more than one occasion I heard “PCGS could have at least put my coin in a holder’. So the genesis of the changes we are making to the Genuine process is exactly that – a response to the market. We realize that many collections contain coins that are impaired in some way, but that the collector would very much like the coin to be authenticated and housed in a PCGS holder. We are responding in a way that satisfies that need and I believe will greatly improve our service.

To begin with, participation in the revised Genuine service is optional, although all submissions will default to the new Genuine process unless otherwise specified. A new submission form, available Jan. 1st, will provide the submitter the ability to opt out of the Genuine process. This will apply to the entire submission (there can be no mixing). Coins that are determined to be impaired will be returned in a body bag. For submissions sent in after Dec. 1 on the old form simply write on the form ‘do not holder Genuine coins’.

The revised Genuine service will apply to all types of submissions as well as service levels. Coins that have been holed and plugged, counterfeited or have active PVC cannot be holdered under the Genuine service. Effective Dec. 1 the current Genuine service will be discontinued.

When specifying a minimum grade for crossovers you may now write the word ‘genuine’ in the provided space. This does not affect the ‘any’ designation which will still mean any grade, i.e., 1 – 70. So to be clear your options under the minimum grade column will be to leave it blank meaning the coin must cross at the existing grade or higher, any number 1 – 70, ‘any’, or ‘genuine’ (see section 4 on the reverse of the submission form).

Raw coin submissions will be either graded 1-70 or ‘Genuine’ unless you have selected not to accept Genuine holders (selection applies to the entire submission).

PCGS is modifying the coin inserts for Genuine coins as follows: on the obverse the words ‘PCGS Genuine’ will be printed. The format of the numbers printed on the obverse will remain the same. From the left - the coin number followed by a period, the ‘no grade code’ assigned (such as 92 for cleaned), a slash and a certification number. A list of no grade codes is provided below and is available on PCGS’ website www.pcgs.com/grades.chtml

No Grade Description

91 Artificial Color
92 Cleaning
93 Planchet Flaw
94 Altered Surfaces
95 Scratch / Rim Dent
97 Environmental Damage
98 Damage



The reverse of the insert will be modified on Genuine coins to print “GENUINE NOT GRADABLE”.







We will not net-grade coins and will not print any other grading information. The no grade code to the right of the coin number is what should be used to determine the problem that PCGS has identified. Other than what has been mentioned the labels will remain the same, i.e., same color, design, etc.

Genuine coins will be eligible for variety attribution. This should be great news for collectors of many series such as CBH or early dollars where many coins, especially the rarer varieties, have been cleaned or impaired in some way.

Genuine coins will continue to be eligible for Registry sets. Coins in genuine holders will have a set value of one (1). Genuine coins are not eligible for ‘low ball’ sets.

We at PCGS hope that the revised Genuine process will help many collectors achieve their goal of completing their sets and having their coins authenticated and encapsulated by the most respected grading service in the world.

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abitofthisabitofthat
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Monday November 17, 2008 4:50 PM

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Nice improvement on your service. Thanks.

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seateddime
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Monday November 17, 2008 4:51 PM

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this is GREAT news!

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FilthyBroke
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Monday November 17, 2008 4:52 PM

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Thanks, guys!

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Boom
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Monday November 17, 2008 4:52 PM

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oreville
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Monday November 17, 2008 4:53 PM

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Don.

Logical and sound.

Will you be in Baltimore for the show?

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BECOKA
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Monday November 17, 2008 4:56 PM

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What if there were multiple items for the no grade decision?

i.e. both cleaned, altered surfaces and environmental damage?

Personally I think this is a great addition to the services. I like the idea of being able to organize all of my varieties in the same slabs.

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messydesk
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Monday November 17, 2008 4:58 PM

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Thanks for the explanation of the new service.


<< Coins that have been holed and plugged ... cannot be holdered under the Genuine service. >>


This surprises me a little. Is this because there is a part of the coin that is not original coin? Would a holed and not plugged coin holder as genuine but damaged?

Oh, and welcome to the forum. Don't be a stranger.

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FatMan
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Monday November 17, 2008 4:58 PM

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I think this guy is an alt for prenum.

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TorinoCobra71
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Monday November 17, 2008 5:01 PM

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TC71

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CB2597
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Monday November 17, 2008 5:02 PM

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Welcome to the boards on your first post Mr.President!

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Edited: Monday November 17, 2008 at 5:03 PM by CB2597

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Baley
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Monday November 17, 2008 5:02 PM

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Has the price, perchance, changed?

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BECOKA
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Monday November 17, 2008 5:06 PM

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<< Has the price, perchance, changed? >>



I would say yes since it is included in the price of grading.

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 My PCGS Showcase of Classic Head Half Eagle Varieties

Coin Photography, Articles and How To's

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AUandAG
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Monday November 17, 2008 5:09 PM

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Bravo, bravo!

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DonWillis
President, PCGS

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Monday November 17, 2008 5:10 PM

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Two good questions

1) If there are multiple problems the no grade code will reflect what we consider to be the most serious problem.

2) Pricing will be no different than for any other coin submitted at the chosen service level. There will be no separate GENUINE prices.


Thanks for all the positive comments.

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cohodk
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Monday November 17, 2008 5:10 PM

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Thank you for hearing and understanding your customers.

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Tyler1924S
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Monday November 17, 2008 5:12 PM

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Is the E dropped from GRADE? I notice the label reads GRADABLE.

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holeinone1972
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Monday November 17, 2008 5:17 PM

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<< Is the E dropped from GRADE? I notice the label reads GRADABLE. >>



Defective coins get defective labels. LOL


You guys catch every mistake don't you?



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commoncents123
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Monday November 17, 2008 5:19 PM

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Bravo! Excellent idea.

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airplanenut
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Monday November 17, 2008 5:25 PM

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<<

<< Is the E dropped from GRADE? I notice the label reads GRADABLE. >>



Defective coins get defective labels. LOL


You guys catch every mistake don't you?

 >>

...and I notice that Webster's says the correct spelling is "Gradable"

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