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PCGS to no longer guarantee RD/RB on copper coins
MikeInFL
Posts: 10,188 ✭✭✭✭
From an e-mail I received seconds ago:
There are 7,320,437 reasons that show,
When it comes to Your Coins...
PCGS puts its money where its mouth is!
Here's what the PCGS Grading Guarantee does (and doesn't) do for you and your coins...and here's also a few changes in the way the PCGS Grading Guarantee works.
For the past 24 years, the Professional Coin Grading Service (PCGS) has offered collectors and dealers the strongest assurance of grading accuracy and independence in the rare coin market. A strong guarantee was one of the tenants upon which PCGS was founded. We were the first third party grading company to actually guarantee the grade and authenticity of the coins we graded.
For 24 years we've stood behind the service we provide to you not with a money back/fee returned policy if we make a mistake...not with a "we're sorry, we'll return your grading fee or give you free grading" policy if we make a mistake...but with an actual cash guarantee for the market value of the coins we grade and authenticate.
They say that talk is cheap and money talks. So when it comes to the validity of the PCGS Grading Guarantee we'll let the money do the talking. Here are the cold facts about what we've done in the past 24 years.
In the past 24 years, PCGS has (as of Dec 1, 2009) graded 18,784,536 coins with a declared value of $19,138,747,536. That's 18 million coins worth over 19 billion dollars!
In the past 24 years, PCGS has paid out $7,320,437 under the terms of the PCGS Grading Guarantee. When we make a mistake that involves your coins, we pay for our mistake. It's that simple.
Here are some detailed figures of the money we've paid out under the terms of our grading guarantee. The following is the total amount paid in each of the last six calendar years;
2003...$365,525
2004...$222,227
2005...$507,692
2006...$382,384
2007...$562,541
2008...$1,945,755
2009 (thru Dec 1)...$498,798
You'll note that the cash figures are increasing, but this may be explained by the fact that coins are worth more today than they were in 2003. The huge amount bought back in 2008 was probably a "perfect storm" aberration (January, 2008 was not a good month for PCGS...see below).
The 12 most expensive mistakes we've paid for are as follows, and we're not doing this to show off (in fact, it's actually admitting our biggest mistakes very publically). We're doing this to let everyone know that we stand behind the work we do for you with cold hard cash. We take our job seriously. We want to do the best job we can for you. And if we make a mistake, we'll pay for it.
Here are the twelve most expensive PCGS Guarantee "buy-backs";
1794 Silver dollar AU55 $575,000, January, 2008. This was a beautiful looking coin, but on close examination, the hair had been reworked and the toning was actually not original. It was obviously a very skillful doctoring job and it fooled a lot of people.
1849 Mass & Cal $5 AU55 $150,000, June, 2006. This is a very rare territorial gold coin that turned out to be counterfeit.
1792 Half Disme XF45 $150,000, January, 2008. This coin had actual been flattened, probably around 1800, and did not look right at all. We shouldn't have missed this one.
1969-S double die Lincoln cent MS65RD $80,000, November, 2003. This coin had been doctored. We missed the doctoring and the coin "turned" in the holder.
1861/57-S Clark Gruber $20 MS63 $75,000, November, 2007. This coin had been known to the coin community for decades. In fact David Hall had it at coin shows for sale in the mid-1970s. But research eventually showed that this coin, and several other Clark Gruber rarities, were actually counterfeits that were probably made in the 1950s or 1960s.
1861 Clark Gruber $20 (three) MS62s $55,000 each, January, 2008. Same type of circa 1950s counterfeits as coin above.
1899 Indian cent PR69 $50,000, February, 1988. This gorgeous proof Indian cent later developed a huge copper spot covering the face of the Indian. We bought the coin back and hung it on the grading room wall with a sign that said "The $50,000 Spot" and we told the graders to be really careful when handling copper coins.
1908 $20 St. Gaudens PR63 $45,000, July, 2008. This matte proof Saint had been improperly cleaned or conserved or doctored or whatever you want to call it. We missed the subtle surfaces problems which later became not so subtle as the chemicals used by the "doctor" reacted on the coin.
1963 Lincoln cent PR70DCAM $40,768, April, 2004. This perfect Lincoln proof later developed a few minor spots. Not really our fault, but it was covered by our grading guarantee.
1849-D gold dollar MS64 $40,000, July, 2008. This was a beautiful, very high grade Dahlonega Mint that unfortunately had a planchet lamination on the rim the broke loose and negatively effected the coin. This was not really a grading mistake, but an unforeseen problem covered by our grading guarantee nonetheless.
Bottom line...we're the experts, but even experts make mistakes. That's why we have the PCGS Grading Guarantee, so you don't have to pay for our mistakes.
Here's is a link to PCGS Grading Guarantee...
www.pcgs.com/guarantee.html
which gives the details of the guarantee and how it works, plus some very specific details and examples of what the guarantee does and doesn't do.
For example, if we overgrade a coin, it's covered by the PCGS Grading Guarantee. If we miss some doctoring on a coin, it's covered by the PCGS Grading Guarantee. But if there's a mechanical (clerical) error on the holder of the coin...let's say the coin is dated 1936, but the holder says 1937...the PCGS Grading Guarantee doesn't cover an obvious clerical error that shouldn't fool anyone.
If you own PCGS graded coins or are considering purchasing PCGS graded coins, you should go to the link above and review the terms of the PCGS Grading Guarantee.
We are also making two important changes to the PCGS Grading Guarantee effective for PCGS graded world coins and copper coins graded or sold after January 1, 2010. For world coins (i.e. non-U.S. coins), we will have a limit on our guarantee of $10,000 per coin. And for Chinese coins, we will have a limit on our guarantee of $1,000 per coin.
We've also made a change in how we handle the guarantee of color for copper coins. The fact is that color for copper can change depending upon where a coin is stored. The villain is humidity, and if you have mint red copper coins stored in Hawaii or Florida, for example, there's a good chance that the environmental factors can alter the color of the coins. This is obviously beyond our control so consequently we will not be guaranteeing the color of cooper coins graded or sold after January 1, 2010.
For 24 years we've been standing behind the service we provide you with a cash grading guarantee. We intend to keep providing you with the best possible grading and authentication service and the PCGS Grading Guarantee to stand behind that service for the next 24 years and many years after that!
When it comes to your coins...
PCGS puts its money where its mouth is!
So if I'm reading this right, PCGS has gone the way of NGC and has stopped guaranteeing RD and RB for copper coins.
Thoughts?
There are 7,320,437 reasons that show,
When it comes to Your Coins...
PCGS puts its money where its mouth is!
Here's what the PCGS Grading Guarantee does (and doesn't) do for you and your coins...and here's also a few changes in the way the PCGS Grading Guarantee works.
For the past 24 years, the Professional Coin Grading Service (PCGS) has offered collectors and dealers the strongest assurance of grading accuracy and independence in the rare coin market. A strong guarantee was one of the tenants upon which PCGS was founded. We were the first third party grading company to actually guarantee the grade and authenticity of the coins we graded.
For 24 years we've stood behind the service we provide to you not with a money back/fee returned policy if we make a mistake...not with a "we're sorry, we'll return your grading fee or give you free grading" policy if we make a mistake...but with an actual cash guarantee for the market value of the coins we grade and authenticate.
They say that talk is cheap and money talks. So when it comes to the validity of the PCGS Grading Guarantee we'll let the money do the talking. Here are the cold facts about what we've done in the past 24 years.
In the past 24 years, PCGS has (as of Dec 1, 2009) graded 18,784,536 coins with a declared value of $19,138,747,536. That's 18 million coins worth over 19 billion dollars!
In the past 24 years, PCGS has paid out $7,320,437 under the terms of the PCGS Grading Guarantee. When we make a mistake that involves your coins, we pay for our mistake. It's that simple.
Here are some detailed figures of the money we've paid out under the terms of our grading guarantee. The following is the total amount paid in each of the last six calendar years;
2003...$365,525
2004...$222,227
2005...$507,692
2006...$382,384
2007...$562,541
2008...$1,945,755
2009 (thru Dec 1)...$498,798
You'll note that the cash figures are increasing, but this may be explained by the fact that coins are worth more today than they were in 2003. The huge amount bought back in 2008 was probably a "perfect storm" aberration (January, 2008 was not a good month for PCGS...see below).
The 12 most expensive mistakes we've paid for are as follows, and we're not doing this to show off (in fact, it's actually admitting our biggest mistakes very publically). We're doing this to let everyone know that we stand behind the work we do for you with cold hard cash. We take our job seriously. We want to do the best job we can for you. And if we make a mistake, we'll pay for it.
Here are the twelve most expensive PCGS Guarantee "buy-backs";
1794 Silver dollar AU55 $575,000, January, 2008. This was a beautiful looking coin, but on close examination, the hair had been reworked and the toning was actually not original. It was obviously a very skillful doctoring job and it fooled a lot of people.
1849 Mass & Cal $5 AU55 $150,000, June, 2006. This is a very rare territorial gold coin that turned out to be counterfeit.
1792 Half Disme XF45 $150,000, January, 2008. This coin had actual been flattened, probably around 1800, and did not look right at all. We shouldn't have missed this one.
1969-S double die Lincoln cent MS65RD $80,000, November, 2003. This coin had been doctored. We missed the doctoring and the coin "turned" in the holder.
1861/57-S Clark Gruber $20 MS63 $75,000, November, 2007. This coin had been known to the coin community for decades. In fact David Hall had it at coin shows for sale in the mid-1970s. But research eventually showed that this coin, and several other Clark Gruber rarities, were actually counterfeits that were probably made in the 1950s or 1960s.
1861 Clark Gruber $20 (three) MS62s $55,000 each, January, 2008. Same type of circa 1950s counterfeits as coin above.
1899 Indian cent PR69 $50,000, February, 1988. This gorgeous proof Indian cent later developed a huge copper spot covering the face of the Indian. We bought the coin back and hung it on the grading room wall with a sign that said "The $50,000 Spot" and we told the graders to be really careful when handling copper coins.
1908 $20 St. Gaudens PR63 $45,000, July, 2008. This matte proof Saint had been improperly cleaned or conserved or doctored or whatever you want to call it. We missed the subtle surfaces problems which later became not so subtle as the chemicals used by the "doctor" reacted on the coin.
1963 Lincoln cent PR70DCAM $40,768, April, 2004. This perfect Lincoln proof later developed a few minor spots. Not really our fault, but it was covered by our grading guarantee.
1849-D gold dollar MS64 $40,000, July, 2008. This was a beautiful, very high grade Dahlonega Mint that unfortunately had a planchet lamination on the rim the broke loose and negatively effected the coin. This was not really a grading mistake, but an unforeseen problem covered by our grading guarantee nonetheless.
Bottom line...we're the experts, but even experts make mistakes. That's why we have the PCGS Grading Guarantee, so you don't have to pay for our mistakes.
Here's is a link to PCGS Grading Guarantee...
www.pcgs.com/guarantee.html
which gives the details of the guarantee and how it works, plus some very specific details and examples of what the guarantee does and doesn't do.
For example, if we overgrade a coin, it's covered by the PCGS Grading Guarantee. If we miss some doctoring on a coin, it's covered by the PCGS Grading Guarantee. But if there's a mechanical (clerical) error on the holder of the coin...let's say the coin is dated 1936, but the holder says 1937...the PCGS Grading Guarantee doesn't cover an obvious clerical error that shouldn't fool anyone.
If you own PCGS graded coins or are considering purchasing PCGS graded coins, you should go to the link above and review the terms of the PCGS Grading Guarantee.
We are also making two important changes to the PCGS Grading Guarantee effective for PCGS graded world coins and copper coins graded or sold after January 1, 2010. For world coins (i.e. non-U.S. coins), we will have a limit on our guarantee of $10,000 per coin. And for Chinese coins, we will have a limit on our guarantee of $1,000 per coin.
We've also made a change in how we handle the guarantee of color for copper coins. The fact is that color for copper can change depending upon where a coin is stored. The villain is humidity, and if you have mint red copper coins stored in Hawaii or Florida, for example, there's a good chance that the environmental factors can alter the color of the coins. This is obviously beyond our control so consequently we will not be guaranteeing the color of cooper coins graded or sold after January 1, 2010.
For 24 years we've been standing behind the service we provide you with a cash grading guarantee. We intend to keep providing you with the best possible grading and authentication service and the PCGS Grading Guarantee to stand behind that service for the next 24 years and many years after that!
When it comes to your coins...
PCGS puts its money where its mouth is!
So if I'm reading this right, PCGS has gone the way of NGC and has stopped guaranteeing RD and RB for copper coins.
Thoughts?
Collector of Large Cents, US Type, and modern pocket change.
0
Comments
I can see PCGS's point.
<< <i>...A strong guarantee was one of the tenants upon which PCGS was founded... >>
Presumably you guys would do better at passing a grading test than you would a literacy test. At least I assume you mean "tenet." If you actually founded the company on a "tenant," that would probably constitute some form of abuse.
"Question your assumptions."
"Intelligence is an evolutionary adaptation."
& now resides in a PCGS MS64RB holder.
when it's in a sonically sealed slab. How does moisture get into the slab?
bob
<< <i>What about copper coind graded RD PRIOR to 1/1/10? Is the guarantee invalid? >>
The way I read it, that coin would still be covered, unless it has changed hands (i.e. has been sold) subsequent to 1/1/10.
<< <i>I read that email too and I don't understand how copper can be effected by moisture (humidity)
when it's in a sonically sealed slab. How does moisture get into the slab?
bob >>
The slabs are neither water nor air tight.
<< <i>
<< <i>What about copper coind graded RD PRIOR to 1/1/10? Is the guarantee invalid? >>
The way I read it, that coin would still be covered, unless it has changed hands (i.e. has been sold) subsequent to 1/1/10. >>
Yep...that was the big takeaway I got reading it a few minutes ago too
I can understand it, somewhat, but it seems an even lesser guarantee than what NGC has (PCGS was the best in the guarantee department for copper).
With no guarantees, maybe they shouldn't even use RD/RB/BN but just grade the copper based on the numerical grade....else, even if folks know there is no guarantee on color, it can still make a holder look silly/stupid for PCGS to have someone with a MS66RD PCGS holder when the coin is a solid BN.....just my humble opinion
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
<< <i>I read that email too and I don't understand how copper can be effected by moisture (humidity)
when it's in a sonically sealed slab. How does moisture get into the slab?
bob >>
Sonically sealed and air tight are not one in the same.
Russ, NCNE
<< <i>
<< <i>
<< <i>What about copper coind graded RD PRIOR to 1/1/10? Is the guarantee invalid? >>
The way I read it, that coin would still be covered, unless it has changed hands (i.e. has been sold) subsequent to 1/1/10. >>
Yep...that was the big takeaway I got reading it a few minutes ago too
I can understand it, somewhat, but it seems an even lesser guarantee than what NGC has (PCGS was the best in the guarantee department for copper). >>
I agree. It seems to me that the PCGS guarantee is now weaker than NGC's for copper.
As an owner of a significant (to me) amount of RB copper in PCGS slabs, I am not particularly happy with this turn of events. While I can certainly understand not wanting to increase their exposure and limiting the guarantee for coins graded after 1/1/10, it's the "being sold" term which is particularly problematic as they seem to be going back on their word (i.e. guarantee). While I suspect they had words in the guarantee that it is subject to change at any time (I will have to review it to see), it still does not send the right message to me as a collector of PCGS copper that PCGS is standing behind their product.
After all, I paid a premium for a copper coin in a PCGS slab, and now PCGS is changing the rules after the fact, essentially making my investment in PCGS and the coin worth less.
However, I have not given this a great deal of thought yet, and I'm open to other interpretations, but this does not sit well with me at this point....MIke
Good thing I live in the desert, haven't seen a rain in over a year.
bob
I have always liked the PCGS guarantee. Not for the money-back guarantee, but for the implications involved. By providing a grading guarantee for the full market value, I believe that as a result PCGS is more conservative than other grading services, especially on its copper coins.
I wonder if PCGS will maintain its same standard of "conservative" grading for copper coins.
... consequently we will not be guaranteeing the color of cooper coins graded or sold after January 1, 2010.
Clearly it only applies to "cooper" coins, not copper.
Hopefully, they will get back to actually grading copper instead of just putting everything in "genuine" holders".
<< <i>I really hate to side with "the man," but if copper changes in the slab, what are they to do?? >>
Well, if they create a 100% air tight slab they could re- enable the guarantee.
<< <i>This is precisely the reason why I don't care for old Red copper coins. I'll take a chance with R&B coins (and I've never had an R&B turn on me), and I've never had a problem with brown copper. But old red copper coins are like ticking time bombs so far as I'm concerned. A lot of them have worked on with chemicals and will turn within a year. It's best to clear of them. >>
Bill you are SO right on that one. So much emphasis and value is placed on old red copper but for my money I'd much prefer a really nice RB or brown coin with stable surfaces. The chance of problems down the line is just too great to take the risk. JMHO of course, I know it flies in the face of those who love red copper.
John
<< <i>
<< <i>I really hate to side with "the man," but if copper changes in the slab, what are they to do?? >>
Well, if they create a 100% air tight slab they could re- enable the guarantee. >>
No they couldn't. Plastic holders are moisture traps, and changes (drops) in temperature can cause the water vapor the condensate in the holder. That is why copper collectors don't like plastic holders. Unless you are going to slab the coins in a vacuum, you can't be sure about the effects of moisture on the coin.
<< <i>Oh, I see, sealed does not mean sealed, 'eh?
Good thing I live in the desert, haven't seen a rain in over a year.
bob >>
No, based on your sarcasm, you apparently don't see. Sealed means sealed, but that doesn't equate with air-tight.
Edited to add: Bob, PM sent.
Still not sure what this is going to mean for the value of our PCGS copper coins. So yeah, the guarantee is there for me as long as I own my coins, but when I go to sell them someday the guarantee is dead. I'm sure that no longer having a guarantee on the grades will impact the prices realized just a bit. Of course, I understand their concerns in having to pay out big amounts because of folks messing with coins, but the guarantee is surely one of the reasons people submit their copper coins to PCGS and why PCGS copper costs more on the secondary market.
Maybe this will start a trend of characterizing "sales" of coins as very long term leases so that ownership doesn't legally transfer and the guarantee doesn't die???
Edited to add: I see the guarantee just no longer applies to the COLOR, but not necessarily the grade. So in the example of a PR69RD cent growing a huge ugly spot, surely that coin wouldn't be called a PR69RB??? Wouldn't the actual grade go down as well. Similarly, the 65RD 1969-S DDO went from 65RD to 64RB... would the guarantee still cover the drop from 65 to 64, even though it would no longer cover the drop from RD to RB???
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
<< <i>My e-mail said this:
... consequently we will not be guaranteeing the color of cooper coins graded or sold after January 1, 2010.
Clearly it only applies to "cooper" coins, not copper. >>
Mine, too. There must have been some unforseen volatility with the metals used to make 19th century barrel maker scrip.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars
Was that PCGS or NGC?
That said, an original full red coin is still better protected in a slab, and will not suddenly change without being helped along. After all, a full red 1909-S VDB lasted 80 years outside the holder without any guarentee.
Certainly it seems to hurt no one if they make the change on coins GRADED after 1/1/2010.
I would think a fairer (& simpler) way would be to simply make the guarantee go away for coins graded after that date so that those holding coins thru the date change don't experience a sudden loss of value due to new buyers paying less due to the now absence of the guarantee.
Seems like a part of the coins' (implicit) value already paid for (i.e. the guarantee) is being summarily and unilaterally taken away without recourse, due process, or compensation.
Also seems like monies paid out for copper color issues were just a small(?) percentage of the total and wasn't really a big continuing risk anyway (for previously graded coins).
World Collection
British Collection
German States Collection
1. I should probably cross all of my copper coins to NGC, because then I will get a 10 year guarantee, which will help me when I want to sell them.
2. The PCGS guarantee isn't safe for anybody. Who knows what change they will make next, or what excuse they will make?
Really disappointed in PCGS!!
Whatever you are, be a good one. ---- Abraham Lincoln
Or is it just for coins graded after 1/1/10 ??
<< <i>Extremely Disappointing news from PCGS. Here is my initial take:
1. I should probably cross all of my copper coins to NGC, because then I will get a 10 year guarantee, which will help me when I want to sell them.
2. The PCGS guarantee isn't safe for anybody. Who knows what change they will make next, or what excuse they will make?
Really disappointed in PCGS!! >>
If PCGS is doing this because they have experienced losses, can NGC be far behind??
Also, it is my opinion that coins holdered many years ago that have not changed color may be considered stable if stored under the proper conditions.
It is also my opinion that you will see dealers assume a defensive posture with regard to clearly or questionably RB coins that are designated full RD, and also take the same posture with regard to coins that straddle the RB/BN designation line.
Hopefully we will see collectors take a greater interest in coins and not holder labels, and take a greater interest in the long-term storage of the more rare colored coins as a form of responsibility and stewardship, rather than relying on the PCGS guarantee to cover their butts when things get screwy.
And, FWIW, I'm pretty glad that I made the switch to focusing on well-struck and well preserved original looking RB and BN coins. At least today's news doesn't seem to affect my future pocketbook quite like some others here that have a much greater cause for concern.
Empty Nest Collection
Matt’s Mattes
But you knew that already.
I view this as much like the trend begun with editing set composites, when will it end and what does it mean for the series I collect? Humidity doesn't affect just copper coins. How are the rest of my coins, sir?
That said, how much more blame can I place on PCGS for not controlling the environment better?
<< <i>Seems like a part of the coins' (implicit) value already paid for (i.e. the guarantee) is being summarily and unilaterally taken away without recourse, due process, or compensation.
Class action lawsuit???
Empty Nest Collection
Matt’s Mattes
Some of the copper coins I have changed color over the years, some silver toned, even gold has toned on some coins.
It seems color is not permanent so it can't be guaranteed.
Even a guarantee against future spotting on copper is a risk.
Losing the guarantee because of a change of ownership is ridiculous. Reminds me of the old days when new car warranties weren't transferable. There is only one way to interpret the reasoning and it's not flattering.
This certainly will have an effect on the value of PCGS copper. Grrr.
Lance.
<< <i>Based on the fact that massive numbers of people have flocked to ALL of our coastlines (we're loving our coasts to death) as their chosen place to live, that could mean there are going to be LOTS of colored copper collectors seriously disappointed. >>
It gets pretty humid in lots of other parts of the country too.
60 years into this hobby and I'm still working on my Lincoln set!
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Clearly they are makiing changes so that they can be in business for another 20-50 years......
Once the slab leaves the PCGS facility, they have no control over how that coin is stored
and storage will affect the coin/slab/color........
ONE WELL KNOWN COPPER FANATIC/COLLECTER/SCULPTOR WILL SAY THAT TRUE RED COPPER HAS NEVER BEEN MESSED WITH AND WILL MAINTAIN COLOR....
whatever, NGC set a realistic standard and PCGS looks at their competitors and adopts good ideas it seems
<< <i>I really hate to side with "the man," but if copper changes in the slab, what are they to do?? >>
Just grade the coin and not designate color, let the seller and buyer decide what color the coin is. Certainly would make it easy to determine which coins were graded before and after the guarantee change.
I am glad the only red copper I own is a two cent piece in an old rattler holder that is still red.
It gets pretty humid in lots of other parts of the country too. "
Finally! Someone else who realizes the "coastline" argument is pure bunk. I was hoping someone would speak up. It all comes down to how WE store our coins, in such cases.
I wish I had known of this prior to my latest buy.
The set I am working on clearly states that weights will be adjusted for RB and Red,
which caused me to run out and buy a RB specimen to replace a lovely Chocolate Bn piece .
Oh well. No big deal, I guess!
<< <i>Finally! Someone else who realizes the "coastline" argument is pure bunk. I was hoping someone would speak up. It all comes down to how WE store our coins, in such cases. >>
I live less than 15 miles from the ocean (in sunny Los angeles), and we rarely experience humidity above 30% (except when it rains). As of this moment, it's 17% relative humidity here.
60 years into this hobby and I'm still working on my Lincoln set!
<< <i>Oh, I see, sealed does not mean sealed, 'eh?
Good thing I live in the desert, haven't seen a rain in over a year.
bob >>
A paper postal envelope gets "sealed" but that does make it water tight.
The sonic sealer does not seal around the entire perimeter of the slab. It only melts (seals) and joins the slab at specific contact points which does leave gaps for air (and the mositure it contains) along with water to enter the slab. As with any collector of coins, it is the collectors responsibility to insure that their collection is stored in the proper environment to minimize environmental impacts.
This has been common knowledge for years and discussed many times on these forums.
The name is LEE!
If one divides their payout rate by the total value of coins graded that works out to be a 99.96% success rate. Can one then argue that the grading accuracy is also 99.96%?
roadrunner
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.