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What percentage of PCGS submissions are rejected as "questionable authenticity?"
RogerB
Posts: 8,852 ✭✭✭✭✭
I was wondering what the rate of rejection is for "questionable authenticity," and if this rate has changed over the decades of operation?
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asking here will only get guesses and conjecture unless someone like Brett chooses to answer.
Well, the https://www.PCGS.com/statistics page says that 2,487,798 coins were graded in the past 12 months. During that time there were:
50,468 plus grades
17,799 counterfeits
8,061 questionable color
66,136 cleaned
417 planchet flaws
7,779 altered surfaces
7,426 scratched surfaces
23,508 refund - no service
28,852 environmental damage
3,011 damage
How has that changed over time? Unless someone is recording this, only they could tell you.
Valid question... I have wondered if the proliferation of fake coins from China has had an impact at PCGS.... I know we catch a lot of them, but so many more are out there...Cheers, RickO
What causes "refund, no service"?
Coins that aren’t eligible for grading? Coins for which determinations/identifications can’t be made?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I find it interesting that the counterfeit rate is less than 0.75% of coins submitted. If you add no service coins (which could include coins of questionable authenticity) the number jumps to 1.66%. I had expected higher numbers.
I realize that things have changed in the past twenty years, but when I graded at NGC, I saw surprisingly few counterfeits. I don’t know what the % was, but would guess it was less than 0.50%.
I would also guess that many or most of the unknowing buyers of counterfeit coins (off of EBay, at flea markets, etc.) don’t submit their coins for grading.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Remember, the numbers are hugely bloated by truckloads of moderns, bullion, foreign, and other bulk submissions that look nothing like the Classic US coins that are usually shared here.
In plain language "coins graded" is not the same as "coins submitted."
As BryceM noted, one also has to back out bulk modern coins to get an estimate of pieces rejected as counterfeit. (Now, if these data are included with all the historical results, then the percentages would be useful, because total submissions would be lower in early business years.)
Does an altered coin like an added ‘D’ on a ‘16 dime fall into the counterfeit category, or something else?
Both are illegal. Maybe they are in the same class....?
Does an altered coin like an added ‘D’ on a ‘16 dime fall into the counterfeit category, or something else?
Code 90 --- counterfeit.
I think @BryceM makes a great point that makes a lot of sense to me, but bullion and moderns are "coins" too so the "coins graded" and "coins submitted" distinction you make in the quoted post is artificial. Perhaps you meant to ask, "What percentage of PCGS classic coin submissions are rejected as "questionable authenticity?"
Not necessarily. Making a counterfeit coin is one thing; adding a "D" to an authentic 1916 Mercury Dime is a whole different animal. Intent is relevant in the latter.
https://web.archive.org/web/*/https://www.pcgs.com/statistics
ANA 50 year/Life Member (now "Emeritus")
If PCGS uses the same code of altered and counterfeit coins, then for this purpose it doesn't matter.
RE: "....adding a "D" to an authentic 1916 Mercury Dime is a whole different animal. Intent is relevant in the latter."
The intention of the perpetrator is identical: fraud.
Counterfeiting is easier to deal with because the law is clear, unequivocal, and fraudulent intent is always present.
Doesn't counterfeit mean simply not of government issuance?
Aren't the great majority of TPG submissions screened by authorized dealers, who would kick back the obvious counterfeits?
When I joined ANACS in 1978 there were no screeners. We saw a lot of bad stuff.
based on posts by burfle, arizonararecoins and a few others, i bet a few more were going through than anyone caught. not just ngc either. but your comment is surprising as for someone grading 1793-1950 coins, i figured coming across a memorable amount of counterfeits. so color me surprised as well.
maybe. nearly 18,000 counterfeits. i bet a lot are from the bay.
lets say:
20% of the nearly 18k are from ebay. 3600 would be almost 12 per day based on a 302 work days.
this post is just for conversation stimulation as it is a lot of speculation on my part.
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an increase in the number of counterfeit coins submitted to PCGS would tell me there is an influx of novice collectors we say the Hobby so desperately needs. the same thing would probably hold true for most of the other No Grade codes. it isn't surprising.
personally, that was my experience with the very first coin I submitted with the help of a dealer. it was, of all things, an 1892 MS65 Columbian Half Dollar in one of the large AccuGrade holders!!
thus began my Education with my first installment to PCGS.