PCGS Banknote... Who's in?

telephoto1

Great to hear that PCGS is relaunching its US Currency division under the name "PCGS Banknote".
Here's the story, courtesy of Coin World:

Professional Coin Grading Service is returning to the field of grading United States paper money with the scheduled January launch of PCGS Banknote.
Complete details on the new grading service under the PCGS umbrella will be provided online on the PCGS website Nov. 19.
PCGS Currency was opened in 2005 by Collectors Universe, owner of PCGS, with Jason W. Bradford named director. Later, Collectors Universe licensed the business name PCGS Currency for the grading of U.S. paper money to Bradford under a 10-year agreement that expired Jan. 30, 2019. Until the license ran out, PCGS Currency was operated by Bradford through his firm, K3B Inc.

That licensing agreement was not renewed, and Bradford announced Feb. 20, 2019, that he was launching Legacy Currency Grading for the certification of U.S. paper money.
PCGS President Brett Charville told Coin World Nov. 8 that, since termination of that PCGS Currency licensing contract, PCGS has been working to form a new entity for grading U.S. paper money.
For the past four years, U.S. and world paper money has been certified by PCGS under the PCGS Gold Shield Grading brand, in the firm’s Paris, Shanghai, and Hong Kong offices.
Bruce Thornton, former Paper Money Guarantee grader, has recently joined the PCGS team as its new director of bank note grading and is currently directing paper money grading overseas while living in Asia. It is planned for Thornton to return to the United States to direct the new paper money grading operations from PCGS headquarters in California.
With the establishment of PCGS Banknote, grading of both U.S. and world paper money will be handled under the PCGS Banknote name, according to Charville.
“Having graded paper money successfully in our international offices over the last four years, we knew that bringing the service back domestically was a high priority once we were able to do so,” Charville said.
Charville said Thornton will direct a team of paper money specialists including some from the former PCGS Currency.
“We’ve spent this year building a strong team and network of world-class banknote experts and readying our existing operations,” Carville said. “With PCGS Banknote, collectors can come to expect what they’ve received over the last 33 years of PCGS: a consistently graded product, leading-edge technology and content, and the world’s only collectible guarantee program backed by a publicly traded company.”
Among the services PCGS Banknote customers can expect are not only new submission opportunities, but crossover services from PCGS Currency and other third-party grading service holders.
“An important component of PCGS Banknotes is its integration within PCGS’s existing operations and platforms,” according to Charville. “Collectors will be able to speak to the same customer service team that may also handle their coin or sports card submissions. Our PCGS Collectors Club submission vouchers will extend to both coins and banknotes.”_

https://www.coinworld.com/news/paper-money/pcgs-getting-back-into-grading-u-s-paper-money-with-pcgs-banknote?utm_medium=Email&utm_source=Lyris&utm_campaign=PaperMoney

telephoto1

So, who's in? Are you going to cross your existing certified notes or leave as is?

Kliao

I don’t collect currency but I think I like the current holder better so If I had the choice I would save my money to add other pieces to my collection

Steve_in_Tampa

Let me preface this by acknowledging that I very seldom sell anything. I feel as though all of my PCGS graded notes are fine in the current holders.

Timbuk3

Thanks for the information !!!

SaorAlba

I am glad, particularly given the woes of the prior entities principal, that PCGS has stepped up to the plate to take the brand back.

numbersman

From both a collector's and a dealer's point of view this is nothing but positive.I look forward to working with the new entity.If they take the same approach to paper as they do to coins I think we can all agree the long-term outlook is better than good, for PCGS and the hobby.

tomtomtomtom

Maybe pcgs will start to offer submission services through ANA membership as PMG does...."ANA members receive direct submission privileges for grading and conservation services through NGC and PMG, and free admission to the World's Fair of Money and the National Coin & Money Show."

telephoto1

@tomtomtomtom said:
Maybe pcgs will start to offer submission services through ANA membership as PMG does...."ANA members receive direct submission privileges for grading and conservation services through NGC and PMG, and free admission to the World's Fair of Money and the National Coin & Money Show."

I think that is a contractual thing with the ANA and NCG/PMG.

MoneyMonkey1

I think a lot of their business will be dependent on creating a registry for currency similar to what PCGS-C had for many years. Population reports for PCGS graded notes will also be important. A discounted cross-over special rate for notes in PCGS-C holders would also increase submissions. I think they will be highly successful if they conduct their business like they have done on the coin side.

telephoto1

I've never gotten a clear answer on this...does Legacy still technically "own" the old PCGS-C registry?

291fifth

Wait until more facts about the service emerge before making any decisions.