The "Midnight Grader" has anyone else heard this story?

291fifth

Back around 1997 a dealer told me the story of the demise of a grading company, circa early 1990's. Apparently one of the employees had been doing unauthorized, after hours grading for select individuals. When the owners learned of what was going on they considered the potential liability they had incurred as a result of this and decided that the best move was to shut down the firm.

Has anyone else heard this story? Is there any truth to it or is it a numismatic urban legend?

SeattleSlammer

‘Unauthorized’ as in grading for free? Or grading for paying customers, but after normal business hours? Or something else around not following the set grading protocol?

But seems like if the customers paid and the grades were objectively given .... then it wouldn’t cause such a dire outcome ....

CaptHenway

Nope

oih82w8

Maybe an episode of the Twilight Zone? I have not heard of those types of shenanigans...sounds plausible, but...no.

Zoins

Imagine if a Midnight Minter partnered with a Midnight Grader!

braddick

Is that the eps., the guy steps on and breaks his only pair of glasses and is thus unable to grade anymore?

Connecticoin

Did he look like this guy?

sellitstore

And I thought that this was going to be a scary campfire story.

TurtleCat

@sellitstore said:
And I thought that this was going to be a scary campfire story.

I thought it would be about graders who grade in the dark. Surely the answer to some of the grades on various slabs… lol

ColonelJessup

It happened to our host with a grader/authenticator at the Hong Kong office years ago On a few six-figure coins .

ChrisH821

ColonelJessup

Once the grader/authenticator's work was discovered, full restitution was made to anyone damaged, and corrections were made to strengthen the process.

ChrisH821

@ColonelJessup said:

Once the grader/authenticator's work was discovered, full restitution was made to anyone damaged, and corrections were made to strengthen the process.

A very professional and admirable solution.

ricko

I have not heard of such a story.... at least I did not see it discussed here or on other coin forums. Cheers, RickO

ColonelJessup

@ricko
IIRC there were articles about it in numismatic newspapers. Though it was under the Hall-Willis administration, there will be details about it in financial statements.

Further doubts? Why don't you ask someone at our host if it actually happened?

FWIW, this is the third problem I've had with you in the last 20,000 posts

WillieBoyd2

johnny9434

@ColonelJessup said:
It happened to our host with a grader/authenticator at the Hong Kong office years ago On a few six-figure coins .

not good on ones work record for sure

ColonelJessup

@johnny9434
Disagree.
PCGS has made good on many millions of dollars of mistakes. One year this century their losses were $800K+. Maybe one mistake was not requiring all graders to take a lie-detector/stress test monthly. Unintentionally, there was an $150K counterfeit Territorial (way back), a re-engraved hi-end 1794 $, etc. etc, etc.

johnny9434

@ColonelJessup said:
@johnny9434
Disagree.
PCGS has made good on many millions of dollars of mistakes. One year this century their losses were $800K+. Maybe one mistake was not requiring all graders to take a lie-detector/stress test monthly. Unintentionally, there was an $150K counterfeit Territorial (way back), a re-engraved hi-end 1794 $, etc. etc, etc.

Gotcha, it's better said that the person that got canned that I wazent good for them

Jimnight

Never heard that one.