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And then ... PCGS lost my coins ...
PhilipBernard
Posts: 1 ✭
in Q & A Forum
After weeks and weeks of asking at PCGS why my coins weren't graded I finally got an answer.
Coins arrived safely in Paris HQ where they were sent to the States. During that transport or the transport between PCGS affiliates the packaging of the shipment was broken and a total of 200 coins were "lost". If not stolen.
Things like this can happen but I do not agree on the lack of communication from the PCGS side.
They claim that probably the insurance will pay for the estimated market value of the lost coins but how can they determine the market value if the coins aren't graded yet?!? Why don't they communicate this lost shipment quicker and more clear?
Really disappointed!
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Welcome to the forum!
Sorry to hear about your lost coins.
I hope all turns out well with the insurance.
@PhilipBernard
I am sorry to hear about the loss of your coins.
In the U.S., the "Terms & Conditions" on the back of the "U.S. Submission Form" talks about this issue.
"4. PCGS will exercise reasonable care in handling coins submitted for grading, regrading or reholdering. However, if PCGS determines that the Customer’s coin was lost or damaged while in PCGS possession, Customer will be compensated based upon the fair market value of the coin as determined by PCGS standard procedures which may include filing a claim with our insurance carrier. The declared value you stated on the front of this form is for estimating the insurance coverage only, and the fair market value of the coin may be less than your declared value. IN NO EVENT SHALL THE TOTAL LIABILITY EXCEED THE DECLARED VALUE OF THE COIN. PCGS accepts no liability for coins with soldered and/or glued components as these types of items can be damaged even when handled properly. PCGS will not accept liability for items lost while not in the custody or control of PCGS."
Did the submission form you used contain a similar clause?
Sorry to hear this Communication is key. I hope they make this right!
I wonder what they do with Coins they damage.
Doctor them back into shape?
Section #5 - Lost, Stolen or Damaged Coins. If PCGS determines in its sole discretion that any coin submitted by Customer to PCGS for grading was lost, stolen or damaged while in the possession or control of PCGS, PCGS will compensate Customer in accordance with the terms of this Section 5. [...] In the case of a coin damaged by PCGS (as determined by PCGS in its sole discretion) which has already been graded by PCGS, PCGS will regrade the coin and will pay Customer an amount equal to the difference between the market value at the time of such regrading for an undamaged coin of the same type and grade and the market value for the coin as so damaged by PCGS. [...] In the case of a coin damaged by PCGS (as determined by PCGS in its sole discretion) which has not previously been graded by PCGS, PCGS will grade the damaged coin and will pay Customer an amount equal to the difference between the market value of the coin if it were not damaged, and the market value of the damaged coin, on the date on which PCGS makes the determination that the coin has been damaged. For purposes of this Section 5, the market value of a coin shall be determined in good faith by PCGS based, where appropriate, on published or generally disseminated dealer price quotations or other information which reflects prevailing market prices. IN NO EVENT SHALL THE MARKET VALUE OF A COIN DETERMINED PURSUANT TO THIS SECTION 5 EXCEED THE INSURED VALUE OF SUCH COIN AS REFLECTED ON THE SUBMISSION FORM. The remedies set forth in this Section 6 shall be the sole and exclusive remedies for a lost, stolen or damaged coin, and PCGS SHALL HAVE NO LIABILITY WHATSOEVER TO CUSTOMER OR ANY THIRD PARTY FOR INDIRECT DAMAGES, CONSEQUENTIAL DAMAGES, SPECIAL DAMAGES, OR INCIDENTAL DAMAGES, INCLUDING WITHOUT LIMITATION, BUSINESS INTERRUPTION DAMAGE, COSTS OF DELAY OR LOST PROFITS.
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