CAC announces indefinite suspension of regular service starting 9/1
DelawareDoons
Posts: 3,413 ✭✭✭✭✭
They've announced suspensions seemingly every other month since Spring, but this is the first indefinite one I can remember.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
1
Comments
I've seen others mention they should implement a minimum fee... Do they not charge if it doesn't sticker? If so, it could really cut down on people submitting anything and everything due to minimal risk other than shipping...
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
There's two types of accounts. Dealer accounts and collector accounts. It's an honor system, essentially, and I know many of the younger dealer types abuse this. Plenty of older collectors accounts just grew into dealers over time too.
Dealer accounts pay the fee regardless of sticker status. Collector accounts only pay if it stickers.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
So, how much is the "regular fee" that is being suspended and how much is the higher fee?
$16 and $30 $35 respectively.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
I understand completely their trouble meeting demand. We are having trouble meeting demand in my field as well, medical. I don't see an end in sight, but hopefully there is one coming soon!
Will’sProoflikes
Maybe they just do not have time for stickers anymore with the new CAC grading service that is all the gossip.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I imagine the top 4 auction sites and top 10 dealers generate the vast majority of their business.
R.I.P.
Recall they mentioned on 08-02 that "Much of their staff came down with Covid" just before the ANA--which itself likely caused a sizable disruption in their work.
I think rumors are unnecessary at this point. Though I do feel a minimum fee per coin regardless of passing would be a decent and understandable move.
--Severian the Lame
Send me a roll of stickers I'll do them myself.
Every time I’m about to send some in, they suspend new submissions. When I realize they’re open again, oh hey were closed 😂
BHNC #248 … 130 and counting.
While I think that, overall, CAC has been good for the hobby in ridding the scourge of doctored coins, it still sucks to have to have your coins graded TWICE to optimize market acceptability - the cost is very high and the fuse is now very long for the PCGS-CAC process. 😕
No CACs for you! Good riddance.
How can this be? It's simple.
A relatively small company, approximately 500 coins a day.
That provides a high standard of grading.
That provides outstanding customer service.
Who's product is in high demand and realizes strong prices.
That does all this in a timely manner at very fair prices.
CAC is not for everyone, its helped me.
I think the major grading services already do a pretty good job of ridding the hobby of doctored coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The GREEN BEAN is in BIGTIME DEMAND!
TC71
Interesting... but understandable. Look at the turnaround times at PCGS... Many threads here discussing the long service time. Makes sense that CAC is experiencing similar loads. Cheers, RickO
I would be happy to accept a Gold Bean instead!
I managed to get an order submitted and batted 0.500
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
I just got back into the hobby and have NEVER owned a CAC certified coin.....I have been seeing OUTTA THIS WORLD prices for these "GOLD CAC" stickers on PCGS/NGC slabs....ESP. the OLDER HOLDERS!
A few weeks ago, there was a coin on the BST that was in an AU58 slab with a gold bean. He was asking MS63 money for it. Pass.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
And I bet he'll get it in this market.
"Got a flaming heart, can't get my fill"
What was the amount and percentage over 58 money? Just saying the coin was being quoted at 63 money doesn't give a clear picture.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I like how you'll hear a few of these same people tell you to buy the coin and not the holder, but that goes out the window once a CAC sticker is involved. Then you're a fool for buying the coin. Hmm.....
Just food for thought. 😉
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Shhhh! I am trying to sell some of those beaned coins.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
It's been several weeks so I don't remember the specifics but I do remember that it was a common date coin. I found similar coins in the same slab type available for sale in MS63 at the same price that was being asked. The coins with a gold CAC bean apparently carry a huge premium. I'll let others pay for it.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I have been waiting almost two months to get a piece of Confederate paper money graded. I contacted the grader who told me I was a little over half way through the wait.
The $30 fee now will select out all but the most expensive and advantageous submissions. Are there refunds for non-stickers on $30 submissions?
People used to say that an AU58 is a 65 with a rub. So, the gold bean says that there is no rub. Therefore...
There are coins in an MS63 slab that are offered for MS63 money that I'd pass on. People get themselves too wrapped up in what the labels and price guides say, IMO.
That should be easy now. I'd be surprised if the announcement doesn't start a bean buying spree.
Most of my coins have CAC certification.
However, I think a big mental hurdle for many who appreciate CAC's services is that they believe a coin is unworthy of ownership if it doesn't pass JA's approval. So many nice coins that are great to own and appreciate despite the green sticker. I own a few that will remain in my collection.
"Got a flaming heart, can't get my fill"
CAC suspending service is fine, I don't have any coins to send them becasue they are all in the GRADING room at PCGS for the last two months! Perhaps it will work out just fine..
Do you mean despite the lack of a green sticker? I totally agree by the way. I like CAC and happily buy stickered coins and especially like to use it as a sounding board where I have less than normal confidence (like an unfamiliar series or early copper).
But there are plenty of very nice coins available without stickers.
UNPOPULAR OPINION:
1- Coins with a value under 5K are $25.00
2- Coins with a value of over 5K are $50.00
3- There is no refund for coins that do not sticker.
This might eliminate coins like MS63 common Mercury dimes from being submitted in the hopes of a payday with a gold CAC.
After all of this settles out, CAC may also consider opening up submissions for other series it currently rejects.
peacockcoins
There are gold bean collectors out there, price/grade seemingly irrelevant.
It’s still not too late to make a CAC submission today. Packages have to be postmarked by September 1.
I'm sending one tomorrow morning. Timing this whole transition perfectly it seems.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
I sent a package yesterday.
To add some data to the collectors may be abusing their free fails with widgets arguement, here is a statement from the man himself:
Successful BST Transactions with: PerryHall, MrSlider, Cent1225, SurfinxHI, Blu62vette, robkool, gowithmygut, coinlieutenant, Downtown1974, MilesWaits, Shrub68, justindan
That is fascinating data. It shows that the volume issues they're dealing with right now are almost certainly from dealers, especially given the context of his post.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
I have long thought they should raise prices to weed out (1) people treating it as a lottery ticket hoping for a gold cac, and (2) people submitting low priced coins that really dont need a sticker.
In any other market if demand exceeds supply, the price goes up. Why should they be any different?
whoa, that's pretty dark.
Yes, I did mean worthwhile coins that have been rejected for the bean. My sentence was deficient in expressing my thought!
"Got a flaming heart, can't get my fill"
Only about 11.5% from collectors. I would have guessed more, but then you have to allow that many collectors have their coins submitted through a dealer.
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't no optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
I agree with this thought. I have a dealer account and have submitted perhaps over a thousand coins for collectors over the years. They all went in under my dealer account. I realize in the grand scheme this isn't an enormous number, but keep in mind that I am also not a major player in this field, so the numbers might add up.
In honor of the memory of Cpl. Michael E. Thompson
I think CAC prompted them to take it more seriously in the late aughts and actually start banning known coin doctors from submitting
Remember the collectors listed above are the ones who joined CAC, that is a small subset of all collectors. The rest have to go through dealers.
Collector, occasional seller
OR they could set a minimum CAC price guide value of, say, $200 for each coin submitted. But hey, they are happy to accept $16 to bean your MS63 common Merc and add $5 to its value 😆
Fun fact, I account for 1.05% of all collector subs.
"It's like God, Family, Country, except Sticker, Plastic, Coin."