Declared value of coins when submitting.
BeeMan
Posts: 363 ✭✭✭
What value do you use when submitting coins? The price guide value for the grade you hope to get? If the coin grades higher and goes over the value limit for the service tier, say $300, will PCGS adjust the grading fee to the next level? Thanks.
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I just use purchase price. I used to do it based on what I thought the grades would be but it’s almost pointless because the TPGs will adjust the fees if your valuation is too low.
Basically, don’t be hopeful and let the TPG adjust it if needed.
Coin Photographer.
It is also used as a return shipping insurance value unless you have a separate insurance. So this might be a consideration.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
Source: https://www.pcgs.com/submissionguide
In my personal experience, PCGS does not adjust fees for minor misses. However, I would expect them to increase in the case of a significant discrepancy.
If you overvalue the coin, does the TPG lower the fee. Think a coin that you think is a MS63 but comes back as a 60 or one that comes back "details".
If you grossly undervalue a coin for the purpose of using a less expensive service then PCGS will make an adjustment to the fee. Mostly recently I've seen it bumped to halfway between the lesser and more expensive service. Interesting.
If you overvalue the coin PCGS will not lower the fee. And you will pay a return shipping rate according to what you cited. Should there be some problem in the handling of your coin and PCGS must pay for their slip-up, PCGS will pay what they feel is the wholesale (dealer) value of the coin. You overvaluation carries no weight.
Lance.
In 1 case I had an "outlier" in the price guide and submitted way too hi - as an Express level order (just in case). But reality hit and it was nowhere near that value (a couple grading points lower). No, they did not adjust downward (probably due to the related turnaround time for that level).
I had this happen with NGC once. The amount of the paid claim was based upon the proof of value I could provide. The USPS required receipts. I wasn't able to use current market value because the coins never sell in the grades I had. (These were world coins.)
Yes I doubt they will pay just any number someone puts on the insurance form. However, if deciding what number to use, then it is noted that pcgs gives a fairly wide range of value for the same cost. So using a number a little higher than one might expect could be better than a low number as they might not pay more than the insured value. That is for the same cost it might be better to have a little extra rather than not enough.
https://youtube.com/watch?v=2YNufnS_kf4 - Mama I'm coming home ...................................................................................................................................................................... RLJ 1958 - 2023
The problem I had was that these were world coins with no prior public sales. Very few submitters of US coins are likely to run into this problem.
It isn't likely the coins will be lost or stolen, but I definitely would not place an artificially low value on a submission just to reduce grading fees.
Absolutely correct.
Source: Terms & Conditions #4 (back page of the pdf submission form)
Edited to add: this applies to a loss or damage while in PCGS possession, not the carrier.
Considering how USPS can lose / misplace packages the submission should be adequately insured. If you submit something just cost plus but comes back top pop / high grade then the value can be much much higher.
A top pop world coin or banknote imo can be a $200 or $300 item at the very least (even if I just have $20 in it). I have a top pop Mexico 19th century silver piece won at GC for about $160.00 Pcgs 65 pop 2/0. I want at least $2500 for it. Outrageous? Not in the least bit! Look at the moon money they pay (bid) for toned, stickered (especially gold stickered), US Coins or some of the high premiums asked for green stickered coins.
I had a USPS scare about a month ago when a package was over due. At the very same time I had a shipment on its way from PCGS banknote grading. The package, an eBay purchase of about $50 (found out later on) they put in the wrong P.O. Box.! The person was honest enough to get it put in mine! Finally got it but about 2weeks slid by.
Then a text couple days later my Pcgs Banknote grading package received the pcgs package had arrived at the po box signature slip left. Got over to POB quick but no slip so went to counter (very upset) told clerk she brought my box of PCGS graded notes. Glad to get them and then just left. The PCGS shipment ok, not tampered with, everything there. A number of the notes top pop / finest known. Why did they say slip in my POB but it not there? Next trip to POB the $50 eBay package I thought lost was in my POB box with note from that guy “sorry opened by mistake” as he had taped it back up was the there the slab ok. I am just overjoyed he was honest and it ended up in my box.
If you can't demonstrate the value of the coin, doesn't matter what you think the coin is worth and your insurance claim will never be paid for the amount you declared. Insuring the Mexican coin for $2500 would be a waste of money as it isn't the actual market value.
I just guess, its PCGS job to tell me how much the coin is worth.
Declared value was very important when the UPS Employee decided to steal my tokens that were coming back from ANACS. I was paid the declared value (which was higher than the purchase price).
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At times, I was confused about that as well. Thanks for posting!
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Exactly. "I paid $160 for the coin but I think I can sell it for $2500" isn't going to get you $2500 in the event of a loss.
I am not arguing I would expect get that and that piece is not from a submission. It was an auction pickup. My point relates if one is just insuring raw material just cost plus which could be worth much more.
What somebody gave a coin away for is not market value. I am the one who determines sell price of my inventory. Especially a top pop piece like that with none graded lower (can’t find any raw pieces anywhere) a MS65 pop of 2/0 is not something I am going to give away. With the room I have in it I would consider an offer that’s close. I did review it with a well known world coin expert at a show setup at he concurred “it’s not too high priced or too low priced.” As to raw pieces out there for it “those spent for survival not saved.” That coin was a PCGS graded coin I won at auction not something I submitted. There are many world coin and banknotes out there much rarer vs US as these were spent (for survival) and not accumulated or saved.
My point is one should adequately insure their submission vs just cost plus of a raw piece. That’s a variable for the submitter to consider. They are the one who would be devastated by a loss during shipment.